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Getting More for What You Sell

By Jacqueline Drew
START Marketing Inc.
www.startmarketing.com

Is there a way you can get more money for your services and products? With almost every client I have ever worked with, the answer is yes. And it can be significantly more than they previously charged. But there is more to it than just suddenly upping your rates. And since selling profitably is the key to business survival, I thought I'd give you a few of my techniques that can help you:

• First, go back and think about your ideal customer. Whether real or fictional, your ideal customer is the person who fully accepts all the assistance you can give. Write down, step by step, all the things you would do for the customer assuming that they would accept all the help you are able to give.
• Next, make a list of what the benefits would be to that customer if they bought all your services. Would it reduce their costs? Save them time? Save them embarrassment? Make them happier? Make them money? Try to be specific.
• Third, go through that list of benefits, and estimate in dollars what each of those benefits might be worth to the customer. Think: if I were the customer, what would it be worth to me? Some things, you won't be able to put a sharp dollar value, and some things will require a conservative guess, but you'll be able to get a reasonable understanding of the value. Then add it up for a total estimated value.
• Finally, estimate your new price by asking – if I charged say 10% - 30% of the total value I'm providing to that customer, would it be worth their while to buy it? Sure it would. Note that the higher certainty you have of your benefits, the higher that percentage can be. And that's where you should place your new price. It might be a lot more than what you were charging, but it still looks reasonable when you fully present the value.

One extra tip: good marketing presentation will also justify higher pricing. If you have a good, professional web site, good stationery, and a professional appearance, you have the confidence to command a higher price, and not be questioned. The upshot is, if you offer the best, fullest service you can give, package it to look its best, and point out all the benefits, your customers will pay more. And, it deserves more!