In this episode of the Business Wisdom Series, Steph and Megan answer Patrick's question: Do I reduce my price to attract customers, or keep the price I set?
We're dishing up a method to communicate the value of the customer transformation and how to set the prices in the first place. In the clarity part of the conversation, we've got tactical tips and advice for Patrick or anyone else struggling with pricing.
Patrick's question: Should I reduce the price of my service to attract customers? Or should I stick to the price that I set and hope that sometimes they will understand the value that I'm offering?
* Reach back out to those people that you've been talking to about your services and see if you can get some feedback on where they're at.
* It is perfectly okay to play with your prices. There is an option to keep your prices where they are, not reduce them publicly.
* If you are getting stuck on price, it is either too high for your market or your value is not being communicated well enough.
* You need more experience and more information to really know which way to go.
* Find the number that corresponds with the value that you offer
Three questions to ask yourself
1. What price do I need this offering to be to help me meet my bottomline?
2. How do I embody the value & how do I stand behind it?
3. How do I communicate value effectively?