Are You Struggling With Your Pricing?

The experts say, “Raise your prices. Slash your prices. Follow this model. Give it away for free. Jack up your price and then put in on sale or give huge commissions to those selling it.” When you’re a heart-centered CEO you want your customers to feel like they received great value from your products and services, but you also need to put a roof over your head, send the kids to college and take a vacation or two a year. What’s an entrepreneur to do?! I’m going to tell you right now, the only one who knows what the best model to use for your pricing is you. I’ll prove it right here and now. Think about one service or product that you currently offer. Think about the cost, time and energy it took to create. And what it takes to market it. Think about the value it creates in the customer’s life. Now, think about the price tag on that product or service. Forget for the moment, what your competitors charge for something similar. How does it feel? Too low?
Too high?
Just right?
Do you need to change what’s included for that price? If your mental mind didn’t interfere, your Inner Business Expert just told you what you need to know about the pricing of that particular offering. You see, you are the one that creates the ideal pricing for your ideal market by choosing a price that feels aligned with your heart. If it’s too low, you feel resentful and ripped off. If it’s too high you feel like you’re not giving enough and that you are ripping off the consumer. Either way, profits don’t increase until the pricing feels just right for right now. You can always change your mind later. If your pricing needs to change, do it when you feel ready…if you do it before then, resistance will rear its ugly head. I recently created a new product for entrepreneurs. It took many hours for my team and I to create. My audio editor told me how much value I was giving in this product. She thought it should be at least $500. My gut told me to price it around $200. I know the value that it will bring to my customers. It will be worth thousands to them, yet why did I price it so low? It just feels right. It supports the vision I had for this product being a great kick start for a struggling business owner. Also at the lower price point, it’s a no-brainer for someone new to my work to say HELL YES and they risk little investment. Then they fall in love with the product, get results and become a raving fan wanting more of whatever I got. ;-) This is exactly what you want for your pricing…it feels good in your heart and lines up with your overall business model. There are some prices I will negotiate on. Some I won’t. I never come down on my coaching fees. What’s the logic behind it? There is none. I just don’t want to budge. I’m very clear about the value of my time and energy and that’s that. If you haven’t done it lately, it’s good for you to do a gut-price check on everything you offer. If you shift any of your pricing you don’t have to tell a soul or you can announce it to your database so they can grab it before the pricing goes up or get it at its new lower pricing. Either way, everyone wins. If you feel great about what you charge, you’ll be a happier business owner. And being happy is very attractive.