If even reading the subject line of this email made your stomach turn, don’t worry, you’re not alone.
Pricing can be tricky but my goal is to make it as simple as I can for you so we can get your pricing right together.
As a brand, your price reflects the value you’ve set for your product or service and it’s completely normal to experience some difficulty when confidently stating a final price.
Just remember: pricing doesn’t need to be a fixed decision. You get to make the moves and changes as needed and it’s important that, as a business owner, you revisit your pricing at least once a year.
Without further ado, here are three main things to keep in mind when setting your pricing:
1️. Your value
Understanding your unique value and proposition underpins most, if not all, of the pricing decisions you’ll make. This is the reason some people charge $30 for a template website while others charge $30,000.
2️. Your Customers
You need to understand your customers. Get inside their head and learn exactly what they want, like, love, and even what they hate. Walk in their shoes and understand each step they go through before they complete their purchase. Having this personalized perspective on your ideal customer makes it easier to offer them something that will add massive value to their lives.
3️. Your Competitors
It’s critical that you conduct market research because we can’t know where we stand in the market, or if we’re even in the right range, if we don’t know what products people are actually buying. This helps us predict what actual buyers of our products will think about our offer in comparison to the market.
Think about these 3 pillars and you’ll be able to correctly set your value and understand what differentiates you from what’s already available in the marketplace.
Here’s to finally treating numbers as our friends!