how should you price your product or service great question that came in from
service great question that came in from
service great question that came in from Linda a YouTube viewer she wants to know
Linda a YouTube viewer she wants to know
Linda a YouTube viewer she wants to know I’ve read a half dozen books courses
I’ve read a half dozen books courses
I’ve read a half dozen books courses looks at blogs internet vehicles I want
looks at blogs internet vehicles I want
looks at blogs internet vehicles I want to know how to price my product is it
to know how to price my product is it
to know how to price my product is it based on value is it based on what other
based on value is it based on what other
based on value is it based on what other people are charging what is it so Lynn
people are charging what is it so Lynn
people are charging what is it so Lynn that great question this is something
that great question this is something
that great question this is something every entrepreneur struggles with and
every entrepreneur struggles with and
every entrepreneur struggles with and typically entrepreneurs underpriced
typically entrepreneurs underpriced
typically entrepreneurs underpriced themselves most business owners could
themselves most business owners could
themselves most business owners could increase their prices by 30% and see
increase their prices by 30% and see
increase their prices by 30% and see almost no impact from their customers or
almost no impact from their customers or
almost no impact from their customers or the ones who leave will be minimal
the ones who leave will be minimal
the ones who leave will be minimal compared to the revenue increase that
compared to the revenue increase that
compared to the revenue increase that you’re getting most of us undercut our
you’re getting most of us undercut our
you’re getting most of us undercut our prices because we don’t have the belief
prices because we don’t have the belief
prices because we don’t have the belief that we’re charging what we’re worth you
that we’re charging what we’re worth you
that we’re charging what we’re worth you have to believe in the price that you
have to believe in the price that you
have to believe in the price that you set when you’re first starting out
set when you’re first starting out
set when you’re first starting out you’re trying to set your price the two
you’re trying to set your price the two
you’re trying to set your price the two typical schools of thought what are you
typical schools of thought what are you
typical schools of thought what are you going to learn like in textbooks the
going to learn like in textbooks the
going to learn like in textbooks the first is how much does it cost you so
first is how much does it cost you so
first is how much does it cost you so you know the cost you X to produce you
you know the cost you X to produce you
you know the cost you X to produce you want to take this much profit margin so
want to take this much profit margin so
want to take this much profit margin so then here’s your user pricing or you
then here’s your user pricing or you
then here’s your user pricing or you look at your competition here’s what
look at your competition here’s what
look at your competition here’s what they charge here’s a list of their
they charge here’s a list of their
they charge here’s a list of their features so here’s what we’re going to
features so here’s what we’re going to
features so here’s what we’re going to charge based on our features okay that’s
charge based on our features okay that’s
charge based on our features okay that’s like pricing 101 and probably the worst
like pricing 101 and probably the worst
like pricing 101 and probably the worst way to do it the better way to do it is
way to do it the better way to do it is
way to do it the better way to do it is based on the value you’re thinking about
based on the value you’re thinking about
based on the value you’re thinking about how much you value are you bringing your
how much you value are you bringing your
how much you value are you bringing your customers and as a business owner you
customers and as a business owner you
customers and as a business owner you want to try to increase that value as
want to try to increase that value as
want to try to increase that value as much as possible businesses are
much as possible businesses are
much as possible businesses are successful because you’re helping your
successful because you’re helping your
successful because you’re helping your customer you want to make more money you
customer you want to make more money you
customer you want to make more money you want to charge higher prices help your
want to charge higher prices help your
want to charge higher prices help your customer more find other ways to help
customer more find other ways to help
customer more find other ways to help them beyond what they hired you for or
them beyond what they hired you for or
them beyond what they hired you for or what they’re buying from you add more
what they’re buying from you add more
what they’re buying from you add more value the way to do this is you test you
value the way to do this is you test you
value the way to do this is you test you create your first product you create
create your first product you create
create your first product you create your first service you put a price on it
your first service you put a price on it
your first service you put a price on it even if you base it on the first one the
even if you base it on the first one the
even if you base it on the first one the first model where it’s based on your
first model where it’s based on your
first model where it’s based on your cost you’re making a little bit of money
cost you’re making a little bit of money
cost you’re making a little bit of money and then you start increasing your
and then you start increasing your
and then you start increasing your prices add more value keep charging
prices add more value keep charging
prices add more value keep charging until you get faced with the resistance
until you get faced with the resistance
