The Honest Truth About Pricing Your Products and Services
I’m going to get straight to the point – pricing our products and services is NOT easy.
It’s fun to come up with new ways to serve our clients and customers. It’s fun to dream about new goals around this new product or service.
But then we have to price the thing.
We have to attach a dollar amount to that new idea.
And that is NOT easy.
Pricing something of your own induces fear, doubt, worry.
Now, I’m not an expert in how to price your services and products, so I’ll pass that subject off to someone who actually knows what they’re talking about.
What I DO want to tackle here are my strategies to overcoming that fear, doubt, and worry around pricing your stuff.
Because we have to do it. We have to get through this to be able to sell anything.
As I’ve worked with a number of female creative entrepreneurs, specifically, here are my four core strategies to getting through the fear of pricing:
#1 Don’t beat yourself up about this being hard.
The fear around pricing makes complete sense. This is your business, your product or service. Your heart is wrapped up in all of it. Now you’re trying to attach a dollar amount to it, which so many of us subconsciously then attach to our own self worth.
It’s an emotional, messy process. And that’s okay. I don’t think the end goal is to detach ourselves from our businesses to the point where this is easy. I think the goal is to accept that this is hard and move through it anyway.
#2 Realize the client sees the service/product differently than the seller.
As the business owner, you’ve become accustomed to what you offer. You’re often the expert and therefore, you don’t feel the pain your potential client does about what you offer. Without the pain, you value what you do less than the potential client who desperately needs what you offer.
For instance, you’re a copywriter. Words come fairly natural to you. So while you see the value in having great copy on your website, it’s not a stretch for you to create that copy for your own business. There isn’t much pain in that process. But for your client, the web designer that gets hives from just thinking about writing anything longer than a few sentences… YOU. ARE. WORTH. GOLD.
See what I mean?
#3 Realize we all see money a bit differently.
Again, I’m not an expert on money mindset. But the older I’ve gotten, the more glaringly obvious this point has become.
See, how you spend $10 might be how your client spends $100.
To you, spending $10 isn’t a big deal, but spending $100 is more of a decision. But does your client feel that way?
And the conversion continues. Perhaps to you spending $100 isn’t a big deal, but dropping $1,000 on something is something you have to seriously consider. But what if $1,000 to your client is chump change?
Let’s make sure we’re not imposing our own perspective of money onto the person we’re trying to sell to.
#4 Remember, your prices can change.
Once you set your prices, they’re not set in stone. You might have to edit your website where your prices are listed and perhaps reprint your pricing table, but let’s be honest – neither of those are the end of the world.
Now, let’s bust through this fear around pricing so we can get out there and serve our people.
Are you with me?