There has been (and still is) a lot of talk in the entrepreneurial world around charging what you're worth. But the truth is this: Pricing has nothing to do with your self worth and everything to do with the unique skills you bring to the table. (Tweet this)
It's also a tool for your business.
Just like websites, newsletters, and social networking sites like Twitter and Facebook are tools to help your your business grow, your pricing can help you get in front of the people who are most likely going to say YES PLEASE whenever you put something out there.
These three questions can help you determine the right pricing structure for you (and help you get some major clarity along the way).
1. WHAT UNIQUE SKILLS AND EXPERIENCES DO YOU BRING TO THE TABLE?
In this day and age when everyone and their mother is starting a business, how do you stand apart? Perhaps it's through your education and training. Or maybe it's your on-the-job experience. It could also be the result of your eclectic life experiences. Whatever it is, that mix of skills and experiences make you uniquely qualified to do the work you're doing. It's important to know what that is so that you don't undersell your services.
TO-DO: Write down all of your education, training, and experiences that make you uniquely qualified to do the work you're doing. Bonus: this information can serve as the basis for your "About Me" page on your website.
2. WHAT VALUE DO YOU OFFER YOUR CLIENT?
Building on what you just did for the first question, how does your unique skill set actually help your clients? What problems do you solve for them? How will you save them time, money, improve their lives, and more? These questions all get at the perceived value (i.e. — what is your solution to their problem actually worth to them?). This can be a bit subjective, but at the end of the day, if you can convey the value with laser clarity, you'll find that people are willing to pay whatever you charge.
TO-DO: Think about all of the ways that your product or service will help people. What are the most tangible benefits your clients will get by hiring you? How much time or money (or both) will it save them? How will it improve their lives for the better? Write it all down. Now take a look at your sales copy and make sure it reflects what you wrote.
3. WHAT IS YOUR IDEAL CLIENT WILLING TO PAY?
This last question can be the hardest one to answer. Most of us base our pricing on what WE are willing to pay, and not our ideal client. Take yourself out of the equation and come at the pricing question with your marketing glasses on. The right price will position you directly in front of your ideal client. Want to serve low-income families to help them break the cycle of debt? Brilliant. Charging $1,000/hour probably won't get you there. Want to serve 6-figure business phenoms with marketing and copywriting services? Badass. Charging $10/hour for your services will get you laughed out of the room.
TO-DO: Think about who your ideal client is; the kind of client that gets you out of bed each morning, makes you feel like a total rock star, and gives you goosebumps of excitement every time you work with them. How would you need to price yourself to speak to THEM?
1 + 2 + 3 = YOUR MAGIC NUMBER
Once you know what unique skills and experiences you bring to the table, the perceived (or real) value of what you provide for your clients or customers, and which price point will speak directly to your dream client, pricing becomes an absolute no-brainer.
You've got this.