On Saturday I went live on Instagram about knowing your worth. I’m a big believer that determining the right price to charge is one of the biggest decisions to make when starting out. Want to avoid further anxiety, follow these steps.
1. Product / service positioning: Who doesn’t love chocolate?? As I mentioned in my Instagram live, we all have that chocolate that we think is good price and good quality! Well, put this in the context of your business. How would you like to be perceived? Do you want to be like the Lindt chocolate of the world and be perceived as being good quality and high price? Or would you prefer to be the Coles brand of the world and be low price and low quality. The positioning map below gives you an example of how product positioning looks. Have a look at where you’d like to be positioned. For some fun (yes I did say fun), map your competitors as well to see where they sit in comparison to you. It could be an informative exercise. See above an example of a positioning map.
2. Look at your competitors: A little healthy completion is a good thing right? Well absolutely! The T in SWOT is designed for looking at your competition. If you don’t know about your competitors you haven’t got a good enough marketing strategy. By knowing who your competitors are, you can determine their service or product offering and exactly what they charge. It’s definitely beneficial if you are aware of this so that you can be competitively priced in the market.
3. Experience, unique selling point & knowledge:
If you’re like me and you’ve been to uni for 3+ Years doing a course relative to your business offering then your services aren’t going to come cheap. Then on top of that think about all the years of experience you have and industry insights you’ve gained. Then look at how you can improve the lives of your potential clients including what you can offer them.