Jeneé aw thank you for this feedback! I could talk about pricing forever. Let me know if you have any questions and I can do another Wednesday show on a different part of it.
Susan McVea I started to write that if thinking for my clients I shop based on price and quality – my one to one rate is based on the industry and my digital trainings and programs are what I’d consider affordable again based on my industry (I look at Dave Ramsey’s products a lot). Maybe an actual example or walkthrough of how a person would identify the right pricing for a customer for a particular service.
Jeneé let me see if I can do an example. I have had clients who compare their offers to someone who is a bigger name in their industry. For example Oprah and Deepak’s meditation series. But you’re not comparing apples to apples and often having access to the course creator, even via a customer service desk that will respond will facilitate higher price points. People aren’t just paying for information. ❤️
They do! I’ve often had clients say that to me too. That they knew I would be more high end because of my experience so for them they would have a mismatch if I was charging a few hundred for my VIP 1:1 Consulting.
Totally correct. I know people who purposely buy cheaper items knowing they will get rid of them in a year or less. But then save to spend on higher quality items that they will have for years because the quality is better.
Yes!! That’s exactly it. Most of the time. My community is highly qualified so this statement rings true. But there are people who are just charging all kinds of high prices but don’t have the chops. It’s important as a buyer to do your research. But as a biz owner, you can charge higher prices and be ok to do so.
Susan McVea if they implement the principles well, the results are for LIFE. A better quality of life. But for a beta cycle, where I am still working out kinks/bugs, I’m tempted to price lower, then steadily increase with each cycle, as the course improves. ♥️
Erica absolutely. You can always increase the price. The main thing is to know why you’ve priced it the way you have. So you can immediately put people at ease and let them know what to think. Cuz they’ll be thinking something anyways.
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Hey Susan!!
Hey! Thank you for joining me live
Susan McVea Np, this was good!
Jeneé aw thank you for this feedback! I could talk about pricing forever. Let me know if you have any questions and I can do another Wednesday show on a different part of it.
Susan McVea I started to write that if thinking for my clients I shop based on price and quality – my one to one rate is based on the industry and my digital trainings and programs are what I’d consider affordable again based on my industry (I look at Dave Ramsey’s products a lot). Maybe an actual example or walkthrough of how a person would identify the right pricing for a customer for a particular service.
Jeneé let me see if I can do an example. I have had clients who compare their offers to someone who is a bigger name in their industry. For example Oprah and Deepak’s meditation series. But you’re not comparing apples to apples and often having access to the course creator, even via a customer service desk that will respond will facilitate higher price points. People aren’t just paying for information. ❤️
Susan McVea That’s soooo good, thank you!!
yay. I’m so glad. You’re welcome!
You are!
I didn’t think people thought like that
They do! I’ve often had clients say that to me too. That they knew I would be more high end because of my experience so for them they would have a mismatch if I was charging a few hundred for my VIP 1:1 Consulting.
Susan McVea Wow thanks for that lesson
you’re so welcome. It really comes down to how well you know your target market and how they perceive price vs value.
Me either!
They do- crazy, I know.
I’m targeting the people who shop at a H&M vs a Nordstrom
Understanding your value proposition is super important.
Makes sense!
It does
Yay. Thanks for this feedback.
Thank you!
for sure! It comes easy to me so I don’t believe anyone else needs it
Exactly Tami. You’re not alone in thinking this. But if you needed it then chances are someone else does too.
Wow
Amazing, right?
Susan McVea Yes!!
Yes!!! Love this! Thank you!
Yay! I’m so glad. Thank you for tuning in Ed!
Message for sure!
Yep. It makes such a big difference when messaging is on point.
Susan McVea
1. Underestimate your value
Thank you for recapping these for others!
2. Underestimate time to create or produce
Remember it may take you 1 hour but it takes your client 2-3 hours. See your value.
Exactly! Hard to remember how long it took when we first started but it wasn’t always so quick and easy.
3. Know what your target market will pay
Yep. A critical step of market research. It’s ok to ask people what they would be willing to pay you for X.
If you charge too little, clients may believe you’re not high enough quality
Totally correct. I know people who purposely buy cheaper items knowing they will get rid of them in a year or less. But then save to spend on higher quality items that they will have for years because the quality is better.
Awwwwweeeeee
High dollar = Highly Qualified Service!!!!
Yes!! That’s exactly it. Most of the time. My community is highly qualified so this statement rings true. But there are people who are just charging all kinds of high prices but don’t have the chops. It’s important as a buyer to do your research. But as a biz owner, you can charge higher prices and be ok to do so.
This is great!
I’m so glad. Thank you!
Hey Susan!
Hey Erica! Thanks for watching.
I’m about to launch the beta cycle of my course and still not entirely sure what I will price it … it’s a short 21-day course, super simple.
I hope this was helpful for you. I’ve done a whole course which includes more details on what to price your offer for. Create Your Irresistible Offer.
The main thing to keep in mind is what is the value of the end result worth to your target buyer?
Susan McVea if they implement the principles well, the results are for LIFE. A better quality of life. But for a beta cycle, where I am still working out kinks/bugs, I’m tempted to price lower, then steadily increase with each cycle, as the course improves. ♥️
Erica absolutely. You can always increase the price. The main thing is to know why you’ve priced it the way you have. So you can immediately put people at ease and let them know what to think. Cuz they’ll be thinking something anyways.
Interesting ….
This is good. A lot for me to consider, thank you, Susan!
I’m so glad it was helpful for you!
Thanks for watching Carla!
Yep. I feel you!
Great info! Thanks!