Setting prices: 2 factors to consider

Checking money in walletDo you struggle with how to price your products and programs? If so, you are not alone.

Pricing gets so tangled up with personal worth, comparison and trying to ‘get it right’. All of these can lead to confusion and hesitancy.

Here are two factors to consider in the pricing process.

1. The price speaks more to the value the client puts on the end result than on you personally.

2. The only thing to compare your price to, is the pricing of your other offers.

We have a tendency to just look at the new thing when pricing and not consider the context – meaning all our other offers and how they are priced. Your pricing needs to make sense with everything else. Your pricing can also position something as a really good deal.

Your 1:1 packages should be your highest ticket offers. And the pricing of those packages needs to be strategically high enough to position your group offer as a really great deal. If you want to offer a group program at $500 a month, your private package pricing should be double that or even more. When you have an enrollment conversation and a client isn’t ready for the private package, the group will sound like a high-value, affordable alternative. And thats exactly how you want it to work.

If you price a group program too closely to your 1:1 pricing – it devalues the 1:1. In other words the pricing lacks congruence. And it doesn’t help your potential client to make a choice.

As your business grows and you want to raise the price on your group offers, or

offer a high-end mastermind, you will also need to raise the price on your 1:1 packages to keep it congruent. Sometimes that’s a stretch. This is when it’s helpful to remember factor #1: The price speaks more to the value the client puts on the end result than on you personally. Trust that you are enough and enjoy watching clients invest in themselves for the growth and change they desire.