Perhaps you’ve just founded your own start-up business and have never had to tackle pricing before. Or you’re an entrepreneur who is still a little unsure where to price yourself in a competitive market. How do you know how much your service is worth, and how much clients or customers are willing to pay for it?
I hear this all the time and I have the same answer each time…use your intuition! By utilizing our inner guide we can find a price point that is good for business and comfortable for your clients. Here’s how your intuition can help you find the perfect balance between profit and value.
The Pain of Pricing
Pricing is never an exact science. It has always been a combination of guesswork, experience, and number crunching, and it’s always a pain in the ass!
There so much to consider- like factoring in materials, staffing costs, hidden costs such as insurance, taxes etc. Plus you want to make a profit. But too high and you lose out on clients, too low and you scare them off with ideas of low quality or you’re out of pocket.
These are the difficulties, but WHY?
We’re business people, after all, CEOs! Shouldn’t we be able to do this?
Why do we find pricing so difficult?
I have spoken about this issues with many entrepreneurs and I found that many undervalue themselves, and feel unworthy of asking ‘high’ prices. They may have spent hours pouring over market data but still can’t settle on where they should be. There are many reasons for this, here are some of the common difficulties or fears I found:
- Feelings of insecurity
- Lacking confidence in their own services
- Not sure of their niche market, so have no idea on pricing
- Fear of being judged, ‘Who do they think they are asking that price?’
- Feeling overwhelmed by such a huge and important decision which they don’t have time for
There is a way to take away such fears and negative thoughts, and know for certain where to price your services or product with less stress.
Ease the Pain With the Power of Your Intuition
“When a person relies on their gut feelings and uses the instinctual rule of thumb ‘go with your first best feeling and ignore everything else,’ it can permit them to outperform the most complex calculations.” (Dr. Gerd Gigerenzer, a German social psychologist)
Our intuition is the most powerful tool we have at our disposal. It’s free, fast and accurate. Let’s look at the various ways to put your intuition to work in figuring out your price point.
What Intuition Tools Can I Use to Determine My Price Point?
Before we get to use any of the intuition tools, it’s a good idea to TLC, or To the light, Connect. This grounding technique allows your conscious mind to connect with purity, truth, and light. For full and easy to follow instruction on how to TLC you can find a short video here.
Practicing TLC daily is a great way to clear the channel between your conscious mind and your inner voice and brings power to the intuitive tools you wish to use.
What Would It Take? (WWIT) is an amazing tool and one of my favorites. It lets you solve problems and delete worries fast. It’s simple but powerful!
When you are feeling at a loss and have no conscious idea of how to place your value, asking this simple WWIT question can help you take steps to figure it out. For example,
- WWIT to finish this job with ease and abundance?
- Understand what exactly is expected from me and fulfil and exceed the needs.
- What would it take to understand my client’s needs?
- Understand what exactly they value first- efficiency or money spent, or any other KPI? Eg. money spent, than
- What would it take to set a competitive price in the market?
- Sometimes I felt bad when I’m supposed to pitch to a new client. Especially when setting up the price.
- What would it take to feel good about offering at a higher price?
- WWIT to make sure that my services are the best possible and therefore come with the price they deserve.
- WWIT for a client to understand how they will benefit from this?
- What would it take for the client to agree on a price today?
When you ask your WWIT questions, listen to what your intuition tells you. It takes your focus away from the problem, and forces your inner guide to offer up creative solutions that can be put into action immediately without hours of stress and worry.
If you want to double your profits and half your stress, check out the Biz Intuition Profit Doubler. It is a free course for you to use intuition in your business.
I worked with Lisa Hoffman, of Total Life Transformation who was struggling to put a price on her business, working with children with special needs. She felt bad charging parents for services. But, everyone has a value, and so do you!
I encouraged her to take a heart-based or emotional approach to price setting.
I asked her to imagine charging $1 for a 10-month program and how she felt about that. This brought negative feelings, because she wouldn’t be able to support her family and wouldn’t be respecting herself or her business.
I then asked about how she would feel about $100, $1000, again negative responses.
What about $10, 000? This was too much. So we brought it down to $7500, and we started to find a level of comfort.
Check out the podcast case study with Lisa to discover more about her intuitive journey to determine her price point.
Reading Their Budget
When you want to know the client’s budget but they’re being a little cagey, instead of getting frustrated, ask your intuition, “What is this person going to be happy spending?” Your intuition may tell you a number and you might decide to go in a little lower to win the bid. Or, you might hear something like, “They don’t want to pay $500 let alone the $10k you know it’s going to cost!”
In which case, you can go to the client and say in a polite but up front way, “Hey, I’m getting the impression that you don’t really have a $10k budget here. Right?” They might agree, or tell you that they can go to 10k. Either way, you win by avoiding time wasted going back and forth between emails and meetings trying to determine their budget.
By turning to our intuition you can cut to the chase and avoid spending days writing a proposal that aren’t going to work out.
Youngest Age Pattern Recycling
Perhaps you’ve gone through the intuitive pricing and hit a ceiling, a number you feel uncomfortable with. You can clear whatever is blocking that number using the Youngest Age Recycling tool.
When we think of the number, realize what feelings and sensations are in your body when you think of asking that. For example, does your stomach tighten, perhaps your palms are sweaty, your heart is racing or you feel tingling in your arms.
What’s the youngest age you felt those same sensations and feelings? Simply give the first age that comes to mind without much conscious thought.
Then, TLC and send the light from above and below to yourself now and younger self that is feeling those same emotions and sensations.
4 simple steps to finding your price point
Your intuition can clear away the stress, frustration, fear and shame of finding a price point that brings profits to your business.
First, TLC to bring the light and purity before using any of the following:
- Intuitive pricing
- Reading their budget
- Youngest Age Recycling
For more info on how to fully take advantage of your intuition check out this 10 minute WWIT cheat sheet.