by Kelly McCormick | Feature Contributor
Could This Be You?
“I’m not making enough money!” Who hasn’t uttered that statement once or twice?
Here’s the thing.
If you’re doing a lot of work, without seeing a significant increase in your bank balance, you could be undercharging.
You’re Not Alone
In my experience there are many businesses that could charge more.
Undercharging is so common in fact that I demystify pricing, including how to identify and market to your ideal customers, in my book OutSell Yourself. Look in the chapter ‘Unleash Your Real Value’.
For now keep reading. Help is on the way!
Assess Your Situation
The first step is to assess where you’re at.
Below are questions to determine if you should charge more.
The questions are similar to those that a client would consider to justify spending money.
There is no right or wrong answer. You’re simply finding out where you fit.
Yes or No:
1. Are your services and/or solutions customizable, or a generic one-size-fits-all solution?
2. Do you offer a quick fix or longer term solutions?
3. Are you experienced enough to ask in-depth questions to determine your customer’s needs and make recommendations?
4. Could you bring other experts in to help if needed? (Use social networking to find them!)
5. Do you offer guarantees or after-sales support, training, or follow-up? If so, how extensive would they be?
6. Do you have, or can you get, client testimonials?
7. Do you have education that relates to your services?
8. How about relevant experience? It is priceless too.
9. Are there licenses or industry competencies that would separate you from others in your field?
10. Have you received any media attention, awards, or industry distinctions? (Girl Scout merit badges usually don’t count.)
11. Are you a member of the professional association in your industry or field?
12. Are you expected to take annual continuing education courses or training?
13. Do you, or could you, send out email tips or write a blog or articles related to your area of expertise?
14. Do you love what you do? (Passion sells!)
Analyze the Results
If you answered YES to all or most of the questions the chances are good that you’re in the expert category.
If you answered YES to just some of the questions don’t despair. You could be in the generalist category or somewhere in between.
There is a client for every budget!
When you increase your fees you need to be competitive.
Once you’ve determined if you’re a generalist, budding or full-fledged expert, the next step is check out what others with similar skills, expertise and experience are charging.
If you’re not sure how to uncover your competitions’ prices there is a section in my book on how to ethically find out what your competition charges.
Give Yourself a Raise
When you give yourself a raise, use caution.
Spread the News – With Care
It’s important to let existing customers know about any price increases, before they go into effect.
A strategy for sharing the news is explained in How to Raise Your Prices – And Keep Customers.
Kelly McCormick – Business Growth and Marketing Strategist
From her lawn chair in California, Kelly McCormick helps entrepreneurs and companies world-wide to grow their businesses. She loves uncovering opportunities for growth and developing branding, marketing and sales strategies, which make sense and money!
But Kelly doesn’t just talk the talk. She walks the walk. Kelly has owned three successful companies, the first at age 21. Over the years she has shared her wisdom at colleges, and in business and consulting programs. Kelly has also spoken at many national and international conferences, company functions, and on-line events.
Kelly’s to-do list has been big. She is the author of a Top Ten Sales book,OutSell Yourself: Ethical Business and Sales Techniques. Kelly has also written for numerous publications, including writing a monthly on-line column, on Selling to Women, for the former Sales and Marketing Management Magazine.
She’s pretty smart too. Kelly has an education in psychology and sociology. But the icing on the cake is a strong gut sense of what will work to build and market a business.
Kelly has helped hundreds of entrepreneurs and companies to grow successful businesses. It’s the cream in her coffee. She’d love to help your business too! You can check her out at www.OutSellYourself.com.
Connect with Kelly: