What are you worth?

Are you a small business newbie who doesn't quite know how to price your service, or an experienced veteran who's looking to better position yourself for a salary increase?

It's a question that many of our clients struggle with.  Based on looking at their competitors pricing, they are intimidated to change their pricing for fear of not getting new customers. By charging a lower price for their services, they feel that they will attract customers who can afford them, but is this the best way to go?

Spoiler alert....no, this is not the best way to price your services.

There are 5 factors that help determine your worth:

experience

body of work

referrals

testimonials/reviews

branding

Let's quickly dive into each.

Experience

You'd be surprised to know that customers don't necessarily go with the most affordable or the cheapest option.  The go with the person who has the most experience and who displays their services in a manner that's attractive and motivating. 

This doesn't mean that you can't compete with that businesses because there are other factors such as your resume, certificates, and in some cases, your education.  In the end, a customer will go with the business that best meets their needs.  Some may choose one company over another based on experience, while others may use certifications and education to make their decision.

Body Of Work

If you have a website, are samples of your work available for all to see? Images are a huge selling point.  We recommend that you use recent images (no older than a year) with captions.  We don't recommend that you alter or photoshop your images and use high quality photos without filters or added effects. Videos are very impactful so if you have a Youtube channel, make sure your customers have access to your videos.

Referrals

One sure fire way to learn how to price your services is customer satisfaction.  Do your clients leave satisfied and want to schedule the next appointment, or do you ever hear back from them again? If you can't retain customers there's a chance that you haven't satisfied their needs.

Testimonials & Reviews

Clients who leave glowing testimonials are setting you up for success in the future.  Testimonials are a key factor when prospects search the internet and can be placed directly on your website as text copy.

The more honest reviews you have online (via Google, Yelp, Facebook, etc.), the more inclined consumers are to contact you. These reviews (or links to them) should be present on your website.

Branding

Does your brand motivate people to reach out to you? In many cases it can be a deal breaker.  If your product is not impressive or looks like an amateur created it, chances are that it could discourage others from contacting you.

If you operate using social media, we highly recommend that you get a website. Need help with this?  We can assist you.  Check out our studios to learn more.

Next up:

Homework.  Do a search for your industry and locate pricing.  If you can't locate pricing, don't be afraid to pick up the phone and find out.

Make sure that you are comparing yourself to a comparable company.  Determine how much money you need to earn in order to pay your bills such as rent/mortgage and other expenses.

Provide a "new client" package to entice your prospective clients.  This package should contain a nice discount for trying you out.  Adding all of the steps above, provide first class service and follow up with a thank you and kindly ask for a testimonial.  It takes just 1 happy client who will tell their friends about you and before you know it, you've built a loyal following.

So, how much should you charge? This is a matter of confidence, plain and simple. 

Charge what you are worth, and not a penny less! 

When clients LOVE you, they'll pay what you ask BUT you have to prove that you are worth it.

Provide world class customer service and remember to ask for a testimonial or referral!