EP289: Are You Afraid of Charging Enough for Your Work? A Deep-Dive Into Pricing Strategy

The New Wave Podcast

The New Wave Podcast: Daily Conversations On Web3.0, Business, Psychology, Psychedelics & More. A Show For People Seeking Spiritual, Psychological And Financial Sovereignty. Hosted By Best-Selling Author, Speaker and Entrepreneur Daniel DiPiazza. Why don’t consultants price themselves correctly?

Don’t understand that great marketing cannot save bad economics.

Most entrepreneurs think they will be happy with an influx of customers, but do not realise that sales volume and profit margins are not correlated. We’ve been conditioned with venture capital and social media to believe that the primary goal of a business should be to sell as many units as possible.

What most don’t understand is that you can actually sell yourself into a hole — and even bankrupt your company by selling too much volume with the wrong economics.

If you ask most coaches or consultants why they set their prices at the rates they do, 90% of them cannot give you a good reason. In this episode, Daniel breaks down strategies for pricing your services as a small to medium-size service provider, coach, consultant. Find out why you should be profitable from the get-go and why Apple rarely offers discounts! ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~

⌛Timestamps⌛ (02:11) Most people don't price their services correctly (10:23) The lowest you can charge is zero. There is no limit on the highest amount you can charge (12:56) Your 3 roles within your own business: the provier of the service, the owner of the business, and the investor in the business (16:56) Are you projecting onto your customers your subjective view of what seems to be the correct amount to pay? (25:19) Focus on being perceived by value, not price (29:26) Discounts can work, but don't rely on them as a long-term business strategy Discounts tend to attract lower-quality customers. (36:45) Try and be profitable on the front-end, do not run at a loss for too long (42:44) Daniel breaks down some discount tactics if you do decie to use them (50:45) Every business is different, but also the same ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~

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