Early on in my career, I learned the importance of using pricing as a strategy the hard way. I remember a business friend looking over my work and services and asking me a super challenging question: “Why are your prices so low?” At the time, I didn’t know how to respond or raise the price.
She pressed on, “If you have high-end clients and you want to teach other coaches and consultants the tactics you used to attract those clients, why are you charging them the bare minimum?”
Her line of questioning was a wake-up call for me. I realized that I was setting the wrong expectations, I wasn’t thinking “You need to spend money to make money,” and I wasn’t projecting the right image. These were all important considerations that I had overlooked when setting my prices.
After reflecting on my friend’s words, I decided to raise the price. Not because other people were charging more than I was, but because I knew my product was worth a higher price. I wanted to project the right image and set the right expectations for my clients.
But How Do You Raise The Prices for Your Business?
This is a common question that many business owners struggle with. That’s why I offer tailored guidance and advice on how to raise the price of your services to achieve growth. I’ve opened up slots for marketing and sales consulting, where I can help you navigate the tricky waters of pricing.
When Setting Prices, It’s Important to Consider Several Factors
- The value of your service. What problem does it solve for your clients? How much is that problem worth to them? The more value you offer, the higher the price you can charge.
- Consider your costs. What are your fixed and variable costs? What is your profit margin? You need to make sure your prices cover your costs and allow for a profit.
- Think about your competition. What are they charging for similar products or services? How does your product or service compare? You don’t want to be significantly higher or lower than your competition, as this can drive away potential customers.
Above all, setting the right prices for your business takes careful consideration and analysis. It’s not a one-size-fits-all approach. That’s why I offer personalized consulting to help you navigate the process and achieve growth.
Don’t let pricing be a barrier to your success. Schedule a Profitability Strategy Consulting Session with me and get started.
Let’s work together to set the right prices for your business and achieve your goals.