Has deciding the prices on your products or services felt like a ‘Pin the Tail on the Donkey’ game??

Wait, don’t tell me — let me guess: you looked around at what others in your industry were charging. You found the highest prices and the lowest, then you picked something in the middle.

If you can relate to that (I know I can 😉) Keep reading and let’s start pricing products and services for profitability.

In the bluntness of Dan Kennedy, the godfather of marketing, “Understand that everybody else has arrived at their price decisions through the same foolish process as you might now. It’s price incest, which works like regular incest: over time, everybody gets dumber.”

He’s blunt….but he’s also on point.

When it comes to setting prices you may hesitate to demand what you really want. Often times our confidence and/or self-worth creates doubt in the value of our products or services. Other times we lower our prices so we don’t seem greedy and/or we want to beat out the competition.

Most business owners live in fear of pricing, and fear is a bad place to be. Any business decision made out of fear is a poor decision.

Here’s something else most won’t dare to say…. YOU CAN CHARGE WHATEVER YOU LIKE FOR YOUR PRODUCTS AND SERVICES!!

Instead of playing ‘Pin the Tail on the Donkey’ let’s be smart.

Pricing Mistakes to Avoid

Pricing for Products or Services too low

You did not start a charity service you started a business.

The pricing you set will send a clear message to your customers and clients about the perceived value of your products and services. With prices too low you may also attract the wrong type of customer who doesn’t really see the value your business provides.

Most business owners live in fear of pricing, and fear is a bad place to be. Any business decision made out of fear is a poor decision.

Always consider how the price makes you feel. Does it make you feel valued? Will you be excited to make this money?

Fear leads to comparison. Comparison leads to discount. Discounts, as you’ve seen, lead to the Dark Side.

Don’t forget to factor in all your costs

If you’ve implemented the Profit First System you know all your expenses and percent allocations. You can use those same percentages to price your products for profitability.

For more information on the Profit First System read this Blog Post: Profit First System for Female Entrepreneurs

Believe it or not, people want to buy from profitable businesses that are making money. I know it’s a weird concept to grasp, but if other people are spending money on X, it makes the next person want to as well. If you’re not pricing with profit in mind you will have no profit and that will actually create doubt in your customers buying decisions.

Don’t depend on price for your products and services alone

Your unique value proposition gives you the secret advantage in your marketplace. Don’t discount the differentiating factor you bring to your product and service.

Here inside Truth Bomb Academy women are discovering and developing their business ideas and the value they bring to their customers and clients. As the ladies go through ‘Unlocking My Millions‘ Business Playbook they get a clear picture of their unique value proposition. The knowledge and skills they develop ensure their profitability and sustainability in their businesses.

Designing the Right Business For You

With the help of my business sisters and women open to applying the female 28day cycle to building the business into their lives, we are changing the way women do business for the better. We designed Truth Bomb Academy to support women in creating the business they desire by showing them how to get their business in sync with their flow, pricing their products and services for profitability, paying themselves first and creating more time and money in their lives.

Right now you have a rare opportunity…

Enroll in Truth Bomb Academy, to be one of the first 100 women who will become millionaires in the next 2-5 years. If you are ready for a paradigm shift, you will manifest and bring into life a business that will bring you joy, rest, abundance, and millions. It’s not a dream, it’s a reality if you choose to do the work to embrace your female rhythm. This training will challenge you and your beliefs. Yet the reward will be bigger than you can dream of right now.

Welcome to a new paradigm in female business training and implementation. I’m saving a spot for you!

To Your Success,

Heidi Mummau

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    4 replies to "Mistakes to Avoid in Pricing Your Products and Services"

    • Caryn Schulenberg

      Wow!! I’m overwhelmed with the whole idea. I guess I don’t know my worth very well.

      • Heidi

        It can be difficult for a lot of people especially women. Learning to love and value yourself is an amazing thing. We all have value to offer others. Thanks for commenting.

    • Lily Leung

      It’s a good thing I’m not in business. I have no confidence in my value. I would go broke before my business opens.

      • Katrina

        Thank you for your honesty Lily. Over the years I’ve learned that we need balance, those that enjoy working for others and those that enjoy creating those jobs. Both are needed and desired. I’ve done both in life and enjoyed the benefits of both. Thank you commenting.

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