Pricing Has Nothing to do With Numbers
Seriously. That's the secret. That's the truth. This is the number one question I get from bosses in my private FB group, in strategy sessions, heck just in chatting at the coffee shop. It's always something like "I just don't know what to charge for this."
You could spend days researching the market value or what the market can bear or what your competitors charge or what newbies should be charging or whatever. Not only will you find polar opposite "answers" to every one of those questions but you'll walk away with more doubt than ever about what you're trying to put out there.
Here's what I want you to do instead.
I want you to spend time getting to know your customer and yourself. It can be a real live customer or it can be the made up version of who you're selling to, but I want you to be in their shoes. What do they buy, like, hate, wear, eat, say? What do they believe and stand for? What are their ideals, pet peeves, and nuances? Write it down and live it like it's your best friend. Seriously. Then get to know yourself as a biz boss. This isn't necessarily who you think you are or how you act in your own spending - it's just who you are as a boss babe. You personally may never spend 3k at Kate Spade or 20k for private coaching or 2k a month for a chef, but your biz boss personality might. You have to remember that these scenarios have nothing to do with your ideals as yourself, only as a biz babe, okay? Get yourself in that mindset and then this is when you start thinking about pricing your own offerings.
By being in the mindset of your biz babe personality (Sasha Fierce, if you will) you will be able to think clearly about the numbers. Your coupon cutting personality or your freebies for besties tendency won't be kicking in.
So now babe, just pick a number. Really, just pick a damn number. It doesn't need to be researched or strategized or tested. It just needs to be a number that the biz babe side of you feels comfortable with. It's only until you just pick a number and go with it that you can begin to test it and strategize better numbers. You will never pick the right number right out of the gate. So get that out of your head. If you sell out quickly you can now raise that number. If you struggle to sell any you might need to look at your total offerings or your marketing. It rarely has to do with the number, babe.
It has everything to do with how it's presented. If your boss babe personality is walking around in Louboutin's then your offerings need to match that. If a number isn't working for you, you need to take a look at the whole picture. Are people getting enough for their money? Are they confused about what's being offered? Is the return policy nonexistent or weird? Are you giving them reasons why they even need what you're offering? Can they hear from people who've already bought and loved and even seen results from what you offer? All of these things have much more impact on whether someone buys or not then a price does.
So I want you to get in touch with your dream client and your biz babe personality. Then pick a number. Then get it out there and learn from it. Tweak and repeat.