@mya.nichol: here is my no fluff formula for pricing: 1/ reverse engineer my pricing: I work backwards from my goal, to my volume, to the price of my offer what is my income goal? how many people can I bring inside my offer on a monthly basis? How much do I need to charge to hit my income goal? 2/ what do I want to profit from the offer? I take the price I need to hit my income goal and then I think about profit. I factor in fees (payment processing fees) as well as expenses to keep the offer running (paying employees, subscriptions, marketing, equipment, etc) 3/ where does this fit in your offer suite? + how can the offer be used in more ways than one? How does this offer fit in with your other offers and how does this fit into your customers journey? (I teach alllll about this in Scalability) 4/ industry standards I then look at industry standards to see where my pricing, that I’ve already chosen, lies amongst competitors. Now, I don’t look because I’m comparing. I look because pricing says a lot more about your offers than you realize — Price too low and people may think it’s low quality, price too high (unless your positioning is a luxury niche) then people might go elsewhere to get help Knowing your positioning effects pricing and knowing industry standards helps you to make sure you’re not low balling the value you provide 5/ what are you confident charging? Then the last thing I do is ask myself this question. Factor in the above 4 things but ultimately, this piece is the most important when it comes to pricing. You want to choose a price point that you feel confident about because then you won’t shy away from talking about your offer. Confidence is so important when talking about your offer because this is what persuades people to join your offer. 100% confidence is key Note: you can always increase your prices. As demand increases, prices can increase! As confidence increase, prices can increase. As experience increases, prices can increase! & you can also increase prices if you undercharged to start with, it happens and you’ll learn from it! #smallbusinessowner #businessownertips

Mya | Business Coach

Open In TikTok:

Region: US

Thursday 03 August 2023 12:59:38 GMT