Your Pricing strategy. And why it’s nobody’s business.

As 2018 comes to a close, I’m reflecting on my first year in business.


Like many small business owners starting out full of big plans, big dreams and a big never-ending-to-do list I’ve ticked some, flicked some and put others on hold.


The social media platforms we all use gives us all plenty of ways to ask, seek and receive feedback.


I don’t let myself get upset/worked up/emotional/angry about pretty much 99% of it all.


Receiving unwarranted comments on your pricing strategy. Prickly.

Except…pricing feedback.

When I received feedback on my pricing strategy earlier as a new business owner it was a HUGE shock and learning curve.


You see, all my prices were on my website. Rationale being potential clients would see my price and a summary of what they would receive, then make contact to ask more.


How wrong was I? 100% wrong.

Told I was “a bit expensive”, “wasn’t expecting that hourly rate” or “gee you’re cheap” have all been said/written to me. The one that cuts the deepest “you’re cheap”.


As a 1st year business owner, comparing my rates to another of similar services who has worked solo/freelance for longer than me, well it’s not right to compare.


Why?


Yes. I do have educational qualifications, years of experience with fantastic results. But in my early months as a business owner, I didn’t have “years of experience for my target audience”.


I have a theory, to get the first client as a solo business owner offering different services than everyone else, actions speak louder than words.

Actions = acquiring clients = doing work = results = case studies


But it doesn’t mean, a potential client shouldn’t compare (like shoe shopping – a consultant should feel right, not forced)


So how to price your services when starting out?


  1. Look at your overheads, scan the market for similar services and be honest where your price positioning should be. If you are starting out (like I was), in order to get your first few clients, it makes sense to make a special one-off price for early birds.

  2. Once results are in, feedback is received, and you can quantify actions and results into case studies, then review your pricing again.

  3. Know your pricing strategy and stand by it. “You may think that is expensive, but my client’s results show I’m worth it.”


Simply, when it comes to pricing your services or products, it’s no one’s business but your own. Only you know what is right, for you in the short, medium and long term.


And next time someone offers unsolicited comments on your pricing strategy – just say “Thanks for the feedback. 😊”


Cheers, Nicola


P.S. To work with me and see how marketing strategy works, send me a message via nicola@thecommunicationplace.com.au

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