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Pricing Your Services: A quick guide on how to determine your pricing
When you first start out, you may not know how to price your services, but it's actually pretty simple after you think about it. You may think your services are worth $1,000 but in reality, they would be worth $100 due to the market determining what your starting price should be. Now, I'm not saying you can't get that $1,000 sale but I am saying that you won't get it without doing prior work and gaining some credibility
Let's get into it, shall we?
Search The Competition
If you're not searching to see who your competition is, you've likely already lost sales to them, and you will keep losing sales to them if you stay ignorant and keep ignoring them. It's a pretty simple process, spying on the competition because you can just do a quick Google search and see who has transparent pricing. Quick Note: Transparent pricing is when a company or service shows their pricing instead of locking it behind a "Contact Us" page.
Now then, spying on your competition isn't tough because they all have websites and you can even see how they structure their pricing. The lowest priced product/service will always have the least amount of features while the most expensive product/service will give all the bells and whistles. You can see how your competitors are showing their structured pricing, which you should also take note of, and you can see how much they are charging.
Now that you know what some agencies are charging, let's move onto the freelancers. There are plenty of freelancers out there that are selling a service exactly like yours or similar, so don't exclude them from your research. Most freelance platforms have transparent pricing so you can see what they are selling at without contacting them! See who's getting the most sales, who has the most positive feedback, and figure out why they are doing better than other freelancers. Some freelancers have had their services online for years, so you'll need to factor in repeat customers boosting their positive reviews over time, but that's not a big deal. You can do this as well, just set up some services and give up 20% of your sale to the platform that brought you the sale in the first place, and you'll be able to buy a mansion and a Ferrari in no time! (not really).
Know What You're Worth!
One of the biggest problems in the world today is that the buyer is determining what you're worth. It's sad to think of it this way because the buyers today think they can haggle with you on pricing even if you have structured it in a way for everyone to be happy. Would you go out to dinner and tell a waiter that you're only willing to pay $5 for a steak dinner and glass of wine when it really should cost you $35 or more? No, because you're not crazy and you will pay what it's worth!
Set your pricing, stick with it, and don't budge because that's when people will start to take advantage of you. One thing I learned when running promotions for my websites is that you lose more money when you have a sale compared to when you just give something away for free. You may be thinking "You're insane, Tommy" but let's go over this. If you give away a 25% off coupon to someone, they're happy with the results, they will definitely come back but they will expect that 25% off again or they just won't buy until you have another sale. Now, if you give away your first service for free and they love it, they will gladly pay the full price over and over which will make you far more money than giving away 25% off coupons
In the end,
It's not difficult to determine your pricing. Just sit down for an afternoon, have a glass of wine or beer, and get to work. Research the agencies as well as the freelancers and get a good idea of what the market is selling at, then price accordingly. Don't budge on your pricing if someone says they can only afford 20% of your services. You determine your worth, no one else does, so bring people in with a lower costing more affordable option and also have a premium option to pitch them later