Tina Corner StolzLXCouncil | The Global Leader in Peer Advisory Councils · Founder of LXCouncil - the leading global educator for peer advisory councils

How to Price Your Services to Reflect True Value and Beat the Competition

Name: How to Price Your Services to Reflect True Value and Beat the Competition
Uploaded: 2024-02-20T11:00:35+00:00
Duration: 48 s
Channel: Tina Corner Stolz
Description: In this instructional video, the speaker advises service providers to base their pricing on a thorough understanding of all costs—including overhead…

20 Feb 2024 · 1 min

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In this instructional video, the speaker advises service providers to base their pricing on a thorough understanding of all costs—including overhead, meeting expenses, and member acquisition costs—and to ensure that prices reflect the true value of the service. They emphasize comparing prices to competitors and related alternatives that potential members might consider. The speaker also stresses the importance of clearly communicating the value proposition, highlighting any improvements, added features, or benefits introduced over time to justify price increases.

Chapters

Understand your costs before raising your prices. Thoroughly understand them. That includes everything— your overhead, what it costs you to run the meeting, what it costs you to sell a new member. You can even include that in it. But ensure that your pricing reflects the true value of your service, but also the true value relative to what your competition is doing or other related services that are close to you that your members consider when they're thinking about whether they're going to be in your group or do something else. Value communication. Clearly communicate the value of your service because of what you provide to your members. Emphasize any improvements, additional features or benefits that you've implemented over the course of the year or years, anything that justifies the increase. It