Smarter Pricing Strategies: Your Perceived Value

Take a look at the leaders in your industry. How many of them are earning significantly more than you are?

For example, if you’re a blog post writer earning $5 per article, you might find writers you respect who are earning $30 per article.

How do they do it?

Simple. They have increased their perceived value. Their clients believe they are worth the extra money. You can increase your perceived value, too.

Make sure you are doing top notch work

If you’re a writer, your content must be professionally researched, written and edited — and delivered on time. If you are a product seller, make sure your stock is top of the line.

Exceed quality standards

Compare your work to that of your industry leaders and then take steps to make match or exceed their quality. Now, that doesn’t mean copy them or change everything to make your business just like theirs. But if, for example, their fabrics are 100 percent organic, and you’re serving the same market, you may want to find material of the same quality. Or if the leading web designer in your market produces high quality websites, you should be producing high quality as well.

Become an industry expert

Once you have quality nailed down, you need to help others understand that you know what you’re doing. You can do this by becoming an industry expert.

Some of my clients have trouble with the idea of being considered an expert. They spent every day providing their products or services, so they know more about what they do than the average person. This makes those clients experts in their industry.

Yes, there are people in the industry with more expertise, more education and more experience. But that doesn’t make my clients any less experts in their own right.

Keep this in mind and take steps to establish your expertise.

Once you’re working towards becoming an expert, you’ll want to keep your strategy positive…