The Pricing Lady

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Welcome to another insightful episode of Live with The Pricing Lady.

Apologetic pricing - a pricing strategy whereby your price reflects your thinking that  "Dear Customer, I'm sorry that I need to charge you for buying my product, service or software". There's an  embedded "apology discount" factored into your prices.

Does this strategy sound familiar to you?

For most people feeling unsure about your prices is normal, but other people can take those negative feelings to an entirely new level. As this episodes guest put it she felt guilty about charging clients for what she offered and not only did it impact her pricing, but her communication and everything she did in her business. Ultimately it also had an impact on the bottom line.

Don't fret if this sounds familiar to you Mandy Bronsil, founder of B-inspired shares with us what she had to do to "break free" from that thinking and set herself up for success. Mandy talks about starting her business shortly before Covid hit and how that impacted what she had to do and the direction her business took.

All that and so much more, enjoy!

Podcast Highlights

• 0:00 Intro
• 1:17 Meet Mandy
• 4:56 Why & how she started her business
• 7:38 The first time pricing her offer
• 9:50 Needing to shift the business
• 12:55 Overcoming setbacks and challenges
• 15:45 The importance of boundaries
• 21:56 Today's takeaway & wrap up

How to reach Mandy:

LinkedIn: https://www.linkedin.com/in/mandybronsil/

Don't go yet. If you're enjoying the show please rate and review. It helps us spread the word to more people and ultimately get more small businesses on the path to sustainable profitability and business success. Thanks for Listening.

Let’s Talk

Looking for pricing support or interested in a partnership? Start here.

Connect on LinkedIn

Connect with me on LinkedIn for practical pricing insights, new episodes, and behind-the-scenes updates.

Why Pricing Feels So Hard

Curious why pricing feels so difficult? Explore the decisions behind confident pricing.

Send us a text

Do you find yourself wondering how flexible your pricing should be?

In the world of business, pricing isn't merely a numbers game—it's an art of balance. And finding that delicate balance between flexibility and complexity can make or break your business.

On the one hand it's great to try and meet the specific needs of each individual client, as each one is unique. But flexibility isn't always the best thing for you, your business or your customers. It's more complex a decision than just meeting the customers needs - it's more strategic that.

And hold on, what about the downsides of working in this way? How does it impact your ways of working in your own business? And what downsides are there for clients? Yes, there are some.

Well if you've asked yourself these questions, you're in the right place.

In This Episode:

In this episode of Live with The Pricing Lady,  we'll explore what you should consider when you're deciding the appropriate level of pricing flexibility in your business. Here's a glimpse of what you can expect to discover:  

We look at the:

• The Advantages: Learn how pricing flexibility can lead to tailored solutions, scalability, and agility in meeting your customers' unique needs.
• The Trade-Offs: Explore the downsides of pricing flexibility, including customer confusion, perceptions of unfairness, and profit erosion.
• Actionable Strategies: I share practical tips to help you strike the right balance in your pricing approach. From segmentation and clear tiers to modular pricing and value-based flexibility, there are several options to help you choose the level of and mitigate the downsides of flexibility.

Whether you're new to the business world or a seasoned pro, this episode will help you think through this important aspect of your pricing strategy.

Podcast Highlights

• 0:00 Intro
• 2:41 Advantages of Flexible Pricing
• 4:12 Trade Offs that come from Flexible Pricing
• 8:19 Effective Pricing Strategies
• 14:02 Transparency and Simplicity
• 16:02 Wrapping it Up

Episode Links

Join The Fair Price Formula (https://thepricinglady.com/setmyprices) group program and learn how to set prices for your business with more confidence.

Don't go yet. If you're enjoying the show please rate and review. It helps us spread the word to more people and ultimately get more small businesses on the path to sustainable profitability and business success. Thanks for Listening.

Let’s Talk

Looking for pricing support or interested in a partnership? Start here.

Connect on LinkedIn

Connect with me on LinkedIn for practical pricing insights, new episodes, and behind-the-scenes updates.

Why Pricing Feels So Hard

Curious why pricing feels so difficult? Explore the decisions behind confident pricing.

Send us a text

Time based rates or packaged pricing, which is right for your business?

People often start off with time-based rates, it seems relatively simple and straight forward - at first glance. But when you look closer time-based rates can be difficult to work with and they don't actually serve you or your clients well in the long run. Trading time for money does not focus on value or the quality of your expertise. Which is one reason why most people at some point in time will consider shifting to packaged pricing.

But what does it take to package up prices? Is it the right move for your business? What are the advantages  and disadvantages of packaged pricing? There are a lot of questions to be explored if you're trying to make the decision whether or not to make the shift from hourly rates to bundled value.

In This Episode:

In this episode we take a closer look at the downsides of time-based rates and the upside or power of packaged pricing. Be sure to listen in and consider what's the best move for your business.

