DON'T CHARGE AN HOURLY RATE, DO THIS INSTEAD
In this series, I'm sharing with you my A-Z guide of pricing tips to help you price your services with confidence and feel more confident charging what you need to support yourself. Here are letters P-R:
P is for creating Packages
I’m not a fan of hourly rates because when you charge an hourly rate, the better you get at the job, the less you get paid.
(Want to hear why charging by the hour ruins your business? Listen to this episode of The Price with Confidence Podcast)
This is why I encourage my community and members of The Pricing Academy® to create packages instead. After you’ve used my pricing formula to work out your platform price, you create a package full of value that reflects the amount you’re going to charge.
If you’re charging a lower end price, you’re not going to be delivering everything that would be included in a higher end package (above £800 per platform).
You have to decide what value goes into your packages and you have to make sure that your package is worth the price that you are charging. Think about:
The transformation they’re going to see
The results you can achieve for them
What that looks like for your client’s business (i.e. more sales, bigger audience, loyal customers)
And then you can think about the features. So things like how many posts you're doing a day or how many hours of engagement you're doing with packages.
If a client decides that they want you to manage multiple platforms, you could always offer a slight discount for them to make the package that much sweeter for them.
Q is for Quitting the Comparisonitis
Comparisonitis is something we all suffer with. We’re always taught to compare ourselves to what everybody else is doing. Even as kids it's like “oh, look at their painting or look at this or look at how so and so did at school”.
And especially as a social media manager, you spend a lot of time on social media, so you are often seeing what everybody else is doing. This can make you feel like you're not doing enough or you're not successful enough, or you're not charging enough or you're charging too much.
But when you compare yourself to everyone else, you lose track of your own goals and you lose sight of your own vision.
It's really important you don't compare your journey to anybody else's. We are all put on this earth to have our own unique experience. We are not meant to live the exact same life for somebody else. We are not meant to achieve the exact same thing as somebody else at the time that they achieved it.
We are all on our own journey. And it's really important that you remember that. So quit comparing yourself to anyone else.
And in this series, obviously we're talking about pricing. So quit comparing your prices to anyone else. You've got the pricing formula now, so you know exactly what you need to be charging for you. Anything outside of your price is not relevant to you and your business.
And if you want support feeling confident in your prices so you can sign higher paying clients with ease, check out The Pricing Academy® here: Tell me more!
R is for Read Profit First
This is a really short one. It’s simply to read profit first. That is it.
Read the book Profit First by Mike Michalowicz.
This book will be a game changer in not only managing your business finances, but in making sure you always earn a profit. Get your copy here: Order from Amazon*
Catch the next episode in this series here: My motto for delivering the best service to your clients
*This is an affiliate link. Whilst it won’t cost you anything, if you choose to buy the book, I’ll receive a small commission.
