Pricing services reminds me of The Three Bears. You want your price point to be “not too hot and not too cold, but just right.” The best and quickest way to find out what your customer will pay for a particular service is to ask. That’s right, ask! Offer your customers a survey (always brief), give the list of benefits and then give several ways to purchase and several price points. You will soon find out what most of your customers are willing to do, and you can then go with that offer.
Here’s a simple example. A few weeks ago I held a half-day visioning workshop for a small group. At the end, everyone there asked about following up, something I had not thought about doing. After the workshop I put together a simple, two-question survey (I like to use Survey Monkey) and sent it to each person. I had 4 choices for follow-up, each with a different price point. When the survey results were in, it was very clear what the vast majority of that group wanted to do and the price they were willing to pay.
Another way to survey is to do a split test. Offer the exact same service to your client base, but split the clients in half and offer it at one price to group A and a second price to group B. One offer will outsell the other, that’s your best performing price point.
No matter how you go about it, though, one rule always holds true. Be sure to write copy that highlights the benefits to the buyer. I see many small businesses get stuck in describing all the features rather than benefits. Benefits are sellers. Make sure your client knows what is in it for them, the good the service will do, the problem it will solve, how it will make them feel. Good copy bolsters and supports the price you are asking for your service. It will help you be the bear whose porridge is “just right.”
© Sue Painter
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