Amy is organising a conference. She’s super excited about it; for ages, she’s had the dream of bringing together like-minded men and women around a common theme, and she desperately wants the venue to be full and the energy buzzing.
There’s just one sticking point: how to price the tickets. She’s settled on a price, but it feels a bit scratchy. She’s not alone in thinking this – when she’s mentioned the price to a few colleagues, they’ve raised their eyebrows and advised her she’s under-pricing.
But she’s terrified of raising the ticket price and putting people off. She’s still quite early on in her business journey, with a limited number of people in her orbit; she figures that choosing a price that’s virtually a no-brainer for them is a safer bet than setting higher prices that less people will want to pay. She’s decided to prioritise quantity over profit, aiming for a full room even though she’ll barely cover her costs.
You might relate to this – whether you’re selling a one-to-one service, a group course, a workshop, product or event. You’ve got the nagging feeling that your price is too low but you’re not confident you could bump it up higher without losing buyers, and you’ve reasoned that you’d rather break even at this price, than have no clients at all.
I’ve increased my prices over the years. One-to-one sessions have gone from £40 per month when I started, to now sitting at £250 per hour. Every time I’ve raised my prices, I’ve felt a little tightening of fear: what if I’m pricing myself out of the market?
I believe one of the keys to being able to price higher and higher is that I blog regularly. Sound incongruous? Confused by how blogging could help with pricing? Here are three ways in which blogging has enabled me to raise my prices over the years – and how it can do the same for you too.
1. Blogging helps you find the sweet spot
You think your event, service or product is amazing and will change lives. But do others “get” that yet?
Marketing is about having truly listened to how people want their lives to change, and then communicating how what you’re offering is a direct match for that.
Blogging allows for this kind of two-way communication. When you receive comments, when people share your blogs, when they interact with other readers, they’re giving you priceless feedback.
As you grow in confidence that you’re offering what people want and need, pricing becomes less of an issue – it’s just matter-of-fact.
Bonus: You can use your blog to find people to research with more deeply; ask people to step forward and have 1-1 conversations with you. Create something people truly want… and they’ll buy, virtually regardless of price.
2. Blogging gives you a strategic freebie
You may feel compelled to set your prices low out of generosity, hating the idea that somebody would walk away empty-handed.
When you publish a blog that’s free to read, you’re providing great value for anybody visiting your site. You know you can direct people to that free blog so it’s less likely you’ll feel the need to price your product or service so it’s accessible to all.
Replace your “Price low” strategy with a far more effective strategy: “Blog regularly”.
3. Blogging builds your client pool
It’s horrible when you’re worried nobody will step forward and buy. Imagine instead you had an enthusiastic, engaged community. This is what happens when you blog regularly – you attract people who love reading your posts and they stick around by joining your email list and becoming regular readers. You grow your community so there are now lots of people connected with you.
The next step is that readers become clients. It’s the natural evolution when people know you, like you, and trust you. More readers leads to more clients; you’ve solved the quantity piece through blogging, so you don’t need to price low to achieve quantity of sales.
Blog regularly so that when you offer something, people are ready to buy in their masses.
Over to you
Do you feel stuck with your pricing? Have you noticed there’s a gap in your marketing strategy? Have you experienced the impact of regular blogging, and been able to raise your prices as a result? Leave a comment below, let us know.
Blogging to transform your business
If you see that blogging is your missing marketing piece, check out Blog for Clients – the online course that takes you step-by-step through the process of creating effective blogs that lead to more clients. We start again in May; to be first to hear when enrollment opens, click here and then enter your name and email to get front of the queue.
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© Corrina Gordon-Barnes 2014