A question that arises very often and that most people get wrong is – how much should I charge for my services?
Many of us come from a commoditized industry, where we tend to swap hours for dollars, but as time is finite, that model is not scalable. So in this episode, we’ll figure out how to price our services without falling into a commodity-based conversation. We’ll learn about the two sides and three main components of pricing, the four pricing levels, how to frame our services in an ROI vs. COI structure, and more.
What You Will Learn In This Episode:
– Why we tend to see that raising our pricing impacts our customers, and how we can change that mentality
– How value and affordability should affect our pricing
– The roles of problem-solving, position and expression in building the price we charge for our services
– How we can use the must-haves, the nice-to-haves, and the don’t-needs to establish our pricing
– What the four levels of pricing are
– Framing our services in an ROI versus COI structure and why we must have value-based conversations to establish our pricing
What gets commonly forgotten when we are determining the price of our services is how it impacts our lifestyle. Although unique and entirely subjective, it is definitely a variable to consider. For instance, spending long days away from the family should be considered when determining how much our services will cost.
A simple yet effective formula I can suggest is:
Hard Costs + Desired Margin + Lifestyle Impact = Our pricing.
If you find this episode inspiring, take a screenshot of you listening on your device, post it to your Instagram Stories and tag me @melabraham9. Thank you!
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