Here are three ways to increase your prices. A lot of business owners suffer from the fact that they can’t increase their price because competitors are going lower, and you have to stay competitive with other people. And so these are three different ways you can differentiate yourself, charge a premium, and still create massive value for your clients.
So one is to know your customer avatar. This is something that we’ve worked on steadily for the last year and trying to focus on our core clientele. The main reason being is, you know a specific type of client that will pay your price point, and you can go directly to those people.
So what you want to do is create an avatar—or a customer avatar, as we like to call it in the marketing world—where you just break down your ideal customer. Take your time with it, take a few hours to really break down a few customer avatars because that will make it easier to focus on who you want to target.
With that said, here are some items—you may of course want to make use of a fictitious name: Jim, John, Ashley, whatever you want to do. Their age, what their occupation is, what their net worth is—and you could pull some of this info from Audience Insights, or White Papers online, but you can estimate a lot of this content.
What’s their political affiliation? What are some of their hobbies, personality traits, buying habits?
Do they have subscriptions? What are the subscriptions that they like—movies, TV, right? Look at the websites that they visit, what type of websites do they go to?
Also, ask what’s their question? Fictitiously, what would be their question that you could answer? Also think about what their need is and create your customer avatar, based on this information.
Two, you want to provide above and beyond value. I can’t stress this enough. If you provide a service, you need to provide that service heavily and give them massive value add-ons.
So, basically, you can’t charge a premium if your product is "okay," right? Your product has to be phenomenal, you have to be providing a lot of value to your clientele to be able to charge a higher cost.
So, for example, we might do logo design or branding for a client. Now in a lot of cases, the agency will be like, “Yes, sure, we’ll create a logo for you.” And they create a logo for you, and they send it out, what we do is we do a brand discovery session where we spend 45 minutes-1 hour really breaking out what you need, and how you want your logo to be portrayed.
Once that’s approved, we do your brand guidelines: what fonts, what colors, your entire branding identity. We also create all of your collateral: so, that’s letterheads, that’s social media designs, that’s your business cards, that’s door hangers, all of that is included in that logo design.
So you’re not just getting a logo design, you’re getting an entire brand folder of content. This is actually one of the folder screenshots here of some of the stuff that we include in our branding.
Let’s say you do lawn services, for example, let’s say you have easy to pay online options, you can schedule a cut by one phone call, or maybe you do monthly follow-ups, right?
These are ways that you can add more value to your business and be able to charge more of a premium for your services.
And then three, make everything custom. So with us, we do a lot of website design. Clients that invest hard-earned cash don’t want template-based work, period.
You can’t go to a website like ThemeForest, pay 60 bucks for a theme, and then charge a client 4 grand, 10 grand, 20 grand for a website, right? That just doesn’t correlate.
Everything that you need to do needs to be custom, and you can figure out ways to do this. You can partner with other marketers, you can partner with other designers and UI developers to get that done. But essentially, you want to have a completely custom design, no themes or pre-existing designs, this adds massive value and allows you to charge a premium for your services.
I know that was quick, guys, but I want to do a quick recap for you. If you have any questions, let me know and we’ll talk soon.
