Hey listeners! Welcome back, especially to those of you with service-based businesses. In this podcast, I share strategies for packaging and pricing your offers.
Ugh. Did your stomach drop? Pricing can be a vulnerable topic, and I’ve shared my discomfort about money conversations in the past. I’m happy to be much more confident now, and I’m excited to share my answers to this common question.
Even if you are not a service-based business, still stay tuned because I think it’s a great consideration for the future.
- This topic is taken from my Business Bootcamp module. Find out more about Business Bootcamp at MollyKnuthMedia.com/shop
- I have a distinct memory of deciding what to charge for what I could do with who needs it. I felt raw, nervous, and too big for my britches. My pricing was based on an hourly rate for what I expected my package to entail.
- My britches weren’t sustainable! After awhile it was necessary to update my pricing to reflect my expertise and efficiency.
- Consider opportunity cost when pricing. Time you are spending with a client is time you’re NOT doing anything else. Same for the client. Time they are getting by hiring you is time they can be doing anything else that could make them more money.
- Ask yourself how much time you are saving the client. What do they do to earn the money to pay you? What do others in your industry charge?
- Avoid the comparison game, but it is a nice general guideline.
- Resist the urge to be driven by fear, scarcity, and powerlessness.
- Build an offer suite with your middle-of-the-road flagship offer, at least one upgrade, and at least one more affordable option.
- You’re the boss! You get to decide! There are not rules. You make the rules.
- Think about quality, not quantity of offers. Like… Louis Vuitton, not Dollar Tree.
- Your pricing should be as unique as you are!
My episode with Sheila Hansen on Money Mindset is so valuable if this is a topic you struggle with!