Pricing your services can be a tricky business. You want to make sure you’re charging enough to cover your costs and make a profit, but you don’t want to price yourself out of the market.
Our CEO Beth Trejo’s pricing journey has been all about growth and evolution. In a recent podcast, Beth shares her testament to the power of embracing experimentation, as she reveals that pricing is an ever-evolving adventure, demanding continuous assessment and adjustment.
“Making sure that your pricing aligns with your capabilities and your expertise was really valuable in the beginning and even today,” Beth shares.
In this blog, we’ll explore a few insider tips from Beth to help you develop a strategic pricing approach that aligns with your business goals and attracts potential clients.
Define Your Objectives Early On:
Start with the end in mind. What are you trying to achieve with your pricing? Are you trying to generate leads? Increase sales? Build brand awareness? Once you know your goals, you can start to develop a pricing strategy that will help you achieve them.
Emphasize the Value You Provide:
Don’t just focus on your costs. Instead, highlight the value your services bring to clients.
Beth shares, “You want to add a couple of things into the package that are like ‘I’ve got to have.’”
This could include additional reporting, competitor data and research, or a high-value item that clients desire. Providing a ‘sticky factor’ in the sales process highlights the significance of including desirable elements that clients can’t resist within your pricing tiers.
Be Open to Negotiation:
Flexibility is key in pricing.
“There’s two strategies to this,” says Beth. “You can either go exponentially higher… just to show people what they’re missing in the other two, or if it’s something that you really think you can sell on repeat, then you just kind of increase.”
Being adaptable in pricing can create a win-win situation for both you and your clients.
Utilize Inspirations from Other Industries:
Drawing inspiration from other industries can be a game-changer for your pricing approach. In the podcast, Beth shares her experience at Disney, where they prioritize speed with the concept of a “fast pass.” Think about what unique elements or services you can offer in your pricing that align with your clients’ specific needs and desires.
In the dynamic world of pricing, remember, isn’t just about the dollars; it’s about understanding the impact your services have on your clients and solving urgent problems for them. Like Beth says in the podcast, “If you can solve a business problem, you can price to it.”
For more insider tips and pricing expertise, tune in to the podcast
The Chatterkick team is made up of envelope-pushers, big thinkers, brainstormers, and conversation starters. We live and breathe social media advertising and all its analytics and data. We love to create engaged, happy social media communities around businesses, and we are dedicated to creating a glowing brand reputation, culture, and voice for our clients. This blog was brought to you in collaboration with multiple Chatterkick team members. Follow me on Twitter