WHY GETTING YOUR PRICES RIGHT IS SO IMPORTANT FOR SOCIAL MEDIA MANAGERS
Your prices form the foundation of a successful social media management business.
But what most people do is create their packages first and look at their prices second.
This makes pricing your services stressful. It also leads to you not pricing in a way that supports you in creating the life you want to live.
If you start with your price, you know that every month you can hit your income goal without having to hustle, without feeling overwhelmed and without having to sign 15+ clients just to make the money you need to pay your bills.
When you start with your prices as the foundation of your business, it means that you're instantly creating a business that’s going to support you because you'll be offering packages that'll support you and your goals.
If you create the package first, it’s hard to decide how much that package is worth, therefore making it difficult to put a price tag on your services. What most people will then do is guess an appropriate price or choose a price that feels comfortable.
Example
So let’s pretend you create a social media management package and settle on charging £400 per month for it.
What you haven’t taken into consideration is your income goal and how much you want to be working. If your income goal is £5,000 a month, you now need 12+ clients to be able to achieve that goal.
You started your business for more freedom but working with 12+ clients means you’ll be working a lot and won’t get that freedom you desire.
When you start with your prices as your foundation, you can decide on your income goal and how much you want to be working first.
Let’s say your income goal is the same - £5,000 - and you only want to manage 5 clients because you want that freedom lifestyle you’ve been dreaming of. Your price would then be £1,000 per month.
Whilst that price may initially feel scary, you know that that amount will support you in achieving the life you want to live. And it’ll be easier for you to hit your income goal without hustle because you only need to sign 5 clients instead of 12+.
Once you have your price, then you create a package that’s of equal value to the price you’re charging. If you’re charging a higher price, your package will include a lot more value compared to if you were charging just £250 a month.
Wrong VS Right
When you get your prices wrong, you'll find yourself feeling overwhelmed, stressed out about where the money’s going to come from, not being able to pay bills each month and desperately hustling to try and find that next client. Instead of having an enjoyable business that gives you the freedom you want, makes you feel fulfilled, allows you to impact the businesses you want to impact, you end up with a massive headache.
I speak from my own experience!
When you get your prices right, you’ll feel better in yourself. You’ll feel better mentally, emotionally and physically because you won't have the stress of not being able to pay your bills or feeling overwhelmed with all the work you’ve got to do for all your clients.
Not only that, the better you feel, the better you’ll show up for your clients which means you’ll get them even better results. Better results means they’ll stick around with you for longer and they’re more likely to refer you to their friends - Ta da! Your business grows on autopilot.
Charging more for your services might feel uncomfortable to start with but in the long haul, it’s going to provide you with the life you want to live.
Amateur VS Expert
Your prices are the difference between you standing out as an expert or you looking like an amateur. What would you rather be?
You might not feel like an expert all of the time, you might not feel like the best Social Media Manager out there but people are coming to you because you can do something they can't.
Either they don't have time to do social media properly or they don't have a clue about how to market their business on social media and they want someone like you to take it off their hands.
If you charge really low prices, they’re not going to expect expert service from you. Have you heard the phrase “pay cheap, buy twice”?
They won’t expect to get the best results, they’re less likely to view you and treat you and value you as an expert who is highly skilled and talented at what you do. When you’re not being treated with the respect you deserve or you don’t feel valued by your clients, resentment builds which leads to a poor relationship with your clients and you not giving your best service.
It all starts with your pricing and it’s your responsibility to make sure you get your prices right.