Pricing Strategies – How To Raise Your Rates and Become MORE Profitable.
How’s your pricing?
Have you ever wondered what it would be like to make what you’re worth? Are you wound up in figuring out fancy programs and packaging to help you get the pricing you need to stay afloat in business?
Whether you’re in the business of philanthropy, or in the business just to pay your bills – it’s essential to continue to strive, continually improve and create ways to enhance your revenue stream.
Here are six simple ways to add value to your current services. Once you review this list and survey the collection of resources you’ve (likely) already amassed as an expert in your field, it might be time to review your packages and your rates!
First, let’s do a quick review:
- What is your current pricing?
- How do you determine your prices?
- Do you offer discounts?
- If yes, under what circumstances and why?
- Do your discounts benefit you and your client or only your clients at this time? (For instance if you charge a certain rate per hour, and then deduct that rate when someone purchases a bulk of hours… it benefits your client, but does it actually benefit you? Aren’t you actually working MORE for less in this case?)
Maybe it’s time to rethink this entire pricing strategy to increase your profitability…
What if you considered changing your pricing model altogether?
What if you offered your private clients an all-inclusive package, rather than just a series of “one-and-done” transactions.
What is possible? Have you ever considered enhancing your offers, and not only up-leveling what you provide, but really providing MORE for your clients?
Packages can increase your client’s commitment, while still providing more support, resources, and access to you, that is easier for you to manage! When you begin thinking of your services in terms of packages, you’re also gaining peace of mind and clarity about your real value to your clients. So – let’s take a look at six simple solutions that can work together in any number of ways to create packages, enhance your services, add value and allow you to raise your rates with integrity and enhanced services!
1. Raise Your Rates With Individual Private Consults, Counseling & Coaching
The fastest way to add value to your offers and make more money is to raise your rates. You need to learn to exchange your expertise and time with clients. Let’s face it… most people show up and want their own needs met. Many will not ‘trust’ anything BUT 1-1 time, which is why I build it into my packages upfront. As my business has grown, I’ve been able to charge more for my one on one time and combine it with other offers to raise the value of the overall packages. By and large, most people who are hiring you, want YOU, and will be willing to pay more for your individual attention and expertise focused on THEM and their issues only! Consider adding this into a package – or simply expanding your already existing services with strategically placed private consultations to help your clients during their critical growth areas.
- Do you currently offer 1-1 or VIP services?
- If not, what could you do to enhance your private client services now?
- What do your clients most value?
- How might you package this into a value-added grouping or service level differentiator?
2. Create Your Own Training
Another way to increase your pricing and add client value is by offering your own training. Specific training offerings can take the form of just about any medium. Training can take many forms. You could host a webinar where you display images and talk over them, or even audio record your voice only. You don’t need to feel intimidated to create an all-encompassing approach. Keep it simple and get it done. Because done is better than perfect.
To find training materials, consider the conversations you have with clients. Whatever you repeat over and over is something that can easily be turned into the training of some kind. So, if you find yourself spending 1-1 time with clients teaching redundant materials, think of how you might package it to better serve your client.
Choose a medium that makes you most comfortable, and will be easy for your clients to access and review. (This is one benefit of the audio-only options, although many new platforms are making video and streaming easier for people on the go.)
Training can help you get the basics out there systematically. Choose a format that allows them to consume it on their own time. This way, once the training is developed, you can distribute it, allow them to work through it on their time. Then, you can stay present to their topic of choice during your 1-1 time together. This makes your consulting and coaching time much more valuable.
- What is your area of expertise currently?
- What type of information to you redundantly share with private clients now?
- What categories/areas of focus could you provide knowledge and general information to your clients that would help them?
- What type of delivery systems would be most appealing and affordable right now that you’d like to investigate?
3. Create Group Components For Your Packages
One of the best, most effective ways to build your following, add client value, and really draw a wider crowd is to offer a group component in your packages in some way.
So whether you host group calls, live webinars, social media Open Office Hours, Master Classes, Q&A, live via webinar, private online forums, in person, or on the phone… Groups create a community. Declare your niche, then support your tribe by starting the conversation.
The exponential impact of having a group is amazing. It also typically makes your job a little easier. Additionally, it adds so much value because the community (especially when homogeneous in nature, need, desire, and/or pain) and it will actually work to hold each other up through their own struggles. It’s important to also consider the length of time you will host a group and how long people can be a part of the group with you as an essential component of your program. I see it like hosting my own parties for my clients – and they just show up and have a good time! A group component needs to feel valuable, so it’s important to be clear about your rules, boundaries, and guidelines to maintain group integrity.
