“The business community is driven from the desire to increase three elements: market shares, sales revenues and naturally, profitability. Pricing is the true secret player in every strategy about the growth of these three goals.” Mohammed Nosseir, Senior Marketing Adviser, Simon-Kucher & Partners, Middle East
Determining the charges for intangible services discussed is simply a real challenge for Solopreneur consultants. What is the price of our some time and expertise in outdoors market? What if we promote our services, set the retail price and no one hires us? Should we lower our project fees? Can we ever raise prices?
Clients are motivated to shell out as little as feasible for the products and services how they require. However, they can be known to pay premium prices once they “feel” that your particular services or products delivers exceptional value. That value often means an expert strategy to a business challenge; a long-lasting merchandise that performs well with little maintenance; to be able to meet a deadline; or some other factors that contain meaning on the decision-makers.
Often as not, different clients can have different priorities define what is valuable. It is the Solopreneur’s job from the initial face-to-face meeting to understand what the client feels is vital. That knowledge will achieve two objectives:
You know the expectations that needs to be met to justify reasonably limited price.
You knows how to price, in line with the time and other resources that’ll be devoted to meeting and exceeding client expectations and you should grasp the urgency of client needs, which impact your price.
Most likely, you will find standard benchmarks and signifiers of high-value service within your industry that should be utilized in your marketing and operations, and also other value-addeds layered on as necessary. Knowledge of what competitors do could be helpful also, yet it is difficult to discover how competitors deliver their services or price them. Nevertheless, it is best to choose 3 or 4 to research.
Visit websites to understand what services competitors offer and ways in which those services are described and packaged. Then, you’ll be able to better identify potential competitive reasons why you are what you have and locate a way to describe your goods.
It might sound like an obvious no-brainer, but a part of your premium value-added that is to be reflected within your pricing strategy ought to be your positive attitude and willingness to assist prospective clients find the best treatment for their company needs. Friendliness along with the aim to genuinely desire to offer good service significantly help in life along with business. Showing a great work ethic is likewise important.
For example when while on an assignment, focus on emails. While I don’t suggest that one really should be obligated to resolve emails that your client dashes off at 3:00 AM (unless it is really an urgent, high-revenue project), check emails through 8:00 PM and resume at 8:00 AM. If you’ll be able to anticipate client needs, a great deal the better. They’ll think you are hero and are happy to pay money for the pleasure of performing business along.
Step by step, client by client, target exceeding expectations on every project, building the trust and confidence conducive to a respected brand (reputation) because you do. You will receive referrals from satisfied clients and you’ll be able to also make referrals with the person, gaining better brand every time you do. Good brands create good word of mouth marketing and that supports and justifies premium pricing.