Pricing? 7 Must Consider Factors

Pricing? 7 Must Consider Factors | Use these factors to get your pricing strategy right. Achieve one that is right for you and represents incredible value for your ideal client. | Business | Coaches | Creatives | Solopreneurs

Pricing? 7 Must Consider Factors | Use these factors to get your pricing strategy right. Achieve one that is right for you and represents incredible value for your ideal client. | Business | Coaches | Creatives | Solopreneurs

 

It seems to me that most coaches and consultants are undercharging.

 

If the last time you set your pricing you did it by having a look around at what others in your field were charging per hour and you figured the best thing to do would be to come up with a number that was a little less – and definitely less than your teacher’s or mentor’s pricing – you’re not alone.  I get the feeling that’s what most women coaches and consultants do.

 

If you’re anything like me, that approach does nothing but keep you small, stuck in fear and doubt, and confused about how to get to the next level (not to mention freaking out because, as passionate service professionals, the whole thing feels like we’re putting a price on ourselves.

 

Let me be clear: it doesn’t have to be that way.

 

Instead, when it’s time to price your cool new package, there are a bunch of other factors we should be thinking about.  In fact, keeping the variables I’m about to share in mind is a really important part of what helps my VIP clients quickly uplevel their pricing as dramatically as some of them have been able to.

 

Know this:  Once you’re clear on what these are – and exactly how to use them when pricing – there’s nothing stopping you from having that same experience yourself.

 

Sure, comparable prices from some of your competitors/ peers/ colleagues CAN be relevant, but at best this is just one of a number of variables to take into account.  And I reckon it’s not the most important.

 

Here are 7 more variables to think about when pricing your services:

 

1. The number you’re intuitively drawn to

 

Your gut can be a great guide.  You’re an expert in your field, and from that perspective alone, your intuition is a valid and very important part of the pricing process.

 

2. The benefits of working with you

 

No matter how groundbreaking and exciting the process you take clients through, benefits and results are usually what they’re really after.  Thinking through the value of the benefits and results you get for clients and what gets to happen for clients as a result of working with you is one of the most important factors to properly pricing your packages.

 

3. Your brand values

 

I think about pricing as mainly a positioning exercise, so it’s important that the number you decide on sits well with your branding and the (ideal) clients you’re mapping it to.

 

4. Where this package fits in relation to your other offers

 

Knowing how this package relates to your bigger suite of offers is key when it comes to solid pricing strategy.  For example, is this an entry-level package that you’re creating or Is this your most premium offer for VIP clients only?

 

5. Your cost of goods sold

 

By that, I mean how much it’s costing you to deliver this package to your client.  For example, business expenses you can attribute directly to developing and delivering your offer might include the cost of catered lunches, printing hard copy materials, designing fees for name tags, and postage.

 

I’m guessing you want to be making a profit, so it’s important to keep these numbers in mind when you’re pricing your package.

 

6. Your marketing budget

 

Marketing can help us bring our brand values to life and help us reach our ideal clients.  Obviously, a big marketing budget that includes a well thought out launch strategy can absolutely impact your pricing.

 

7. Your comfort zone

 

When you do incredible work and get amazing results for your clients, exactly where your pricing is, has more to do with your comfort receiving money than anything else.

 

I’m betting that you – just like I do too – have a comfort zone with being paid a certain amount for the work you do.  Don’t get me wrong:  This is definitely something we can stretch and grow, but where you are now will impact the appetite you currently have for making bank.

 

(Check out my chat with Denise Duffield-Thomas from Lucky Bitch on how she busted through her sales fears).

**

 

No matter which price you settle on, the key is to feel like you can stand strong in the full integrity of the value you offer.

 

You want your pricing to be something you’re really excited about and at the same time, a number that you’re convinced represents incredible value for your ideal client as well.

 

Now I’d love to hear from you:  What factors do you usually take into account when you’re working out your pricing?  Are you guided by any of these, or something totally different?

 

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Kate xo
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About Kate

Through her passion-fuelled coaching, consulting and writing, Dr Kate Byrne helps women coaches and consultants intentionally engineer success so they can shine neon bright in business. She is an advocate for being all in, charging what you’re really worth and premium pricing.

Connect with Kate now at Betty Means Business, on Facebook, Twitter and Instagram.