Competitively Price Your Services
Your services are valuable to people. Due to your knowledge, expertise, and education, you know you are worth every penny you charge. But how many pennies do you ask for? Whether you consult with corporations, run a private practice, work in a physician’s office, or conduct health and wellness seminars, knowing what to charge is important in order to stay competitive in your industry and validate your competency.
Here are 3 simple tips to competitively price your services.
Tip #1: Price Your Competition: Research what other people in your area and field are charging. Compare what they offer and see how your services fit into the existing market. Price yourself accordingly based on the industry and your expertise. For example, if most dietitians who consult with corporations in your area charge $150-$200 per hour, where do you place yourself based on your experience and knowledge? Contact at least 3-5 people for comparison.
Tip #2: Calculate Your Costs: Understand what it actually costs you to provide your services. For example, how much time will it take to develop the handouts or presentation? Can you reuse these handouts/presentations for future clients to save time? Determine if there are any commuting or overhead costs involved. Incorporate the overhead costs and your time into the equation to determine an hourly rate. You can either charge per the hour or on a project-basis.
Tip #3: Stay Competitive & Know Your Worth: Pricing below the competition may seem ideal in order get more business. However, many times this concept backfires because you can attract people who may not want to pay for services in the first place. Maintaining confidence in your expertise can increase your value and your worth. Make sure to determine what makes you unique and different from your competition and why your services add value. Use this confidence and uniqueness as your selling point.
Remember: you are the expert in your field. Recognize your value and you will stay ahead of the game. For more pricing inquiries, contact me!