Ditch the Doubt: How to Price Based on Value, Not Feelings
Bri Seeley
TEDx & Keynote Speaker | The Entrepreneur Coach | Nonprofit Founder | Unapologetic AF | Puzzle Lover
Have you ever caught yourself thinking, "I'm not charging enough for my services"? If so, you're not alone. Many entrepreneurs, especially women, struggle with pricing their offerings. But here's the thing - the solution isn't to base your prices on your perceived worth.
Pricing based on worth is a slippery slope. Why? Because worth is a feeling, and feelings are as changeable as the weather. One day you might feel on top of the world, ready to conquer anything. The next, you might be plagued by self-doubt. If you tie your pricing to these fluctuating emotions, you're setting yourself up for a rollercoaster ride of inconsistency.
So, what's the alternative? It's simple: price based on value.
Catch the entire episode of ‘Big Goal Energy’ entrepreneur podcast here:
The Power of Value-Based Pricing
Value, unlike worth, is rooted in facts. It's tangible, measurable, and most importantly, it doesn't change based on how you're feeling on any given day. When you price based on value, you're looking at the concrete impact your services have on your clients' lives or businesses.
1. Long-Term Impact
Consider the ripple effect your services create over time. For instance, I once worked with a client who, prior to our engagement, consistently earned $130,000 annually. After our work together, her revenue doubled to $260,000 in the first year alone. But it didn't stop there. She maintained this growth for eight consecutive years, resulting in an additional $1.04 million in revenue.
That's the power of long-term impact. It's not just about the immediate results, but the compounding effect over time.
2. Short-Term Impact
Don't underestimate the value of quick wins either. In a recent mastermind program I ran:
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How to Determine Your Value
Now, you might be wondering, "How do I actually calculate the value I provide?" Here are some steps to guide you:
1. Analyze past client results: Look at the tangible outcomes your clients have achieved through working with you. Have they increased their income? Improved their productivity? Enhanced their brand awareness?
2. Consider long-term benefits: Think beyond immediate results. How will your work continue to impact your clients in the months and years to come?
3. Quantify where possible: Try to put numbers to your impact. For example, if you're a career coach, how much of a salary increase did your client secure?
4. Factor in intangible benefits: Don't forget about improvements in areas like confidence, work-life balance, or job satisfaction.
Remember, the goal is to create an equal exchange of value. If you're providing high-level value but charging rock-bottom prices, you're not only shortchanging yourself but also risking burnout and frustration.
Pricing your services isn't about pulling a number out of thin air or basing it on how worthy you feel. It's about understanding the true value you bring to your clients and charging accordingly. When you do this, you create a sustainable business model that allows you to serve your clients at the highest level while also taking care of yourself.
So, I challenge you to take a hard look at your pricing structure. Are you truly charging based on the value you provide? If not, it might be time for a change. Your future self (and your bank account) will thank you.
What's been your biggest challenge when it comes to pricing your services? Share in the comments below - I'd love to hear your thoughts!
The resources mentioned in this episode are:
??Visit https://briseeley.com/free to get free access to DEFY REALITY: The Female Entrepreneur’s Guide to Achieving Her Audaciously Ambitious Goals.
??Join the free entrepreneurial community at https://briseeley.com/community for opportunities to connect with powerful women aiming towards big dreams and visions.
??Subscribe to the Big Goal Energy podcast for more upcoming episodes and valuable wisdom.