Pricing Strategy – 4 Tips to Setting Prices Based on Value and Not Time Exchanged

Trading dollars for time will always limit your income to the number of hours there are in a day, a week or a month. This can be a frustrating trap that you need to break free of.

One of the most effective ways to set yourself free from trading dollars for time is to begin establishing your fees based on value. At the end of the day that is precisely what service professionals are being hired for; to offer value to their clients.

So why is it that we set fees based on the number of hours that we work or sessions that we provide? Because that’s what we see others doing. But that’s NOT what the most successful coaches out there are doing. They are charging what they deserve by setting fees based on the value that they deliver.

Alan Weiss, business guru and author of Million Dollar Consulting, describes it like this:

“The secrets of receiving high fees are:

1. Base fees on the client’s perceived value of your assistance.

2. Ask for them.”

Nothing more.

Review and add to your “value inventory” all the time. These are the things that you need to be focusing on. It’s not about how many sessions a coach offers her clients; it’s about the results that she delivers. I can’t stress this enough!

Here are four things to keep in mind when establishing fees based on value:

1. Take time to nurture the relationship with your clients and prospects.

2. Never feel obligated to share details about your business such as the number of days in the week or hours in the day that you spend working.

3. Don’t blurt your fees too soon.

4. Don’t negotiate your fees without removing value. This may sound cold, but it really isn’t. Once somebody sees that you are willing to go down on yours fees, they immediately devalue your service and feel they can get away with it again. This doesn’t serve you or your clients.

Be sure to leave a comment below and let me know what you are doing to Charge What You Deserve.



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