What is your time worth? What is your expertise worth? Here is an even better question. What are YOU worth?
You must NEVER permit competitors, industry norms or community norms to set YOUR prices.
Often I hear entrepreneurs say things like, “I can’t charge more than I already am” or “I can’t get away with charging that much.” The truth is, when you look around, chances are you will find someone charging more than you are.
And… when you charge too little or surrender to your “fear of price” by reducing prices, you are not only undervaluing your product or service, but you are jeopardising your business in the long term.
When it comes to setting your price, the key is to understanding exactly who your ideal client is and then clearly communicate your value to them.
Don’t be fooled into thinking you need to compete on price when it is just as viable and often more profitable to compete on value.
If your fear of raising your prices is getting in your way, seek professional guidance from a marketing or business mentor. This isn’t your spouse or next-door neighbour and it definitely isn’t your friends or family. The increase in profit often quickly makes back your investment in your chosen mentor.
No matter what you do, adding a premium price strategy to your business is one of the most important tools you can do to getting clients, making more money and living a life you love.
Don’t be afraid to try pricing strategies out. Raising your prices even 10% will have a huge impact on your business and your life. And you won’t have to work any harder to make more money.
Think of it this way: YOU decide what you are worth. Then find the kind of client who has reason to accept your evaluation of that worth.
So take action now! Decide what you are worth, define your value and communicate this throughout your marketing.
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