Is this pricing right? Anyone who has ever run a small business or entrepreneur has asked that question at some point. Maybe even daily!
Doubt- officially defined as- A feeling of uncertainty or lack of conviction- does terrible things to you, your confidence and your business. Besides being boring, doubt
-robs you of the ability to take risks, even prudent ones
-forces you to delay important decisions, sometimes too long
-slows your pace to a crawl as you climb towards success
How can you reassure yourself that you’re making the right decisions about setting your right price? Survey your clients. (Honestly, I don’t think it’s possible to remove all doubt but even a bit would be a load off, wouldn’t it?)
Check your price with surveys
You doubt your client will accept your pricing because YOU don’t believe in it. You’re not sure you’re worth that much or that anyone would pay.
My suggestion to you is to reassure yourself with research. Seeing the facts in black and white will dash (or confirm) your worst suspicions. You’ll have proof to support your price. Best of all, you’ll sleep better knowing you got back up, baby!
Most people make decisions emotionally and justify them with logic. That includes you. So here’s what I suggest you try.
Feed the logical side of your brain- look for stats and research that helps you understand your market and it’s buying habits more. Get thee to your local business librarian or s city mall business development office for help.
Research trade and professional associations for their articles and annual report which is usually chockful of relevant info about your customers goals and pains. The more you know, the more grounded in reality you’ll feel about your price. No more out of this air stuff.
Look at the heart- Read forums to discover what pains your tribe- that’s your market. Listen to how they talk about their concerns, problems and the emotions that surface around them. Begin to adopt their language. In the mediation world, that’s called mirroring, and it helps build trust and demonstrate your interest in your client. You want to use that same language to make ‘claim your connection’ when you talk about price. When you feel like someone really ‘gets’ you, does price stand in the way? Usually not.
Associate with the best- Ethically investigate what colleagues are doing with their pricing. ( I do not advocate ‘shopping’ the competition. It’s rude, deceitful and the blowback from a karma standpoint is major.) Read more business magazines in your industry and in general to know about new trends. (Yes, there are trends in marketing and pricing just like fashion)
Having a variety of revenue models to choose from means you can find one that suits you or you can create your own mashup of models. Here’s a Jiffy Expert interview with Jeanne Hurbert of MySurveyExpert on how to create a profitable survey to get you to take inspired action!
When you are convinced that you have something wonderful to share and that it truly helps, you’ll be fearless about pricing. Next Tuesday, I’m talking about my formula for a great pricing conversation at my web event, Say Your Price Powerfully! Register now and get ready for a profitable fall..