until you get faced with the resistance you increase your prices so much that
you increase your prices so much that
you increase your prices so much that people start to say
people start to say
people start to say I’m not gonna do it it’s not worth
I’m not gonna do it it’s not worth
I’m not gonna do it it’s not worth enough it for me if you can’t add any
enough it for me if you can’t add any
enough it for me if you can’t add any more value than you you have to put a
more value than you you have to put a
more value than you you have to put a ceiling on how much you can charge as an
ceiling on how much you can charge as an
ceiling on how much you can charge as an entrepreneur you should be the best in
entrepreneur you should be the best in
entrepreneur you should be the best in the world at what you do your aim should
the world at what you do your aim should
the world at what you do your aim should be to be master class who wants to be an
be to be master class who wants to be an
be to be master class who wants to be an average business owner most businesses
average business owner most businesses
average business owner most businesses fail you need to be master class you’ve
fail you need to be master class you’ve
fail you need to be master class you’ve got to love what you’re doing you have a
got to love what you’re doing you have a
got to love what you’re doing you have a passion for it so you should be one of
passion for it so you should be one of
passion for it so you should be one of the best in the world at it even if it’s
the best in the world at it even if it’s
the best in the world at it even if it’s only some really minor niche you should
only some really minor niche you should
only some really minor niche you should be among the best in the world at what
be among the best in the world at what
be among the best in the world at what you do and you should charge accordingly
you do and you should charge accordingly
you do and you should charge accordingly you deserve to have premium prices for
you deserve to have premium prices for
you deserve to have premium prices for what it is that you sell if you don’t
what it is that you sell if you don’t
what it is that you sell if you don’t then you got to go add more value now if
then you got to go add more value now if
then you got to go add more value now if you’re just getting started you don’t
you’re just getting started you don’t
you’re just getting started you don’t have a huge skill set then fine you have
have a huge skill set then fine you have
have a huge skill set then fine you have low prices you’re bringing on customers
low prices you’re bringing on customers
low prices you’re bringing on customers you’re getting some experience but as
you’re getting some experience but as
you’re getting some experience but as you get better you’ve got to increase
you get better you’ve got to increase
you get better you’ve got to increase your prices here’s a quick story from my
your prices here’s a quick story from my
your prices here’s a quick story from my example I got asked by a company to
example I got asked by a company to
example I got asked by a company to write a blog post for them and they said
write a blog post for them and they said
write a blog post for them and they said we need three three to three hundred
we need three three to three hundred
we need three three to three hundred words three to five hundred words pick a
words three to five hundred words pick a
words three to five hundred words pick a topic you get the link back to your
topic you get the link back to your
topic you get the link back to your website and we’re gonna pay you 500
website and we’re gonna pay you 500
website and we’re gonna pay you 500 bucks for one article that hey this is
bucks for one article that hey this is
bucks for one article that hey this is great I get linked back from a major
great I get linked back from a major
great I get linked back from a major website I’ll do this for free if I were
website I’ll do this for free if I were
website I’ll do this for free if I were in your box for sure and they were
in your box for sure and they were
in your box for sure and they were hiring me and nine other people so there
hiring me and nine other people so there
hiring me and nine other people so there are 10 of us bloggers who are writing
are 10 of us bloggers who are writing
are 10 of us bloggers who are writing but my mantra is over deliver like crazy
but my mantra is over deliver like crazy
but my mantra is over deliver like crazy okay I never do what is just required
okay I never do what is just required
okay I never do what is just required just a bare minimum even if the client
just a bare minimum even if the client
just a bare minimum even if the client doesn’t know what they want
doesn’t know what they want
doesn’t know what they want you know they’ve only asked for specific
you know they’ve only asked for specific
you know they’ve only asked for specific criteria I always go away above it I
criteria I always go away above it I
criteria I always go away above it I always increase the value because that’s
always increase the value because that’s
always increase the value because that’s how you get more business that’s how you
how you get more business that’s how you
how you get more business that’s how you get referrals that’s how they hire you
get referrals that’s how they hire you
get referrals that’s how they hire you for more contracts it’s how you increase
for more contracts it’s how you increase
for more contracts it’s how you increase your pricing so they came to me with the
your pricing so they came to me with the
your pricing so they came to me with the price of 500 bucks fine I did it but I
price of 500 bucks fine I did it but I
price of 500 bucks fine I did it but I didn’t write the 3 to 500 words I wrote
didn’t write the 3 to 500 words I wrote
didn’t write the 3 to 500 words I wrote 1500 words and I added a video and I
1500 words and I added a video and I
1500 words and I added a video and I promoted to my audience and they put it
promoted to my audience and they put it
promoted to my audience and they put it on my newsletter and Facebook and
