Pricing strategy: How do I price my product or service? 

Pricing strategy can be a tricky challenge for any business. There’s many ways you can go about this so allow me to share some insight on how we did it. Hopefully you’ll find it useful for your own one business.

First let’s get something clear – there’s too much B.S floating around the internet and in seminars about choosing some magical number that you want to get paid and then wondering why you can’t get clients.

I’ve fallen for this trap myself, and I’ve seen others going through it in groups that I participate in online.

You don’t have a business until you have a willing buyer, and that means they actually hand over some cold hard cash (or wire it to you digitally).

[bctt tweet=”You don’t have a business until you have a willing buyer, who’s paying you cash.” username=”anferneec”]

So that we’re on the same page, we offer to create up to 4 high quality blog posts per month for a fixed monthly fee.

samples

How we worked our pricing

1. Tested a beta price to get initial clients onboard and during first 3 months got their feedback to improve the service. Our first client is still with us today 6 months later.

2. When we realised that we would not be able to bring on clients, and writers, at the original pricing we then increased the pricing to make it more sustainable. (Our original client is still on the original pricing as they’ve been integral to our growth and we’re rewarding them for their loyalty & belief in us)

3. We then tried doubling our price but we got feedback on this pricing from a few people who fit our ideal buyer profile (6-figure+ online entrepreneurs) who told us it’s too expensive. We were pricing ourselves out of the market.

READ  Blog sponsorship: When is it a good time to get sponsors for your blog?

4. We then settled on our current pricing ($US 499/mo) which covers our cost of delivering the service, and still allows us to be able to provide great value to our clients.

Key lesson here: the market will dictate your pricing. Always.

Validate by asking your target clients what they are willing to pay for, but don’t just ask the question – ask them to hand over the money in exchange for the service (or product).

[bctt tweet=”Key pricing lesson: the market will dictate your pricing. Always.” username=”anferneec”]

Related reading:

What’s been your experience with pricing your product or service? Share below.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Similar posts you might also like

podcast interview woman
Attract

Crafting Your Podcast Pitch: A Step-by-Step Guide for Small Business Owners Wanting to Guest on Podcasts.

Crafting your podcast pitch is a crucial aspect of growing your business and reaching new audiences. This article provides a …

Read Article »
How to stay consistent with content marketing
Content Marketing

How to stay consistent with content marketing?

Connect on Facebook Share Connect on Linkedin Powered by the Simple Social Press Struggling with consistency? In this video, I’ll …

Read Article »
Attract

026: Why is Content Marketing Important? 5 Reasons

Connect on Facebook Share Connect on Linkedin Powered by the Simple Social Press Here are five reasons why content marketing …

Read Article »

Want more leads & sales?

FREE 7-MINUTE TRAINING:
How to Use Case Studies to Market Your Business

Build credibility & trust for your services. Join the training & download the PDF worksheet for free now.