The Pricing Cycle emphasises the importance of following a specific order when pricing your services. Understanding this order is crucial for effectively setting prices. The cycle begins with identifying and understanding your client, which forms the foundation of your entire pricing strategy.
Identifying Your Ideal Client
When determining your pricing, the process begins with your client. This involves defining your niche and identifying your ideal client. It’s essential to understand who your ideal client is, what problem you are solving for them, and what solutions they need. Assess the value that clients receive once their problems are solved. This foundational understanding of your client’s needs and the value they derive from your services is the first step in the pricing cycle.
Understanding and Defining Value
Value is determined by what clients are willing to pay and what is important to them. This includes not only the tangible benefits of the service packages but also the intangible aspects that clients value. Understanding value involves assessing what clients find important and what they perceive as valuable in your offerings.
