how should you price your product or
service great question that came in from
Linda a YouTube viewer she wants to know
I’ve read a half dozen books courses
looks at blogs internet vehicles I want
to know how to price my product is it
based on value is it based on what other
people are charging what is it so Lynn
that great question this is something
every entrepreneur struggles with and
typically entrepreneurs underpriced
themselves most business owners could
increase their prices by 30% and see
almost no impact from their customers or
the ones who leave will be minimal
compared to the revenue increase that
you’re getting most of us undercut our
prices because we don’t have the belief
that we’re charging what we’re worth you
have to believe in the price that you
set when you’re first starting out
you’re trying to set your price the two
typical schools of thought what are you
going to learn like in textbooks the
first is how much does it cost you so
you know the cost you X to produce you
want to take this much profit margin so
then here’s your user pricing or you
look at your competition here’s what
they charge here’s a list of their
features so here’s what we’re going to
charge based on our features okay that’s
like pricing 101 and probably the worst
way to do it the better way to do it is
based on the value you’re thinking about
how much you value are you bringing your
customers and as a business owner you
want to try to increase that value as
much as possible businesses are
successful because you’re helping your
customer you want to make more money you
want to charge higher prices help your
customer more find other ways to help
them beyond what they hired you for or
what they’re buying from you add more
value the way to do this is you test you
create your first product you create
your first service you put a price on it
even if you base it on the first one the
first model where it’s based on your
cost you’re making a little bit of money
and then you start increasing your
prices add more value keep charging
until you get faced with the resistance
you increase your prices so much that
people start to say
I’m not gonna do it it’s not worth
enough it for me if you can’t add any
more value than you you have to put a
ceiling on how much you can charge as an
entrepreneur you should be the best in
the world at what you do your aim should
be to be master class who wants to be an
average business owner most businesses
fail you need to be master class you’ve
got to love what you’re doing you have a
passion for it so you should be one of
the best in the world at it even if it’s
only some really minor niche you should
be among the best in the world at what
you do and you should charge accordingly
you deserve to have premium prices for
what it is that you sell if you don’t
then you got to go add more value now if
you’re just getting started you don’t
have a huge skill set then fine you have
low prices you’re bringing on customers
you’re getting some experience but as
you get better you’ve got to increase
your prices here’s a quick story from my
example I got asked by a company to
write a blog post for them and they said
we need three three to three hundred
words three to five hundred words pick a
topic you get the link back to your
website and we’re gonna pay you 500
bucks for one article that hey this is
great I get linked back from a major
website I’ll do this for free if I were
in your box for sure and they were
hiring me and nine other people so there
are 10 of us bloggers who are writing
but my mantra is over deliver like crazy
okay I never do what is just required
just a bare minimum even if the client
doesn’t know what they want
you know they’ve only asked for specific
criteria I always go away above it I
always increase the value because that’s
how you get more business that’s how you
get referrals that’s how they hire you
for more contracts it’s how you increase
your pricing so they came to me with the
price of 500 bucks fine I did it but I
didn’t write the 3 to 500 words I wrote
1500 words and I added a video and I
promoted to my audience and they put it
on my newsletter and Facebook and
Twitter and we had a hundred times the
results of anybody else my post did so
much better killed all the other people
who they hired alongside me because they
just did what they were asked to do I
went way above so when it came to
creating and long term agreement which
of the 10 you think they went with me
and I said in order to continue doing
this I’m gonna increase my prices
now it’s 1500 bucks and then increase it
to 2,000 bucks and increase it to 2500
bucks
same post and even though it takes me
the same amount of time it’s because I’m
adding tremendous value to those clients
and I keep increasing my prices testing
out to see where the limit is right now
it’s around 2500 bucks if I wanted to go
higher I have to add more value than
what I’m doing so I think about so get
started with your price and you’re not
gonna have the perfect price when you
launch it won’t be perfect but get
started put it out there and then start
increasing increasing increasing in seen
if you’re losing a ton of business or if
is actually helping your bottom line and
ideally you want to work with the
clients who value what you do so as you
increase your pricing
you’re gonna lose some of those bottom
end clients the non ideal clients who
don’t respect your time who don’t have
budgets who suck up a lot of your energy
they’re gonna fall away and you’re gonna
be left with the clients who do value
what you do and you keep increasing your
pricing you become more profitable and
build a better business belief if you
guys are watching this you like it
thumbs up below thank you so much and I
want to hear it to think please leave a
comment underneath if you liked the
video if you’re one of my stalkers and
watching other videos this is the video
leave a comment say thank you I love
ceno’s and makes my morning everyday
this is what keeps me inspired and
motivated to keep going with my business
so thank you guys and you have a
question for your business you can leave
it below too and I’ll make a video
response just like this see you soon
you
