07 - The Mystery of Pricing
Pricing is all about building value. Or as Warren Buffett frames it: “Price is what you pay. Value is what you get.”
Across the board, I find that women business owners are leaving money on the table. They are often driven by a deep-seated fear and price too low.
I hear statements like:
- “I’m afraid the prospect will have ‘sticker shock’” or
- “My pricing is based on what the market will bear” or
- “If I raise my prices, I’m afraid I’ll lose clients.”
If you position your company as THE solution and truly build value in the marketplace, these fears will not be realized.
Start by defining your Unique Selling Proposition (USP):
- What makes your company/service/product different?
- How are you unique?
- How can you be memorable?
- Who/What is your target client? How can you solve their problem?
Write several statements and share them with trusted colleagues, asking for feedback. Pare down the statements until you land on the one that fits best.
Once you understand your USP, communicate it clearly. Then, take every opportunity to reinforce it with each interaction, both spoken and printed. You can also back it up by highlighting specific features or benefits and using strong testimonials.
There are several more steps to building value in the marketplace, but defining your USP is an important start.
The Block Group advocates for women-owned businesses, helping them position their companies for strategic growth.
Charting the course for impactful, sustainable, profitable businesses, the beacon is control: of your strategic direction, your money, your time, your staffing, and your ability to bring in business.
Applying this holistic approach to business, The Block Group guides organizations through the business cycle, revitalizing management and promoting growth. We bring together the people, resources and ideas that build results.
All the best!
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