Marketing Tip #12 of 12 PRICING IS ALSO BRANDING

How much am I supposed to charge? 

Charge too much and your customers walk away. Charge too little and they consider your product/service cheap. So what do you do to set a price that is fair and profitable in your niche? What you don't want to do is compare your prices to what everyone else is doing in the industry. Everyone else is not you. You are going to set your prices uniquely to who YOU are and what YOU bring to the table. That is why it is essential to set up your "attraction marketing" system that was discussed in our previous post, Marketing tip #11. (see previous post)

Pricing is also a part of your branding. Take my Prophetic Coaching & Consulting Programs for an example. There are hundreds if not thousands of business coaches and consultants in the industry and I dare say, a lot of them are competent. What sets me apart from them is: my coaching is prophetic (I consult God on your behalf); my coaching is tied to a MINGA (unique marketing concept of group efforts for a common cause) and my pricing: PAY WHAT YOU CAN.  I have a number of products in my business that range from FR$$ to $197 up to $497. Not all my coaching programs are MINGAs. 

The bottom line for pricing is charge as much as you feel comfortable charging. Let's say you are a jewelry business. You can brand your product value by charging too little (cheap costume jewelry) or set the bar high with prices that say "not quite real but definitely not a cheap knockoff".

Your product should meet my desire while your pricing teaches me to aspire. 

Exercise:  Take a piece of note paper. Write down what you think your product is worth. Does it make you a little sick in the gut to think of asking that price? If so, go with it. If not, you're selling yourself and your product too cheaply. You should be told at least 3 times that your prices are too high. That's a good sign that you are right in the ball park.  Be affordable, but don't be cheap. You want to create an air of exclusivity, especially when marketing to women. We deserve that much.

Now go out there and serve, not sell. The world is waiting for your particular brand of service.

MINGA!

EJ Melvin

MarketPlace Apostle

Prophetic Coaching & Consulting

MINGA'S ARE ALWAYS "A DONATION OF ANY SIZE". Click the link below this photo:

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