Pricing Your Service or Product: 7 Things To Ponder

Life is all about making choices and growing. The same hold true with pricing your product or service. Use the articles below to assist you as you make informed decisions about price structure. Special thanks to the articles authors who provided permission for their articles to be used in this “link article”. You’ll find our pricing articles at http://www.MarketingWithIntegrity.com
5 Concrete Pricing Strategies by Maria Marsala
http://marketingwithintegrity.com/?p=1254

The Food Club – Guidance Notes For Pricing A Food Product
http://www.thefoodclub.org.uk/pricing.htm

Pricing Web Work
http://webdesign.about.com/sitesearch.htm?q=web+design+pricing&SUName=webdesign

How to set prices by Herb Wexler
http://www.suite101.com/article.cfm/preventing_mediocrity/88058

How do UK companies set prices? Downloadable articles by
various authors.
http://ideas.uqam.ca/ideas/data/Papers/boeboeewp67.html#author

Asked For A Discount? Raise Your Price by Peter Meyer
http://www.meyergrp.com/marketing_2.html

A Step by Step Guide to Calculating What You Must — or CAN
— Charge by Daniel P. Dern
http://www.dern.com/hw2price.shtml

(c) 10/20/2002 updated in 2011 Maria Marsala, Business Strategist, Executive Coach, and Speaker.  We enable financial sector CEOs, presidents, and executives to find more clients, earn more, and affect the world in a big way.  Learn more about pricing your service and products at http://www.CorporateSecretsMarketing.com/eyb/tele/pricing.html  OR join the EYB Nation where you’ll get complimentary membership that brings you articles, audios and our newsletter at  http://www.ElevatingYourBusiness.com

5 Concrete Pricing Strategies

Terrific students attend the classes I teach. They ask profound questions that “stretch” my knowledge and resources. When I teach a building a business foundation owner class, I’m usually asked, “How does someone price a product or service?” During a recent class, I promised to write down what’s in my head and send it to the students.  And because of them, you now have it, too. In order to keep things simple, I’ll use “services” to mean both services and products in the list below.

1. Locate a trade association, organization or networking group whose specialty is your service. If none exists, find an association with a similar product. In general, associations can tell you the high-low and average prices charged by members. You can find some organizations listed in an article I wrote called “Network To Success”. Find the link at http://www.coachmaria.com/articles/

2. Trade/Business Journals and newspapers contain articles that may include prices. At least once a year, I see an article about my industry online or in a periodical that contains industry fees.

3. Ask your CPA for some ideas; after all, they deal with business owners’ finances all the time.

4. There are many career and employee guides that provide industry or job related prices. You can view my favorite resource, Occupational Handbook; online at http://www.bls.gov/oco/home.htm You’ll also find this book
at your Library’s career resources area. Also check the Labor Department and Employment Security Commission for resources and brochures that can assist you.

5. Many business owners place a pricing structure on their websites. Using the industry name, plus the word “rate” or “fees”, you can find those sites on the Internet.

But here’s the bottom line to pricing.  The value or perceived value of your services or products highly determines the price that your ideal client will be willing to pay for your services or pricing.  Make sure that you account for the value, just as companies like Nike, Nostrums, Starbucks, Tony Robbins, and others have, too.

(c) 10/20/2002 updated in 2011 Maria Marsala, Business Strategist, Executive Coach, and Speaker.  We enable financial sector CEOs, presidents, and executives to find more clients, earn more, and affect the world in a big way.  Learn more about pricing your service and products at http://www.CorporateSecretsMarketing.com/eyb/tele/pricing.html  OR join the EYB Nation where you’ll get complimentary membership that brings you articles, audios and our newsletter at  http://www.ElevatingYourBusiness.com

One Hour Marketing Solution

Financial advisors worldwide have found ways to market with integrity, keep compliance happy, and have lots of fun, too.
If this describes you, then skip this article!

However, most advisors look at marketing and wonder if it would be better to have a tooth pulled! (not really, but close, right?)

If that describes you, then schedule your marketing efforts 60-minutes each day. That’s five hours a week or a Friday afternoon.

First, let me cover the basic business-building strategies—marketing and sales. What these strategies have in common is that they are used to increase revenue. In most service business models, including advising, planning, and wealth managing, marketing happens first, then (hopefully) leads to sales.

Marketing is media driven. It’s about your firm’s marketing collateral such as: website, blog, brochures, ezine, sponsorship of an event, seminars or dinner group, etc. Sales are driven to your firm by consistently marketing to your niche. Any time you have contact with a human who is not your client; yet, you’re in sales mode (even if you call it engagement, connecting, or other more current terms). Sales is human driven. In your office, it starts with how you and your team answers the phone! And one of the pluses of having a team is that when trained correctly (meaning they know who your ideal clients are, and the first three steps (at least) of how a stranger becomes a prospect) is that you automatically have a team involved in the sales of your firm.

For more information about the differences or what each is, see the chart at http://www.diffen.com/difference/Marketing_vs_Sales

Back to the concept of marketing one hour.

STEP 1
Since you’re ready to market as a business coach, I’m taking for granted that you have a niche, ideal client profile, and have segmented your audience and the level of service you provide each level.

In addition, since you don’t want your marketing to overwhelm you, you’re following the 7Ps of Marketing: Proper Planning and Preparation Prevents Piss Poor Performance

Therefore, one hour a day, for the next “how many days you need,” create a marketing plan. Choose 3-4 ways you’ll constantly market to your ideal clients. (If on your team, you have a marketing person or you’ve hired a marketing contractor, spend this hour talking to them about what’s worked best, so far to grow your firm. Let them create the marketing planning foundation pieces, and other tips mentioned in this article.)

STEP 2
Create a marketing calendar for the upcoming year. What topics will you write on your blog or newsletter each month? When will you host events such as: client appreciate day, open house, private seminars, etc. Remember, it’s better to choose fewer ways to market and be consistent then to market many ways haphazardly or what I call a “spaghetti market”. Make sure that your plan includes many enjoyable ways to market or ways you think you’d enjoy.

STEP 3
Next, spend one hour per day conducting the type of marking you’ve chosen to do.

STEP 4
Monitor each way you’re marketed. Keep track of:
• How many calls did you have?
• How did these strangers find you?
• How many of these strangers were ideal clients?
• How many strangers have become prospects?
• How many prospects you’ve had initial consultations or conversations with?
• How may became clients?

By monitoring your efforts, you’ll start noticing patterns of what’s working and what’s not working.

Over time, you too will realize that marketing is fun. Remember, if you hit a blank wall trying to figure out ways to market to your ideal clients, look at the list you’ve created about how your ideal clients found you. You can also spend one of your hours researching the web or perusing your local bookstore’s marketing section. Don’t just look for ways to market as a financial advisor. Look at what other service businesses, like consultants, do, too. So, keep in mind, you can market your way, market with integrity, and have fun, too.

Use the books below to investigate fun ways to market:

Use the books below to investigate fun ways to market:

~~”Guerrilla Marketing Handbook” (or any guerrilla book) by Jay Levinson and Seth Godin, there are inexpensive and great ideas to build a marketing foundation and see what enjoyable methods you can add to your marketing plan.

~~”Selling The Invisible: A Field Guide To Modern Marketing” by Harry Beckwith, which is especially good if you market a service versus a product.

~~”The Portable Coach: 28 Surefire Strategies for Business and Personal Success” by Thomas Leonard, which shows how to market using the 28 principles of attracting people and business to you.

~~”Permission Marketing: Turning Strangers Into Friends, and Friends into Customers” by Seth Godin and Don Peppers

~~”Integrity Selling: How to Succeed in Selling in the Competitive Years Ahead” by Ron Willingham

~~For other recommended business foundation books, visit http://www.coachmaria.com/books/

~~For a variety of ways to market your practice, visit the marketing category of the Marketing With Integrity Blog here: http://www.coachmaria.com/articles.html

(c) Maria Marsala, Business Strategist, Executive Coach, and Speaker.  We enable financial sector CEOs, presidents, and executives to find more clients, earn more, and affect the world in a big way.  We help you introduce consistent management and marketing systems into your firm, business, or department. It starts when you join the EYB Nation where you’ll get complimentary membership that brings you articles, audios and our newsletter at  http://www.ElevatingYourBusiness.com