Escape the Discounting Trap and Charge Your Worth

Posted 21 Mar

Escape the Discounting Trap and Charge Your Worth: Setting The Right Price.

Engaging in discounted work might seem like a strategic move, but the reality is far from glamorous. It hooks you with promises of exposure, experience, or loyalty, but let’s be honest – when has "exposure" ever paid the bills? The truth is, it doesn’t. Your skills, time, and ideas are the ammunition in your business arsenal – don't squander them.

Offering discounts for your work establishes a perilous precedent. Today's discounted offerings dictate tomorrow's price tags, and it's an uphill battle to introduce price increases.

So, what's the game plan? Simple: Set a price that aligns with the value you provide while remaining competitive in the market. Here's how;

Recognise your value

Your time is your most precious asset. Don't underestimate its worth. Consider the substantial investment you've made in refining your skills and expertise. Countless hours and resources have been dedicated to mastering your craft, shaping you into the professional you are today. It's essential to recognise the value of your time and the effort you've poured into your personal development.

Benchmark against your competitors

What sets you apart from the crowd? Whether it's unparalleled expertise, innovative approaches, or exceptional customer service, pinpoint what makes you stand out. Then, assess how your existing pricing stacks up. Does it reflect your Unique Selling Point (USP) and higher level of expertise? Ensure that your pricing strategy not only acknowledges your unique value proposition but also positions you competitively within the market landscape.

Price with confidence

Start by crunching the numbers to determine the real costs involved – your time, the tools and resources required, and any personal sacrifices you make. Consider everything from the hours spent on quotes and research to expenses like building and machinery costs, vehicle maintenance and materials required for the job. Then, set your fee to reflect not only your expertise but also to cover all these necessary expenses.

Enlighten your clients

Engaging in undervalued work sends the wrong message entirely. Make a firm commitment – discounts are a taboo in your business repertoire. Educate your clients on your USP and the genuine value you bring to the table.

By establishing fair pricing, you attract more of your ideal clients who recognise and appreciate your contributions. Filter out clients seeking handouts or chasing bargains. Cultivate relationships with clients who aren't just purchasing your time – they truly value your expertise.

Stand firm

Once you've nailed down your pricing structure, stand your ground with all new clients. Below are some tips on how to incorporate this into your business strategy moving forward;

  • Set the standard: Think of it as establishing your ground rules – what's the minimum you're willing to accept for your valuable expertise? Stick to your guns on this one; it's your baseline, your bottom line.
  • Establish boundaries: Draw a clear line in the sand – what's included in your services, and what's not? By clearly defining the scope of your work upfront, you'll steer clear of any unexpected detours down the road.
  • Promote your USP: This is your chance to shine, to showcase what makes you stand out in a sea of competitors. Tell your story, share your successes, and let your potential clients know exactly why they should choose you. It's all about painting a vivid picture of the unique solutions you bring to the table.

How Trinity Can help

At Trinity Advisory, we’ve combined our tax, accounting, and business advisory expertise with our business coaching skills to give you greater clarity over your financial data and help you develop your strategic business plan to support profitable growth.

If you’re a small business owner who needs help developing your pricing strategy, benchmarking against your competitors, crafting your unique offering, scaling your business and growing your profits, then get in contact today to learn more about our Accounting and Business Advisory packages.


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