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How To Charge What You’re Worth
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Advice
August 4, 2020

How To Charge What You’re Worth

Many entrepreneurs - especially new ones - struggle in establishing a pricing structure for the services they offer. Moreover, they find it difficult to charge what they are worth fearing that no client will ever be willing to pay a newbie with that amount.

Truth is, you can't really make everyone pay you the amount that you are worth because not everyone sees the value of your offer in the same way.

However, your mindset will change if you understand your worth and the value of the product or service that you offer. You do not have to be the best in what you do; you just need to be good at it and add value to other people’s lives. If you keep on looking at what other businesses do, you are going in the wrong direction. You must focus on your business and the quality of service that you provide to your clients.

Focus on how much value you can bring to your clients. 

Value and price are different, but businesses often allow their clients to think of them as the same thing. Entrepreneurs lose when you make your clients focus on the price.

Know the value of your offer and clearly communicate that to your target audience. Once the message is effectively put across, they will focus on the value they will get instead of the amount they will pay.

Focus on how much value you can bring to your clients. 

Do not price your product or service for what it costs, but set a price for what it is worth. Focus on providing value to your client’s lives or businesses. Draw them to you by highlighting the benefits they will get if they choose you.

For example, if you sell your services, a client may initially believe that they should just compare your pricing to that of other businesses. You must help them overcome this misconception. It should not only be about how much the service or product is, rather about the end result and how much benefit they can acquire from it.

Create a win-win price structure for you and your client. They must see value in your offer, and you must also charge for the value you will provide. Satisfied clients that perceive a lot of value from your offer are usually willing to pay more, while unsatisfied clients will leave, even at a low price.

Focus on fixing real problems and providing real solutions. 

To be successful, the first thing you need to do is find a problem to solve and take time to define it clearly. Then, make sure that you have the capacity to solve this problem and that it has a significant opportunity you can build in.

To do this, you must understand your clients' wants, needs, and interests. Doing so will make you put yourself in the shoes of your clients and see the problems they are trying to solve. From there, you will have a better understanding and knowledge of which parts of their problem you should focus on.

After identifying your client’s problems, offer multiple possible solutions. The more possible solutions you develop, the more likely you will come up with the right one. Gather data to understand what is essential to your clients and what opportunities you have to help them.

Select an acceptable and doable solution and then decide on a course of action. Your objective should be to deal with most of your client’s problems immediately. 

People who are good at problem-solving tend to become more successful and valuable. It is the basis for continuous improvement, communication and learning.

Developing and refining this skill through learning, practice and experience can provide the ability to solve problems more effectively and over time address problems with a greater degree of complexity and difficulty.

The ones who understand your value will be far better clients.

Happy clients return, choose you over competitors, and recommend you to their network. Take care of each and every one of your clients’ needs, and you will be rewarded with their gratitude and loyalty.

Customer satisfaction plays a very important role in your business since it is an indicator of customer loyalty and is a factor that can help you stand out from the competition.

It also measures whether your clients are happy with your service, which has a significant impact on your business’ success. Their level of satisfaction can help you determine how to improve what you offer. This can easily be determined through constant feedback.

It is essential to keep track of customer satisfaction and consistently enhance your products or services to find regular clients.

Make your clients want to keep working with you by meeting - or even exceeding - their expectations. Satisfied customers become loyal customers who will eventually advocate for you.

In the end, the good relationships you have built with your customers will not only bring you revenue but will also help you boost the reputation of your business.

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