Top 10 Reasons You Struggle with Pricing
Why do you struggle with pricing? Have you ever stopped to think, "Why is this so damn difficult?" Good question, right? Getting to why it feels so difficult to set prices is important. Understanding how to charge your customers confidently will set you free. In this video I cover the Top 10 Reasons You Struggle with Pricing.
Let me start by saying, if you do struggle, you're not alone. Most people, even bigger businesses, struggle with pricing. At the least, they don't understand how they can optimize their pricing. How to get it working for them, rather than against. Pricing has an enormous impact on your business' long term profitability business. We all know it's important to get it right. Get your pricing working for you and you'll be on a path to profitability.
First, you need to understand where you struggle with pricing the most. When you can identify the struggle, you'll be clear on what to focus on first. Get a few successes under your belt and you'll gain momentum. It'll build your confidence and you'll find yourself trying out bigger, bolder things.
Knowing the Struggle
Often when clients come to me they say, "I'm struggling with pricing. I don't know what to charge." When we dig a deeper, we discover that there's more behind these statements. For example it's common for people to think pricing is hard because they they get stuck trying to set the price. In fact, what's holding them back is their core beliefs.
They feel an internal tension around the thought of setting prices. Often they don't even realize what's happening. Once they do set a price they feel uncertain it and they aren't able to communicate it confidently. Sometimes they even find themselves hesitant to put the prices in the market.
Sometimes they believe they're too expensive. In fact, it's often that the target customers don't understand the value. They need to communicate the value in a different way. Customers care first about what's in it for them. To communicate value focus on the quantifiable benefits. Forget the functions and features. Talk the quantifiable benefits those functions and features bring the customer.
If you're a service-based businesses STOP telling people what you do. Focus on getting them to understand what the benefits are.
Focus on Improvements
Once you know where you struggle with pricing the most, then get started on doing it better. Sometimes it's something simple, the "low hanging fruit". Small adjustments will get you started. Other times it'll take a bit more doing. What's important is to just, GET STARTED. It'll help you build your intuition and confidence. AND you'll start bringing more profit into your business. As you already know a profit mindset makes you smart, not greedy.
The Top 10 Reasons
As I mentioned, in this video you'll get a list of the top 10 reasons people struggle with pricing. Start to identify the root of your struggle. In follow up videos to this series, I'll go into more detail on each of the reasons. Be sure to check back to get them.
One last thing before I go. If you've got questions or want to see what others are struggling with, then check out my Facebook group - Charge Your Worth with Janene the Pricing Lady. Register, then share with us where you find pricing most difficult.