service great question that came in from
Linda a YouTube viewer she wants to know
I’ve read a half dozen books courses
looks at blogs internet vehicles I want
to know how to price my product is it
based on value is it based on what other
people are charging what is it so Lynn
that great question this is something
every entrepreneur struggles with and
typically entrepreneurs underpriced
themselves most business owners could
increase their prices by 30% and see
almost no impact from their customers or
the ones who leave will be minimal
compared to the revenue increase that
you’re getting most of us undercut our
prices because we don’t have the belief
that we’re charging what we’re worth you
have to believe in the price that you
set when you’re first starting out
you’re trying to set your price the two
typical schools of thought what are you
going to learn like in textbooks the
first is how much does it cost you so
you know the cost you X to produce you
want to take this much profit margin so
then here’s your user pricing or you
look at your competition here’s what
they charge here’s a list of their
features so here’s what we’re going to
charge based on our features okay that’s
like pricing 101 and probably the worst
way to do it the better way to do it is
based on the value you’re thinking about
how much you value are you bringing your
customers and as a business owner you
want to try to increase that value as
much as possible businesses are
successful because you’re helping your
customer you want to make more money you
want to charge higher prices help your
customer more find other ways to help
them beyond what they hired you for or
what they’re buying from you add more
value the way to do this is you test you
create your first product you create
your first service you put a price on it
even if you base it on the first one the
first model where it’s based on your
cost you’re making a little bit of money
and then you start increasing your
prices add more value keep charging
until you get faced with the resistance
you increase your prices so much that
people start to say
I’m not gonna do it it’s not worth
enough it for me if you can’t add any
more value than you you have to put a
ceiling on how much you can charge as an
entrepreneur you should be the best in
the world at what you do your aim should
be to be master class who wants to be an
average business owner most businesses
fail you need to be master class you’ve
got to love what you’re doing you have a
passion for it so you should be one of
the best in the world at it even if it’s
only some really minor niche you should
be among the best in the world at what
you do and you should charge accordingly
you deserve to have premium prices for
what it is that you sell if you don’t
then you got to go add more value now if
you’re just getting started you don’t
have a huge skill set then fine you have
low prices you’re bringing on customers
you’re getting some experience but as
you get better you’ve got to increase
your prices here’s a quick story from my
example I got asked by a company to
write a blog post for them and they said
we need three three to three hundred
words three to five hundred words pick a
topic you get the link back to your
website and we’re gonna pay you 500
bucks for one article that hey this is
great I get linked back from a major
website I’ll do this for free if I were
in your box for sure and they were
hiring me and nine other people so there
are 10 of us bloggers who are writing
but my mantra is over deliver like crazy
okay I never do what is just required
just a bare minimum even if the client
doesn’t know what they want
you know they’ve only asked for specific
criteria I always go away above it I
always increase the value because that’s
how you get more business that’s how you
get referrals that’s how they hire you
for more contracts it’s how you increase
your pricing so they came to me with the
price of 500 bucks fine I did it but I
didn’t write the 3 to 500 words I wrote
1500 words and I added a video and I
promoted to my audience and they put it
on my newsletter and Facebook and
Twitter and we had a hundred times the
results of anybody else my post did so
much better killed all the other people
who they hired alongside me because they
just did what they were asked to do I
went way above so when it came to
creating and long term agreement which
of the 10 you think they went with me
and I said in order to continue doing
this I’m gonna increase my prices
now it’s 1500 bucks and then increase it
to 2,000 bucks and increase it to 2500
bucks
same post and even though it takes me
the same amount of time it’s because I’m
adding tremendous value to those clients
and I keep increasing my prices testing
out to see where the limit is right now
it’s around 2500 bucks if I wanted to go
higher I have to add more value than
what I’m doing so I think about so get
started with your price and you’re not
gonna have the perfect price when you
launch it won’t be perfect but get
started put it out there and then start
increasing increasing increasing in seen
if you’re losing a ton of business or if
is actually helping your bottom line and
ideally you want to work with the
clients who value what you do so as you
increase your pricing
you’re gonna lose some of those bottom
end clients the non ideal clients who
don’t respect your time who don’t have
budgets who suck up a lot of your energy
they’re gonna fall away and you’re gonna
be left with the clients who do value
what you do and you keep increasing your
pricing you become more profitable and
build a better business belief if you
guys are watching this you like it
thumbs up below thank you so much and I
want to hear it to think please leave a
comment underneath if you liked the
video if you’re one of my stalkers and
watching other videos this is the video
leave a comment say thank you I love
ceno’s and makes my morning everyday
this is what keeps me inspired and
motivated to keep going with my business
so thank you guys and you have a
question for your business you can leave
it below too and I’ll make a video
response just like this see you soon
you
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