Sales & Marketing
STEP: How to Come Up With a Great Pricing Strategy for Your New Business
What do your key competitors charge for the same or similar services/products?
Consider the prices of your competitor. What trends you see? Are there any standards across the industry?
List some of your prices in comparison to that of your competition.
What will you charge for for your products/services?
Why will you charge the prices you have outlined?
Now that you’ve listed what you are going to charge, you need to explain why.
Question #4: What Result Do You Want To Give Them?
Once you’ve hooked your dream customers with the perfect bait, the last question is what RESULT do you want to give them? I’m not talking about what product or service you want to sell them. A business is NOT about products and services. A business is about what result you can get for your clients. Once you (and they) understand that concept, then price is no longer a barrier. For me, I knew that the best way I can serve my dream client is to send my team to their office and help build out their sales funnels, hire and train their sales team, and set up systems to drive consistent leads into the company. That is how I can have the deepest impact and serve the client at the highest level. Ideally, it’s where I would like to take all of my customers. That type of service is not cheap, but the results I can deliver at that level are amazing. To put it in perspective, for that service, my company charges a retainer and a percentage of sales, which combined equal one million dollars. I understand that many of my customers won’t be able to pay me for that level of service (which is why we develop other products and services), but understanding where you ultimately want to take the dream client is the key to this step. Imagine that your clients could pay you anything to get a desired result. What, then, would you do to help guarantee their success? Where would you lead them? What does that place look like? Keep that place in your mind; it’s the pinnacle of success for your clients. It’s where you want to take them, and it’s the key to this last step.
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