Quoting your Price with Confidence

One of the most challenging parts of entrepreneurship can be coming up with a price point that helps both you and your client feel supported.?Even more challenging, perhaps, is talking about that price point in a confident manner.?I mean, let’s face it.?Money is one of those sticky subjects that everybody has their own feelings and beliefs about.?Even knowing that, you can’t base your price point solely on what others might think of it.?You need to come up with a number that feels right for you and your business and then stick to it confidently.?We’re often told what we should do when it comes to quoting our price, but rarely are we told what not to do, and that’s exactly what we’re going to look at together.?Let’s take a look at some of the most common mistakes entrepreneurs make that prevent them from confidently quoting their price points.?

The first thing that you should avoid when setting your price point is trying to beat all of your competitor’s prices.?You shouldn’t aim to charge more than them, either.?That’s right.?Believe it or not, you don’t want to be the lowest or the highest price point within your industry.?Your price point is a clear reflection of the value that you are offering your clients.?If you set it too low, you may appear as though you don’t have the same knowledge or expertise as your competitors or that the quality of your work is sloppy.?Consider a time where you received multiple quotes for a particular product or service.?Did you automatically go for the cheapest option to save a buck or did you wonder why and how that bidders price could be so much lower than the others??Alternatively, if you come in at the highest price point, it may be perceived that you are price-gouging or taking advantage of your consumers.?Neither is your best look.?Ideally, you want to check the market in your area and land somewhere in between that feels like an ideal fit for you and your business.?

The second mistake that you don’t want to make is to offer a discount straight off the bat.?The exceptions to this rule would be if a client specifically asks you for a discount, indicates that your price point might be a factor holding them back from making the purchase, or to match a competitor’s discount, but don’t assume that any of these are the case.?In the event that they are, you still want to make sure that making the offer won’t affect your bottom-line revenue.?Offering discounts just to end up upside-down isn’t going to help your business survive, let alone, thrive.?The decision to offer a discount should be made with the health and well-being of your business at the forefront of your mind.?Just because your competitors are discounting everybody and gaining clients that way doesn’t mean that they are succeeding or making money.?You have to think of the long-term, bigger picture.?

Lastly, don’t fall into the trap of explaining your price or apologizing for what you are charging.?Remember that you set this price for a reason and that it aligned with your current business model and the bigger vision for your business, overall.?Once you start qualifying your price, it works to effectively diminish your value and the value of your brand in the eyes of your prospective client.?A pause in the conversation while your audience digests the information that they have received is not a natural indicator to jump in and start justifying your price.?It’s more likely that they just need a moment to think things through rather than that they are thinking you are charging too much or waiting for your explanation.?If they have questions that they still need answered or are unclear on what they are getting in return for their money, trust that they will ask you.?If the pause lasts too long, an alternative might be to say something like, “Let me go back over everything that you’re going to receive” and then walk them back through your services to remind them of the value you are providing.?

Stand confidently in your price point, knowing that you are providing a valuable service and/or product.?You believed in it enough to start a business around it, so there must be something there, right??Keep going back to that and, if you still need some help building your confidence in this arena, remember that you don’t have to do this alone!?I have gone to great lengths to ensure that there are myriad resources available to you to help you expand on this, regardless of what type of learner you are.?If you like one-on-one support, head over to my website and book a consultation call.?If you prefer to be boosted up by a group of like-minded individuals, head on over to our Facebook group, “Be a Confident Entrepreneur”.?Tell us who you are and what you do and let us support you on this entrepreneurial journey!?I’m looking forward to it!????