Transcript
A (0:00)
Welcome to Shiny New Clients, the marketing podcast that helps you attract shiny new clients to your business. We'll talk about social media, what makes people buy, how to go viral, and marketing psychology all in 20 minutes or less. Whether you're a coach, a stylist or a wedding planner, if you've got a service based business to sell, this is the show you need to fill your calendar. I'm Jenna Warner, your new marketing coach and this is Shiny New new clients. This is fun. So you have an idea for an offer, something on the docket and you need to set a price. Can be a stressful kind of decision to have to make, but a very fun opportunity. This could be your million dollar idea. This could be the offer you put out there in the world that transforms thousands of lives. And yeah, we gotta try and get that price right. We gotta try and find the one that's really gonna resonate with your ideal client and feel good for you. But I start by letting you know this isn't your only opportunity to price this offer. You're not marrying this price. You can change it, you can change it whenever you want, you can raise it. Ideally I'd love for you to not lower it, but we'll get to that, we'll get to that. But the first thing to note is you're not sticking to this price forever. I've tried every kind of pricing model in my business. We've booped around. And then when you find one that works, you stick to it until you can't anymore. So think of your price as a living, breathing thing that is going to change and should in fact ebb and flow with the market and with your level of expertise, which is going to keep going up and up. So when you're pricing your offer, there's a lot of things to think about, a lot of mindset comes up. But we're going to hone in on two different things, the client POV and the provider pov. That's you POV meaning point of view. So your point of view and your client's point of view, most people, and maybe you can really relate to this as the provider kind of choose an arbitrary rate to start off. You almost pick a number out of the air. And honestly, a lot of like kind of more spiritual business coaches are going to tell you that's what you should do. I think there is something to be said about your instinct on that choice. And I mean, the number you choose is the number you want to be working for probably. So there is something to be said about just pulling a number out of thin air and trying it and seeing how it goes. I am a little bit more practical than that. In Denise Duffield Thomas's book, which I love, get Rich, Lucky Bitch, she talks about how it's manifesting for practical virgos. That's kind of where I'm at. Like, I love the woo. I love manifesting. I love, you know, positive affirmations and all of that. But at the end of the day, I am a practical Virgo. Wow. Jenna, two minutes in, already off track. Let's get back to it. So we need to look at this through your POV and your client's pov. Most people start by going through just their own pov. You go, I want to make a program, it's just $2,000, or I want to put together a new photography package, it's $2,000. You just like the number kind of just lands in your hands. And something that's important about that number is you must, must, must, must choose a rate. This is non negotiable. You must choose a rate that you can provide without resentment. You have to choose a rate that you're not going to resent doing the work for. And the ball is in your court on that. You might be thinking, yeah, well, I want this, but you know, nobody's gonna buy it at that. So then you do your job for a lower price. And then what happens? You start blaming your clients, you get mad at them when they ask for things. You start to hate showing up for work, you start to wish you priced higher, and then you maybe even under deliver because in the back of your mind you're like, I should be being paid more than this. So we can't have that happening, can we? We cannot risk you feeling resentment and sabotaging yourself and your business and your client work. So on the provider POV number one, do it for a price that you won't resent. Next up, you don't want to think about this price in relationship to scaling. You don't want to be concerned with scaling when you're setting a price on a new offer or service, like a program, a product, whatever. A lot of people, I say this because a lot of people come to me and they're really excited about scaling. You probably got into a corner of the Internet that talks about passive income and making sales on autopilot and exponential scaling and create a program because you can serve thousands of people instead of just selling your time for hours. You know, like all of this. And I get it. I fell into all of that too. I got really excited about that prospect too. But as you, a huge disservice to think about scaling when you're first just trying to get an offer out there into the world and seeing if it works. In the school of Jenna Harding, Business management, scaling comes second to a successful product. Don't worry about scaling till you're selling. All right, I'm going to say it again. Don't worry about scaling until you are selling. There's one more piece in the provider pov. Just you know how much it costs you to actually deliver the thing. So if you're in the online space, you probably have really high profit margins. Awesome. Great. If you serve people in a one on one setting and you need to rent space, you're going to want to figure out how much it actually costs you to provide that. Think about the time not just that you're spending with the client it, but the time prepping for it. So if you have to have an onboarding call and then you have to get your virtual assistant involved in like the back end onboarding, like think about all these things that go into it, the cost of all of those things, the softwares that you use and all of that. You know, I used to work in a bar and we had a kitchen there and I learned quite a bit about how the kitchen works. And we were constantly fighting to make our kitchen more profitable because it was just a tiny little kitchen and a bar. And one of the things that you do in a kitchen is figure out how much every meal costs down to the penny. You'd go so far as to, you know, portion out. If you usually chuck a handful of cheese on something, you would portion out and measure that handful, weigh that handful, figure out how much that individual handful of cheese costs so that you know exactly how much money making the meal actually costs, right down to each individual leaf of lettuce. And you also need to make up for the food that's probably going to get thrown out. And how can you make this as sustainable as possible so less food gets thrown out and some is going to definitely drop on the floor and we've got to make up for that. And you're going to have to come in and do your prep work and cut all your veggies in advance so that you can serve it faster during the dinner rush? Like we have to think about all of these different things and plus the overhead costs of the kitchen and the power bill and all of that. So look at your service based business or your online program. In that way as well. Think about all the expenses that are going into it and what does this actually cost for you to provide to someone? If you have an online service like you're a coach or you do online therapy, things like that, your overhead is going to be really, really minimal, which is awesome, which is great. So it's going to cost you less to run things. But we don't want surprises and we want to know that we're definitely, you know, making a profit on each of these things that we're selling. So no resentment. Focus on selling before you focus on scaling and make sure that your profit is in the right place. And that's pretty much all that it comes down to on your end. Hey, I'm just going to quickly interrupt myself here so you can hear from a Magic Marketing Machine client. This is actually a dramatization of a written testimonial that we got, but I found it just so inspiring. And if you are thinking about growing on Instagram and making Instagram your main lead source this year, I wanted to make sure that you could hear this and hear the power of the program.