Increasing Your Service Price Point- Know Your Worth

When business owners think about increasing price points they often imagine customers running out the door in disgust. Volumise Consultancy are experts in this area and can tell you if you believe this then you are wrong!

Pricing your services correctly and giving more value to your customers will always win. Your customers will be more fulfilled with their experience and this will in turn attract new customers to your business.

Why are we scared?

Have you heard of imposter syndrome? To put it simply it’s the feeling of anxiety many business owners experience when making decisions about price points. ‘Nobody will pay me that much’, ‘I am not worth that hourly rate’, ‘My service is not good enough’. Unfortunately, we hear this all the time from business owners just like you but the truth is you are likely undercharging for your services.

Why being informed is the key

A decision on your price point is much easier to make when you are well-informed of all of the contributing factors. Ask yourself:

·  How much is the cost of your product?

·  What is the hourly rate for my staff?

·  What are my operating costs?

·  Where am I positioning myself in the market?

Raising your prices is scary especially if you don’t know your chargeable hourly rate or if you have based your service price list on a comparison to your competition.

Know your worth

Knowing your worth and not charging the correct amount for your services ultimately hurts you and only YOU.

Having the correct price point is paramount to running a successful business. Identifying the correct price point for your business is not something we should think about when the bills get too high, this is something you should review on an annual basis with a qualified business consultant.

At Volumise Consultancy, we have guided many customers through price evaluations and how to get the best possible value out of every customer. Get in touch with us today about how we can assist you.