I see many small business owners who are nervous to charge what they are worth. Some have even told me that they have feelings of guilt if they price their products and/or services to be profitable. What is the point of taking the risk to be in business if you aren’t going to make it worth your time? Here are a few things to focus on so that you are building value for your products and services and taking the emphasis off price:
1. Build your brand.
Consistency and quality are key when it comes to creating a strong identity for your business. Once you do that, you will be on the first step toward creating a strong emotional attachment to your brand. The reason you work so hard on brand building is so that your products and services are worth more. If there isn’t a brand, you have a commodity.
2. Don’t make vanilla products.
Yes, vanilla is a top seller but it is bland. If you try to create “me too” products by copying others or making average choices, you will not stand out from the crowd. If you are selling the same thing as everyone else, then you are selling a commodity and your products are not worth more. Spend time and effort creating surprising, intriguing and dynamic products and services that wow your clients and you will be able to charge what you are worth.
3. The experience must parallel Disney.
Remember, your clients have been to see the mouse, dined with a princess and created a lifetime of magical dinnertime conversations. At Disney, they are entertained while they are waiting in lines and even have the option to pay more to avoid lines. And everyone leaves Disney with a lot lighter wallet but thrilled. That is how you want your clients to feel after they have experienced what you have to offer. Make sure that every step is line-free, exciting and magical and you can charge what you are worth.
4. Post cards are for discounters.
All of the small businesses that are price driven send post cards. Everyone who is new and has no plan, sends post cards. Everyone who wants to create a business without a budget, sends postcards. Many of these businesses put a deep discount on the post card and fire it out to a random “current resident” list. Don’t be like everyone else. If you can separate yourself with targeted, engaging promotional pieces, you will be able to charge what you are worth.