Recently I received a question from a virtual professional who was trying to decide on her rate structure.
She had listened to my audio teleclass ‘How Much Should I Charge?’ and she got really great material out of it, but was still stuck on actually setting her rates.
So we had a chat and here is what I helped her figure out:
She was starting a new area of her business – one that she hadn’t unveiled before – basically she would be doing group workshops/talks for groups of people. Previously she had not done this before. So there was unknown territory right from the start.
She has a lot of experience and so she had worked out four or five services that she would sell to her clients. Great!
But as we talked, I showed her that each of those services would be marketed to a different audience. That means … what? That’s right … that she shouldn’t be marketing all of them at the same time!
My advice to her was to write down each service (on a post-it note!) and then prioritize which of those services would bring her revenue the fastest. That’s the one to start with.
After she chose the service to start with, then the rest of the marketing pieces can fall into place.
1. Take that service and break it down into options for the client. For a workshop topic, be sure you can give your potential clients options so that you can fit their budget. Think about how many people can attend, how long the presentation will be, where the presentation will be, and what kind of follow up you can offer. Not every client will need/want the same setup – so come prepared with options and you will be better able to make a deal quickly.
2. Set your rate based on what you know you need to earn. Select the rate that you are comfortable with. Then double it. Scary? Probably. Your ideal rate for this service will fall between those two numbers. Don’t sell yourself short because you are unsure of your own value. Ask your colleagues or your coach or mentor how your pricing looks.
3. Understand that your client probably has a budget in mind already. Work with them to build a package for them that suits their budget while preserving your value and your rate structure. That’s why we worked out the options above.
4. Gather your list of potential clients and call them. It sounds funny to use this as a step, but most often it’s where people get paralyzed. You have to reach out to people in order for them to know about how you can help them. The quickest way to signing a client is to picking up the phone (or email) and contacting them.
By putting together your services in ways that will be attractive to your potential client (and by giving them options that will help them hire you!), and by setting a rate that you know will be valuing you and them, and by working within their budget, all you need to do then is talk to them.
Setting rates isn’t difficult to do when you go through the right steps. Make sure you gather the information you need ahead of time. Go to your sales call prepared and your confidence will shine through, and your client will know you are the right person to help them.
I’d love to hear your comments on this article!