on my newsletter and Facebook and
on my newsletter and Facebook and Twitter and we had a hundred times the
Twitter and we had a hundred times the
Twitter and we had a hundred times the results of anybody else my post did so
results of anybody else my post did so
results of anybody else my post did so much better killed all the other people
much better killed all the other people
much better killed all the other people who they hired alongside me because they
who they hired alongside me because they
who they hired alongside me because they just did what they were asked to do I
just did what they were asked to do I
just did what they were asked to do I went way above so when it came to
went way above so when it came to
went way above so when it came to creating and long term agreement which
creating and long term agreement which
creating and long term agreement which of the 10 you think they went with me
of the 10 you think they went with me
of the 10 you think they went with me and I said in order to continue doing
and I said in order to continue doing
and I said in order to continue doing this I’m gonna increase my prices
this I’m gonna increase my prices
this I’m gonna increase my prices now it’s 1500 bucks and then increase it
now it’s 1500 bucks and then increase it
now it’s 1500 bucks and then increase it to 2,000 bucks and increase it to 2500
to 2,000 bucks and increase it to 2500
to 2,000 bucks and increase it to 2500 bucks
bucks
bucks same post and even though it takes me
same post and even though it takes me
same post and even though it takes me the same amount of time it’s because I’m
the same amount of time it’s because I’m
the same amount of time it’s because I’m adding tremendous value to those clients
adding tremendous value to those clients
adding tremendous value to those clients and I keep increasing my prices testing
and I keep increasing my prices testing
and I keep increasing my prices testing out to see where the limit is right now
out to see where the limit is right now
out to see where the limit is right now it’s around 2500 bucks if I wanted to go
it’s around 2500 bucks if I wanted to go
it’s around 2500 bucks if I wanted to go higher I have to add more value than
higher I have to add more value than
higher I have to add more value than what I’m doing so I think about so get
what I’m doing so I think about so get
what I’m doing so I think about so get started with your price and you’re not
started with your price and you’re not
started with your price and you’re not gonna have the perfect price when you
gonna have the perfect price when you
gonna have the perfect price when you launch it won’t be perfect but get
launch it won’t be perfect but get
launch it won’t be perfect but get started put it out there and then start
started put it out there and then start
started put it out there and then start increasing increasing increasing in seen
increasing increasing increasing in seen
increasing increasing increasing in seen if you’re losing a ton of business or if
if you’re losing a ton of business or if
if you’re losing a ton of business or if is actually helping your bottom line and
is actually helping your bottom line and
is actually helping your bottom line and ideally you want to work with the
ideally you want to work with the
ideally you want to work with the clients who value what you do so as you
clients who value what you do so as you
clients who value what you do so as you increase your pricing
increase your pricing
increase your pricing you’re gonna lose some of those bottom
you’re gonna lose some of those bottom
you’re gonna lose some of those bottom end clients the non ideal clients who
end clients the non ideal clients who
end clients the non ideal clients who don’t respect your time who don’t have
don’t respect your time who don’t have
don’t respect your time who don’t have budgets who suck up a lot of your energy
budgets who suck up a lot of your energy
budgets who suck up a lot of your energy they’re gonna fall away and you’re gonna
they’re gonna fall away and you’re gonna
they’re gonna fall away and you’re gonna be left with the clients who do value
be left with the clients who do value
be left with the clients who do value what you do and you keep increasing your
what you do and you keep increasing your
what you do and you keep increasing your pricing you become more profitable and
pricing you become more profitable and
pricing you become more profitable and build a better business belief if you
build a better business belief if you
build a better business belief if you guys are watching this you like it
guys are watching this you like it
guys are watching this you like it thumbs up below thank you so much and I
thumbs up below thank you so much and I
thumbs up below thank you so much and I want to hear it to think please leave a
want to hear it to think please leave a
want to hear it to think please leave a comment underneath if you liked the
comment underneath if you liked the
comment underneath if you liked the video if you’re one of my stalkers and
video if you’re one of my stalkers and
video if you’re one of my stalkers and watching other videos this is the video
watching other videos this is the video
watching other videos this is the video leave a comment say thank you I love
leave a comment say thank you I love
leave a comment say thank you I love ceno’s and makes my morning everyday
ceno’s and makes my morning everyday
ceno’s and makes my morning everyday this is what keeps me inspired and
this is what keeps me inspired and
this is what keeps me inspired and motivated to keep going with my business
motivated to keep going with my business
motivated to keep going with my business so thank you guys and you have a
so thank you guys and you have a
so thank you guys and you have a question for your business you can leave
question for your business you can leave
question for your business you can leave it below too and I’ll make a video
it below too and I’ll make a video
it below too and I’ll make a video response just like this see you soon
”
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