Have you ever wondered what you were worth when it comes to the value you offer clients? If you are new in the business, you may not have a clear idea of your worth, but if you are a seasoned professional you probably have an idea of what you bring to the table in regards to customers.
Here’s how I’ve found out my own worth:
I’ve chatted with clients when they have not purchased a service. In several cases, I found that my prices were too low and actually scared a customer into feeling that others were more valuable as they charged more.
In one particular case, I actually got the client back when the higher priced resource shot themselves in the foot by not providing attentive customer service. I learned from that situation that sometimes having a low price is not a good thing.
I’ve provided white label services and have seen the markup that is put on my own price and resold without additional value. In this case I found out that I was priced lower than the market and clients were willing to pay more for quality hands on, attentive service.
I watch how busy I am. If I am having trouble staying on schedule as I have too many customers, I know that I may need to review my pricing and consider adjustments or packaging of services together. If on the other hand, you are not busy and just getting established, you may need to drop your price to pick up business.
I think the key is to gauge what is happening in your industry and in your own business. If you have not done a market survey and even blind shopped your own marketplace, now’s the time. It is important to make sure you are not priced too low, but especially not priced too high.