Pricing Strategies for the Go-Getter

Sharing some insider tips to help you price your products and services while understanding the value your brand brings to others!

Step 1 | Clarify your Value Proposition

First, what does branding have to do with your pricing? 

Value Proposition (in marketing) is an innovation, service, or feature intended to make a company or product attractive to customers. - Google definition

Branding and marketing is how you communicate your businesses valuable services and products. It's essential to make sure that the value you and your business give is communicated effectively in your online and offline messaging (i.e. website, logo, style, events, experiences...). You know you're valuable, but does everyone else?

If you don't know how valuable you are...

...start making a master list of how you've helped others. Your valuable skills may seem simple and easy for you, but others may find them to be difficult or inconvenient. How do your skills add to someone else's life? 

Here's my favorite formula for clarifying and ensuring that what your customer "pays/invests" is directly proportionate to what your customer receives (aka benefits) from you or your business.

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Step 2 | Put a Price Tag on it! (3 C's)

As much as we all want to be like Mother Theresa and give everything for free because "we love it"....blah blah blah... there are other ways we can give back to others without struggling to pay the bills. If we don't take care of ourselves first we have nothing left to give to others. Make sure you value yourself enough to be able to give 100%. The starving artist mentality only works for so long until we realize we can't grow our ideas. I learned this the hard way when I waited forever to demand my worth monetarily in my business. Once my pricing was set up for success people valued me more, cash flow increased and I could finally afford to hire people to help me help more people. 

Now I don't recommend shooting in the dark with your pricing. You want to find a confident balance that will show your customers that your valuable but not over the top impossible to afford. Below are some strategies that have helped me.

The 3 C's of pricing:

1 | Customer

Consider what your customer will pay for a product or service like yours. How do they make buying decisions? What's their income? Lifestyle? Priorities? What else do they buy?  

2 | Competition

Time for research! Find companies that are offering similar benefits to similar customers. What are your competitors charging for similar services? Do you offer more or less benefits then they do? If so, how does your pricing relate? Make sure that you gather a lot of research from many different companies and then find the average of all. Consider location and credibility the business has as well. A company may be able to charge more based on the years they have built a reputation and expert role in their industry. 

3 |  Cost 

Get out your excel and expense sheets! How much time, materials and money does it take to deliver your product or service? Are you taking a cab to your coaching session? Are you spending time creating your product? What is your standard hourly rate while your making your product? 

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Dealing with the Copy Cat | Differentiate Your Idea

What if Someone Steals Your Idea....

Well first, let me start by saying, as an optimist, I truly believe that most of us are out there doing the best we can with what we have so I don't think most people are out to steal your ideas intentionally. It will definitely feel like that when you see your designs, product or business look alike, but I ensure you that you simply inspired them somewhere along the way which led them to an almost clone of your beautiful idea. Now, I didn't just wake up with the wisdom or optimism about this. I had to go through my own mindset tweak after dealing with my own copy cat situation.

Here are 3 ways that I overcame the copy cat:

1.  Believe in Yourself

I know it sounds cheesy, but as long as you know your unique story and believe that no one else has your DNA then no one can truly steal your voice. 

2.  Practice Healthy Confrontation 

I hyperventilate when I think of confronting others especially with this topic. My fears kick in with annoying head talk like "they will think you are crazy", "how do you know they stole your idea", or "I just want to keep the peace". After I put my fears aside I realize that if I avoid the confrontation I will never stand up for my ideas and how will I possibly bring them to life if I sit back and let the rest of the world run with them. It's also super awkward if you share a community with someone and you act "fake nice". Just clear the air! You never know what the truth is. Don't forget that most people are truly doing the best they can. Some may not realize they have a clone of your idea that's confusing to others. 

3.  Move on

If you've voiced your concern, believe in yourself and know your unique story then move on. Keep doing you and keep developing your idea. Don't quit! You may feel like there's not enough room for two of the same idea, but that is silly. The reason someone else has your idea is because there is a demand for it. People will want your idea because of your unique story and brand culture you create. 


3 Tips for Differentiating Your Idea

1.  Get to know your community

It's so easy for us to get caught up in what we're doing that we forget to ask about other people's goals and projects. Make sure you are aware of your community members and what they're working hard on. It also doesn't take much to read their website and social media to discover how they are making a name for themselves. This will help you make sure you can differentiate your voice from theirs or find that you can refer people to them for a service/product you see a need for. Which leads me to my second tip...

2.  Delegate and Refer

If you truly want to uplift your community and help others succeed you will prioritize them for a service or product that they have worked hard to develop instead of trying to "do it all". Just because you see a need or demand for a service or product doesn't mean that you are the right person to offer it. Ask yourself this "am I truly passionate about offering this?", "do I have the skill or talent to offer this with confidence" and "does anyone else in my community know how to do this better?".  If you answer no to 2 or 3 of these questions you may want to see how you can partner or collaborate with someone who is a better fit for the job. This will help another person continue to do what they love while you strengthen your leadership integrity.  

3.  Know Your Story

Knowing what makes you "you" will help you set yourself a part from the rest. No one else has your unique story and combination of skills. How do you go deeper into your skills as opposed to trying to do everything. We can all have several passions and interests but what is it that you can contribute to the world that many can not? How can you lead with your purpose to impact the world in your own unique way? I recommend making a list of your skills, highlight the skills that you LOVE doing, delete the skills you dread doing, and write down your story of how you were inspired to pursue your passions. Remember that you won't have it all figured out, ever, but this will help you BELIEVE in your own unique journey while helping others succeed too. 

I hope this helps you feel more resilient and safe sharing ideas within your communities. Please comment below if you would like to share your story or tips for community etiquette. 

Love, 

Business Tips from Celebrity Entrepreneurs!

If you missed Chicago's Sage Summit event at the McCormick Place don't fret! I'm sharing my inspirational takeaways from attending a panel with Richard Branson, Gwenyth Paltrow and Zoey Deschanel. Watch the video below for deets!

Sage Summit 2016:  https://www.sage.com/sage-summit
Richard Branson: www.virgin.com/unite/
Gwenyth Paltrow's founder of: www.goop.com
Zoey Deschanel founder of:  www.hellogiggles.com