Do you take your customer on a pricing journey? It’s a question you need to ask yourself, both when thinking about product creation and also with your marketing. The pricing journey is something that can make the difference between turning a browser into a customer, a new customer into a repeat one, or risking losing the sale altogether.
So what is the pricing journey you can take your customer on? Well, when a customer comes into your world, do you offer them a £27 pound thing or a £3,000 pound thing? There are always going to be people that want that premium top package or solution straight away, whilst others want to start low. But no matter where they start, you need to make sure your customers can see how they might work with you more.
And this always starts with you getting clear on your pricing and knowing what you should charge for your services.So rather than just charging whatever you like, think about the pricing journey and how you can move people through it.
Think about how the prices fit in with your other products and price accordingly. So if your course is £2,000, does that fit in with your coaching package, if that’s the next thing you offer? And if you have three offers, where does that go? You may opt for just coaching, but you could then offer a packages masterclass, a power hour and a strategy day - all at differing price points.
So it’s looking at it all and seeing where people enter the journey. So if they buy your £27 offer and the next step is your £5,000 coaching, that gap is too big. They have nowhere to go and you’re expecting them to make a huge jump, without really knowing you.
This is where it can help to have three things to offer. If they can’t afford the higher value item, they then have a cheaper solution to buy.
It's really about being very clear about how people can work with you more. Obviously, as they work with you more, you charge more as they move through the journey. You might start with an ebook, move to a strategy call and then one-to-one coaching, for example. Or you have a membership and offer a VIP option within a mastermind. So it's trying to work out how people might move through that process and pricing in a way that makes sense - the more one-to-one elements, the higher the price.
So it's also a way to really think about how you can scale your offerings and how you might move between those things. So it's making sure everything is relative to you and your customer journey, rather than just selling what everyone else is doing and pricing according to their pricing.
It’s also worth remembering the value of each customer and the value you’re giving. You don’t want to price your course at £49, if they can turn up do an online course and get a good chunk of the result they’d get from working one-to-one with you.
And one thing I always say to remember is cheap things take a long time to produce. It might be easier for you and your business model to sell masterclasses or self-study courses at less than £100, rather than opting for high-level one-to-one clients. But don’t undervalue those products, as they still take you time to create. You can create bundles of products and sell them at a higher price, but the initial recording sessions or the first time you run them, is going to take you time and effort to produce.
The main thing is to think about how you might scale your business so that you’re not turning up all the time. And it might be you pick something semi-scalable, like an online course. So there's a load of content that they can consume, but you also do some sessions with them too, but maybe half the number of sessions you initially thought of offering.
Because in the end, your time is the most finite thing. You just can't make any more time. So have a look at how that might work for you and set that up with your pricing as well, so that it feels like a journey for the client and they can see where they would end up with you in the future.
If you’re feeling a little lost or overwhelmed by your pricing, why not book in to have a chat with me about this? You can do so at https://www.thepricingqueen.com/chat.