Archive for September 6th, 2007

What Does Your Pricing Say About Your Business?

Do you value what you do?

Do you hold it in high esteem?

Is what you do less worthy of respect than any other professional service?

Is it flunky work? Or does administrative support require every bit of critical thinking, experience, knowledge, talent, intelligence, and problem-solving skills as any other professional expertise?

What is the worth of your 10, 20, 30 years developing your skill, competence and expertise? What value does that hold for clients?

Your pricing will subliminally, but directly, answer these questions in the minds of your prospects and clients.

It’s one of the critical ways you shape their perception about the value of your expertise and what you offer.

If you don’t value what you do, clients sure as heck aren’t going to.

If you price too low, you focus clients on price instead of the results you achieve for them.

If you price too low, you risk coming across as a cheap commodity instead of a valuable professional service.

If you price too low, you will get more price-shoppers than quality-shoppers.

When you price appropriately, you get a whole other caliber of client. It’s the same difference between Nordstroms and Walmart.

Low price is a seduction, but one that rarely leads to anything more meaningful (or profitable) than a one-night stand.

If you understand that long-term business relationships, higher profits, and business happiness are integral to success in the solo administrative support business, make sure your pricing is in alignment with those values.

Children love candy and would eat it all the time if we let them. Does that mean it’s good parenting to feed them candy and junkfood whenever they want?

Of course not.

We’d have cranky, spoiled, demanding children bouncing off the walls and driving us crazy, wouldn’t we?

And neither should you let clients pressure you into devaluing what you do for them and pricing too low.

If a prospect is serious about their business, and you do a good job of illustrating the results you can achieve for them, pricing your services professionally and profitably is NOT going to deter them.