Pricing in general is hard enough.
Figuring it out and pricing your market may seem damn near impossible.
And the advice/processes out there can make it darn right confusing.
It gets confusing when you don’t know where to start or how to price.
This has been my personal struggle for over 10 years since I started my business in 2002.
Good News And Bad News
The good news is that it becomes a habit… the bad news is that it doesn’t get easier.
Pricing, like sales, will always be something that you and I have to do as business owners.
So how do you price your products and services and more importantly, how do you conquer pricing your market.
Pricing Your Market
Pricing the market isn’t that hard, it just takes practice and patience. And consistency. You can’t just do it one time and think that’s it. This is something that you should revisit at least once per year (in my opinion).
A few steps to pricing your market:
Step 1: Know your market.
If you don’t have a niche, get yourself one. Once you have one, you will know who you are talking to and what they want.
Step 2: Test your market.
Test out your ideas. And keep testing them. The wonderful thing about the Internet is that you can change your “brochure” every day if you wanted to do that. Try out different options, different packages, etc. See what your tribe/your market responds too.
Step 3: Monitor your results.
Which thing/offering performs better? Which thing is the winner? Before you perform the test, set a deadline for results. Will you test and monitor for 30 days or 90 days? What determines a “winner” for you? Once you have a winner… put your foot on the gas and go all out marketing this offer and getting new customers.
Step 4: Rinse and repeat.
Have something new to offer your folks? Thinking about raising your prices (and you should revisit prices and packages at least once a year). Well rinse and repeat.
I know this may be a little more general than most but with an infinite number of ideal markets that coaches and consultants can serve, it’s kind of hard to get into the nitty-gritty and be super specific about pricing. But I think these steps will get you close to what is ideal for you and your customers.
If you have questions about pricing or packaging, post them in the comments. If you are a little shy and want to ask me directly… feel free to complete the Burning Questions survey here → www.thecommoncents.com/questions.
Until next time,