Pricing strategies to help you earn what you deserve
Many business owners may not be asking for what they deserve. They may be undervaluing their services or undercharging for their products in order to offer a good deal to their customers.
Our featured guest in this episode of Small Business Trends Radio is Maria Marsala, Founder of Elevating Your Business , a business strategies company that focuses on helping its clients earn more money and enjoy a quality lifestyle. Maria is a no-nonsense, bottom line, problem solver and she's here to help you get your business back on track and begin to earn what you deserve.
Here is a sampling of some tips from the show:Consider offering — less for the same price. If you're offering a consultation service, try offering less time for the same rate. If your offering a product, consider offering a smaller amount without a rate decrease. Early bird specials and introductory prices can also be used to increase sales and build clientele.
Practice — makes perfect. It's important to learn how to properly communicate the value of your product or service to a potential customer. And many small business owners may not be comfortable with it or simply do not focus on it. If you can successfully impart the value of your offerings to a potential client, chances are that you will be equally successful in closing that sale. Start by practicing your pricing pitch in the mirror and on your friends and family to build confidence. Ask for constructive criticism and make necessary adjustments. If you project confidence to your client, they will feel confident in purchasing the services and products you have to offer. Don't give away — too many freebies. Five out of ten times, when too much is offered for free upfront, the client may not call back for additional products or services. If in a service business, do not offer your advice for free. When it is requested, simply state your consultation rates and then arrange to set an appointment. This will give value and appreciation to those who are ideal clients and will sift out those who may not be. If you give away items or services for free, the client may not value it. Plan ahead — for things to come. Learn to handle clients who make last minute changes, want the job rushed, or require that work be performed on weekends in order to accommodate their wishes. Think and plan ahead as to what your response will be and how far you will go. Set your charges for extra rates, weekend hours, etc.
Marsala has a lot more tips to share with you. To experience her no-nonsense energy and drive, click the link below to listen to the full interview.
This broadcast has been made possible by Small Business Trends Radio and Anita Campbell.