A group component feels (and is) more valuable to your tribe and this value translates into more income for you. Therefore adding a group component is likely to add client value and enhance your pricing and packaging. So to consider group offerings, answer the following questions:
- What is your area of expertise currently?
- How might a group serve your clients and prospects well now?
- Could you create a group today? If so, would it be ‘closed’, ‘private’, or ‘public’?
- What type of guidelines would you require to participate?
- How could you add group components to your existing programs that may help your clients?
4. ‘Done For You’ – Templates, Worksheets and Tools
A great way to add more client value is to provide done-for-you resources. When you do the work for someone and offer these systematic approaches as part of your package and programs, you save the most essential resource… your client’s time! In fact, nearly anything that you’ve systematized for your clients can have value. It will save them time, heartache, and frustration. It’s a great strategy to finally charge what you’re worth.
Here are examples of value-added resources to include in your packages.
Actually the list could continue on and on… And these value-added item save time, effort and energy because you’ve already thought through the process. Your clients can learn from your mistakes, and save themselves from editing through the drafts and saved all that time, hard work and heartache for your clients. Anything you can track or systematize can be included in this category or combined to create more value and become part of a tool kit.
- What types of tools, templates, and done-for-you resources do you currently offer your private clients?
- What could be developed or enhanced to add value to your current offerings?
- How could you combine these tools into a value-added grouping that works together to help your clients?
5. Assessments, Tools, Tracking Logs
Along the same lines as the Done-For-You Tools, anything that you do to help your clients gain clarity, track and diagnose their current situation, progress so far, measuring changes over time, and providing feedback and direction on where they need to go from here to create powerful next steps can be added in (or articulated as a separate component) to create more value in your packages. So much of working one on one with clients is about helping them raise their awareness, self-knowledge, educating, and discovering their way forward.
- What do you currently have in your toolbox that might help?
- What could be developed or enhanced to add value to your current offerings?
6. Experts and Resources
Something I was completely unaware of when I started my business was how many people were in private businesses for themselves… And, how valuable those people could be to both me and my clients over time. So, if you have a pool of experts and additional referrals and go-to resources, this is absolutely an area for you to explore. In fact, I have had entire programs designed just based on my expert connections alone.
I’ve added certain people’s expertise as add-ons to existing programs, and have offered recordings, webinars, tools, and templates that help my clients with technical support in areas where I do not possess knowledge or expertise. By gathering these resources up and providing them for my clients – not only has it enhanced my network with experts, but it’s expanded my reach and expertise to their tribes as well. The exponential benefit is that clients get what they need before they even now THAT they need it!
- What experts are in your network that might benefit your clients?
- How might you capture and provide their knowledge as enhanced value today to your packages?
- How might you charge for your additional services?
6.5 (bonus!) Transcriptions
Any of the above can be transcribed and typed out… this would add additional value to others and help support different learning styles of your clients. For instance, I’m a visual/verbal learner. While I enjoy audio recordings, I much prefer having an outline or a visually-represented aspect that helps me remember, track, and take notes. I really value transcriptions over audio recordings… when combined together, that is an added value and a higher level of appeal to me.
- What resources do you already have available that highlights your expertise, enhances your knowledge, and helps support your work with clients?
- Have you created recordings of any kind (interviews, podcasts, series) or any additional offerings that could be easily transcribed to create added value?
For more information on creating packages and pricing – please listen to this podcast!
So – now that you’ve considered the above, what is missing? What are your next steps to enhancing your services and packages for your clients? I’d love it if you’d share your thoughts, insights, and next action steps below to help motivate other business owners!
To add client value, review all of your programs and packaging, then adjust your pricing strategies and current offers. You need to first determine what needs some attention and shifts (if any). Carve out time to implement the new pricing by putting it on your site first, then making offers to new clients as they arrive at your doorstep. For more information on pricing strategies listen to this podcast! And here are a couple of additional articles: How To Raise Rates With Clients To Increase Profit, How To Charge What You’re Worth.
If you’re struggling to add client value and figure out your programs and packaging, I can help. I coach entrepreneurs in the late start-up through growth business stages. Together we help you uncover what’s stopping your business development and create strategies to help you become more sustainable and profitable. If you’d like to discuss how I can help you click here, to connect for a 1-1 discovery call.