What to charge for your products and services
This can be something that's really scary for new business owners or business owners who are trying to price new products or services.
The bad news is that you're always going to have people telling you you're too expensive — No matter what your price point is you will always hear that. So you really can't let that feedback affect how you think about your prices. The key to pricing appropriately is really market research and mindset.
I know in the online business space, it's very trendy to say “charge what you're worth”. But I actually really take issue with that, because your self worth shouldn't be tied to your business in any way! Your business is a business, your worth as a person, as a business owner is completely separate from what you're charging for your products and services. I also have an issue with that saying because as soon as you get more than one person telling you that your prices are too high, you're going to immediately believe them and think you need to lower your prices because you just pulled a number out of your a**, instead of actually figuring out and thinking about what is the market willing to pay for this price. What is my target customer willing to pay for this product or service? Unless you know that you will never have enough confidence in your pricing.
If you are able to do some market research you can really look at other people in the space that are offering the same thing that you want to offer, and what they’re charging for it. So say you're a social media manager and you're just starting out, and you know you're good, you're learning, we got Canva you know we're writing content, we know about hashtags, but you're definitely not at the same level of so as someone who's been doing social media for many many years and has a lot of experience. Look for competitors who are at your level, look for other people who are offering services at or around your level and then get a general idea of what are the price points around that.
So on your market research call with your ideal customers, you're really wanting to get familiar with what their pain points are, what they are struggling with, what is the solution to their problem that they're really looking for and what would they pay for something like that. Ask the pricing question on these calls but ask them what their needs are first. The key is going to be really either recording that call or taking very very diligent notes during that call. I just usually ask them if I can record it, because you're going to want to use their own verbiage in your marketing content later. And now, between your competitive analysis that you analysis that you did on your own, asking other people in your network, talking to your peers or people who are further along in the process and talking to your ideal customers, you're going to start to see a little bit of a pattern in that pricing and that is going to be your jumping off point for your pricing right there.
I hope this was really really helpful for you. If you have questions around how you can use this strategy to figure out your pricing in your business, reach out to me on instagram @sam.dinicola. If you really just want to jump in and start getting help figuring this out, definitely check out my digital strategy intensives. They are a 90 minute call where we can answer all these questions for you so you really walk away confident in your pricing structure and your packages.