Podcast Highlights

• 0:00 Intro
• 2:46 Not Linked to the Value
• 4:18 Pitfalls of Time-based Pricing
• 6:57 Unlocking the Power
• 8:57 Streamlining Offer Creation
• 10:35 Simplifying Decision-Making
• 12:10 Wrapping It Up

Episode Link

Join The Fair Price Formula (https://thepricinglady.com/setmyprices) group program and learn how to set prices for your business with more confidence.

Don't go yet. If you're enjoying the show please rate and review. It helps us spread the word to more people and ultimately get more small businesses on the path to sustainable profitability and business success. Thanks for Listening.

Let’s Talk

Looking for pricing support or interested in a partnership? Start here.

Connect on LinkedIn

Connect with me on LinkedIn for practical pricing insights, new episodes, and behind-the-scenes updates.

Why Pricing Feels So Hard

Curious why pricing feels so difficult? Explore the decisions behind confident pricing.

Send us a text

Pricing objections will come, as a founder or business owner it's important to prepare yourself (and your team) for when a client prospect says, "No thank you." Whether it's because it's too expensive or they don't know if they need it or something else, knowing what to do next can feel confusing or even a bit scary. Certainly it can leave you wondering how to respond in the best way possible.

It's not uncommon to feel super confident telling people about your offer, after all that's your thing. You could talk about that all day long. At the same time when it comes to talking about how much people need to invest in your product or offer, you might feel a total lack of confidence. Then compound that with someone rejecting your offer and "Bam!" you're in uncharted territory - nervousness kicks in and it gets harder to know what to say.

My clients often voice concerns about handling pricing objections confidently (some even ask how to avoid them - you can't and shouldn't strive to) and are curious about what arguments they can use to defend their position. And while you do want to understand the value and communicate it well, launching into a defense when you get an objection is not the best response.

This episode was the result of countless questions from people just like you who have found themselves confronted with pricing objections. The urge to defend your pricing is natural, but there's a better way forward.

Join us as we delve into the art of asking the right questions and truly grasping the objections raised by your customers.

In This Episode:

Listen and discover invaluable insights into the skill of handling objections gracefully and strategically. Learn simple techniques to get to the bottom of why they are objecting. Getting curious about their response takes the pressure off you so you can more confidently and uncover mutually beneficial solutions with your customers.

Whether you're a seasoned entrepreneur fine-tuning your pricing strategies or a newcomer seeking guidance, don't miss out on this episode. Bid farewell to the fear of pricing objections and embrace newfound confidence in your pricing journey.

Podcast Highlights

• 0:00 Intro
• 1:50 Strategies for Responding
• 4:13 Unveiling the Real Reason Behind
• 6:36 Turning Objections into Opportunities
• 8:02 Wrapping it Up

Episode Link

The Fair Price Formula: https://maven.com/the-pricing-lady/fairpriceformula

Let’s Talk

Looking for pricing support or interested in a partnership? Start here.

Connect on LinkedIn

Connect with me on LinkedIn for practical pricing insights, new episodes, and behind-the-scenes updates.

Why Pricing Feels So Hard

Curious why pricing feels so difficult? Explore the decisions behind confident pricing.

Send us a text

Pricing is a much undervalued business topic. It has a bigger impact on your profit than anything else in your business – yet if you’re like most people you don’t often give it much attention. Studies show time and again that of the four profit levers (price, volume, fixed costs and variable costs), price has the most impact on profit. Yes a bigger impact than your costs. This surprises most people. And it’s counter to how they are working.

Consider for a moment what most businesses do when profits start falling? That’s right they start reducing costs. But if you understood that your prices have a bigger influence on your profit wouldn’t you also give your at least the same attention you do costs?

Of course you would, put that why it’d be silly not to. Logically it makes sense but that’s not what you’re doing.

And if you’re a new business, failing to give pricing your time and energy will make it harder for you to get your business engine running (i.e. build profitability) and achieve your business objectives. t also makes it hard for you to tell the “Profit Story” of your business to investors, potential business partners and other interested in working with you.

The good thing is that most pricing mistakes are avoidable. But first you’ve got to know what to do to not repeat the mistakes your making or the ones you haven’t even thought of yet.

In This Episode

In this episode I’ll share with you 5 of my expert pricing tips to help you avoid the most common pricing mistakes. Let’s take you from pricing woes to pricing like a pro! We’ll first look at 5 of the most common pricing mistakes and then I’ll share with you actions you can take to lessen the chance of you making those errors.

Podcast Highlights

• 0:00 Intro
• 2:17 Mistakes Number One to Five
• 5:39 The Leaky Bucket Concept
• 8:03 Tips to Avoid Pricing Mistakes
• 17:30 Not a Right Strategy
• 25:18 Wrapping it Up

Episode Links

How to do Customer Insight Interviews: https://thepricinglady.com/betheexpert/

How to set Prices group program The Fair Price Formula:https://maven.com/the-pricing-lady/fairpriceformula

Don't go yet. If you're enjoying the show please rate and review. It helps us spread the word to more people and ultimately get more small businesses on the path to sustainable profitability and business success. Thanks for Listening.

