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Pricing Your Service or Product: Things To Ponder
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Terrific students attend the classes I teach. They ask
profound questions that "stretch" my knowledge and
resources. When I teach a building a business foundation
owner class, I'm usually asked, "How does someone price a
product or service?" During a recent class, I promised to
write down what's in my head and send it to the students.
And because of them, you now have it, too. In order
to
keep things simple, I'll use "services" to mean both
services and products in the list below1. Locate a trade association, organization or networking group whose specialty is your service.
If none exists, find
an association with a similar product. In general,
associations can tell you the high-low and average prices
charged by members. You can find some organizations listed
in an article I wrote called "Network To Success". Find the
link at http://www.coachmaria.com/articles/ If you're a
coach, visit these coaching resources
http://www.coachmaria.com/business/coaching.html and virtual
assistants can start at
http://www.coachmaria.com/business/virtual.html
2. Trade/Business Journals and newspapers contain articles that may include prices.
At least once a year, I see an article about my industry online or in a periodical that contains industry fees.
3. Ask your CPA
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for some ideas; after all, they deal with business owners’ finances all the time.
4. There are many career and employee guides that provide industry or job related prices.
You can view my favorite resource, Occupational Handbook; online at http://www.bls.gov/oco/home.htm. You’ll also find this book at your Library's career resources area. Also check the Labor Department and Employment Security Commission for resources and brochures that can assist you.
5. Obtain the cost of raw materials and supplies necessary for your product.
Surely you want to charge more than it's costing you for the items!
6. Many business owners place a pricing structure on their websites.
Using the industry name, plus the word "rate" or "fees", you can find those sites on the Internet.
7. Determine your hourly rate.
What is your time worth?
8. Call similar businesses, outside your local area, for their prices.
If you're not their competition, you have a better chance to be told the score.
9. Visit stores that sell the product
you're interested in selling to determine their pricing system.
10. Ask everyone you know
"if" and "what" they will pay for "x".
11. Use your Ideal Client Profile
(ICP, http://www.coachmaria.com/ebooks/business2.html) to create different pricing packages. The packages can differ in length of time, products, and/or services. This way, you can offer a variety of affordable pricing plans. Many business owners who provide a service offer packages... from coaches, to web designers to virtual assistants.
Want to view an example of pricing packages? Visit the chart I provide my future clients where, I hope you notice that I practice what I preach! My services are affordable to everyone who wants to take their professional or personal success to the next level http://www.coachmaria.com/rates.html
About the Author
© 2002 Maria Marsala, President of Maria's Place: Coaching, Consulting and Courses. Maria works with daydream believers individually and in groups to custom-design systems and solutions that create professional success. For a free consultation or to subscribe to our e-zine visit http://www.CoachMaria.com
This article provided by the Marketing-Seek Archives at: http://www.Marketing-Seek.com
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About Marketing
Pricing
Targeting, Segmenting
Marketing Metheds
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