Take a good look at your market, and decide where you stand in the world of pricing. What are you currently charging and what would you like to charge? Can you charge more than you do now? Of course you can. We all can, but some of us suffer from low price self esteem. Which one of these symptoms do you possess?
I cringe when asked what my rates are.
I often bargain and discount before the person makes a decision?
I feel as if my prices are too low, but afraid that my target will never pay what I require?
I usually give a quote that is lower than my standards?
I find myself working for peanuts and can barley survive?
I often regret or find myself frustrated working for clients that I have discounted?
I am afraid they will not come back if I keep my prices high?
I don’t know what to charge, so I am happy to receive any payment amount?
If you feel like you are holding a “Will Work for Food” sign, I suggest you start to increase your rates by 20-40%. There is nothing wrong with having a premium price, just as long as you are offering premium service. Charging what you are worth means that you know the value of the results you deliver, and you know that you are worth the price you are quoting.
Value is perceived by your prospects and clients, pricing is perceived by you. If you are comfortable with your mid-range, and lower level rates then start to leverage that. Brag about how low your rates are for the value they are going to receive.
Whatever your current situation is, make sure that your pricing fits your concept, your value, and your market position. Replace your “Will Work for Food Sign” with “Under New Management”. Consider changing your internal dialogue to one that supports you financially and ethically, so that you can make more, feel valued and have fun doing what you love. YOU ARE WORTH THE INCREASE.
Written by : Lucinda Cross
What a timely post! Yes indeed- profitability is a strategy and must be taken into consideration when we design our product and service offering. Money mastery is a mindset that affects every area of our lives. So often what we can’t see for ourselves, we can’t see in other people. Let us gently remind each other to look within and see worthiness. Let us understand that we deserve to be rich because we are adding value to both our clients and our communities.
Very inspiring blog. I have certainly learned somethings. I have been enlightened on my worthiness, as well. I am about to go into a different phase in my business and pricing has definitely been a challenge with some new things I want to do. This has been the third confirmation that I have gotten this week. I am under new construction!
I identify with this article 100%. From talking with you, you know i am in the tax service business. Sometimes I feel my prices are very fair and very reasonable compared to high priced chain stores. But when i tell a customer my price, sometimes they have that “that’s too much” look on their face and yes I will discount the price. I studied hard in college and continue to study now to make sure i am up to date with all the tax law changes so that i can add value to my service. It’s a bit difficult to profit from people who want something for nothing. I give excellent service but I have to learn to know the value of my service and keep that in mind. Right now i am not doing that.
Hello Lucinda. I have a very hard time with pricing my creative handcrafted jewerly peieces. From time to time I think that I am selling stuff to low then sometimes I think the prieces are too high. I could use some help in this area as for a few others. I will be looking out for your ecourse. TY
Hello Lucinda. I have a very hard time with pricing my creative handcrafted jewelry pieces. From time to time I think that I am selling stuff to low then sometimes I think the pieces are too high. I could use some help in this area as for a few others. I will be looking out for your e course. TY
Wow, I feel as if this was directed to me personally, because I have struggled with pricing in the past. Awkward moment when you’ve given the customer your price and they look at you dumb founded, so you want to adjust or negotiate, just to get the business. I don’t want to play in that arena any longer. I’m worth what I charge and even more. Thank you Lucinda, this is right on time.