How to choose the right offers and the right pricing

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Welcome to the latest episode of The Simply Smart Business Show. In this show, I’m talking about the importance of having a product or service roadmap in your business AND how to get your pricing right.

Listen to this episode here:

More often than not, my clients want to talk about income – they’re not making enough money, and they assume that this is because they’re not making enough sales. They’re not converting, or bringing in leads, or the marketing isn’t working, or they’re not appealing to the right people… but there are other factors. It’s not all about the sales and marketing (even though they are important).

Your product roadmap and pricing matrix can both drastically affect your income. You might be selling loads of something but never making a profit (which means you’re probably pricing too low), or you have one offer that a lot of people say “no” to (which means you need a product roadmap).

What is a product roadmap and why do you need one?

A product roadmap is your range of offers that meet your customers at the ideal time.

If you have an amazing offer that sells but is not selling to everyone, then you’ve got a disconnect. You probably need to bring a new offer to the mix that will reach more people. You can deal with more people, you can solve more problems, you can make more people happy… it all boils down to having the right selection of offers.

To give you an example of how this works in my business, I’ve created different products and services that apply to different types of clients. You see, I work with newbie start-ups, businesses that have been at it a couple of years looking to grow, and more established businesses wanting to scale.

For the brand newbies, I’ve got loads of freebies to just help them on their way. When they can invest, but it needs to be DIY stuff, I have my Simply Smart Business Academy. This is like my training hub, it’s all DIY, it’s all the training about setting up a small business, a load of stuff on digital marketing and they buy that.

Then the next step up is my Business Success Bootcamp. That is my programme for people that are beyond the newbie stage. They’ve been going for one or two years, they’ve got some offers that have been selling, they’ve got a website, but their strategy probably isn’t right. There’s some disconnect there and they really want to hone in on what they need to do to grow.

Then, the next step up is my Elevate Mastermind and my one-to-one coaching and this is where there’s much more hands-on support from me to really take their businesses to the next level.

Elevate is something that I’ve created to accept a few different types of people. We have three groups. I accept people who are a couple of years in business, probably earning around a grand a month, I’ve got the people the next stage up from that, who might be earning sort of between 2K and 5K a month consistently, then I also have a group for people in the growth and scaling phase.

Have a look at your offers. Have a look at the different levels and types of customers that you work with or you want to work with and think about do you have something on offer that’s going to meet them where they’re at? 

Now let’s talk about pricing your products and services

Pricing brings up so many things around money mindset and our worth.

People get stuck in charging based on the time they spend doing the thing, or on what the market is charging and that’s wrong. You need to charge based on other factors as well.

Now, because this is so common, I actually built out a Pricing Framework that I use with all my clients. It’s a big spreadsheet that I take people through step-by-step-by-step, it’s quite in depth. It asks lots of really important questions which then, once you get to the end of it, brings you to a price that’s better matched with what you’re actually doing.

Really what this does is it focuses more on pricing based on the value that you bring. Think about what the problem is that your offer solves, what dream does that bring to life? What transformation does it give?

Is it 100% transformation? 100% results? 100% problem solver? Does it completely give them their dream of riding a unicorn over a rainbow? Or does it take them 50% of the way towards their transformation? Or is it 20% of the transformation? Once you start thinking about this, you really start thinking about the value that it brings.

Once you hook into that, then you can look at the pricing, again, and look at your current pricing and think, okay does that feel right? With the amount of transformational value that I’m bringing, does the price match the value? More often than not, it doesn’t. At that point, that’s when you really need to up the price and match it with whatever value you’re bringing for the that. So that’s the Pricing element, right?

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For those conscious souls ready to step up and serve. Suitable for established or new coaches.