Let’s Talk

Looking for pricing support or interested in a partnership? Start here.

Connect on LinkedIn

Connect with me on LinkedIn for practical pricing insights, new episodes, and behind-the-scenes updates.

Why Pricing Feels So Hard

Curious why pricing feels so difficult? Explore the decisions behind confident pricing.

Send us a text

Understanding value is the key to unlocking pricing and profits. Often profit puzzles people - they just aren't sure how to leverage what they've got. At the same time the more you learn and understand value, the more you realized it's everywhere.

Crowdfunding campaigns are no exception. When you put together the packages people can "buy" or the offers for sponsors of your crowdfunding campaign - you have to think of value. And that's what this week's guest, in part has come to share with us.

In This Episode:

I recently sat down with Margit Takacs, Change and Culture consultant, trainer and coach. She shares with us her own pricing journey. From being in the corporate world to venturing out on her own to her experience crowdfunding the writing and publishing of her newest book.

In the past, I've support people in putting together their crowdfunding packages. In many ways it's the same as offer building and pricing in any other context. But as Margit shares with us there's an added element of value to consider. I loved this conversation and if you're running your own campaign or if you've thought of publishing your own book you'll definitely want to learn from her experience.

Enjoy the episode!

Podcast Highlights

• 0:00 Intro
• 1:49 Getting to Know Margit
• 4:10 The Value of Working with Margit
• 7:48 What Led Margit to Start Her Own Business
• 10:06 Pricing at the Beginning
• 12:11 From Funding to Publishing
• 22:39 Calculating Goals and Investments
• 25:33 Unveiling the Marketing Puzzle
• 30:04 Wrapping It Up

How to reach Margit:

LinkedIn: https://www.linkedin.com/in/margittakacs/

Facebook: https://www.facebook.com/margit.takacs.12/

Don't go yet. If you're enjoying the show please rate and review. It helps us spread the word to more people and ultimately get more small businesses on the path to sustainable profitability and business success. Thanks for Listening.

Let’s Talk

Looking for pricing support or interested in a partnership? Start here.

Connect on LinkedIn

Connect with me on LinkedIn for practical pricing insights, new episodes, and behind-the-scenes updates.

Why Pricing Feels So Hard

Curious why pricing feels so difficult? Explore the decisions behind confident pricing.

Send us a text

There is no doubt about it that to succeed in your business you will need to embrace a profitable pricing mindset.

Pricing and mindset are linked. You can know how to set prices but if you don't believe you deserve them you will sabotage yourself along the entire journey. It will be so much more difficult than it needs to be. As you may have heard from me and many of my guests on this show starting your own business is a personal development journey. One that constantly takes you outside your comfort zone.

As we all know when you're outside your comfort zone is when your mind does things to "help" you not feel pain, get hurt or be "unsafe". But the way it goes about it doesn't always help in the end. In fact it can hold you back. We've all experienced it. And that's why I'm so excited to have had this chat with Jen.

She encourages you to recognize and challenge your limiting beliefs in order to achieve your goals and build a sustainably profitable business. Many of us are taught to play small and not value ourselves, which can make it difficult to charge what we are worth. But, setting prices that are too low can actually lead customers to perceive us as having low value. Therefore, it's important to set prices that reflect the value of our work.

In This Episode:

Jen Gutfriend, a mindset and business coach/strategist and owner of The 6 Figure Female Entrepreneur, shares her journey of overcoming limiting beliefs around money and success and how she helps other women achieve financial freedom while working less. The key takeaway? Mindset is crucial for pricing success.

Discover how Jen navigated the challenges of setting her initial prices and how she gradually increased them based on her expertise, results, and client satisfaction.

Get ready to transform your mindset and embrace a profitable pricing mindset that propels your business to new heights.

Enjoy the episode!

Podcast Highlights

• 0:00 Intro
• 2:17 Getting to Know Jen
• 3:16 The Value of Working with Jen
• 9:39 What Led Jen to Start Her Business
• 12:33 Pricing at the Beginning
• 16:48 Navigating the Challenges of Providing Affordable Services
• 19:42 Pricing Tips and Strategies
• 26:09 Wrapping It Up

How to reach Jen:

LinkedIn: https://www.linkedin.com/in/jen-gutfriend-024224197/

Instagram: Instagram.com/the6figurefemaleentrepreneur

Facebook: Facebook.com/the6figurefemaleentrepreneur

Let’s Talk

Looking for pricing support or interested in a partnership? Start here.

Connect on LinkedIn

Connect with me on LinkedIn for practical pricing insights, new episodes, and behind-the-scenes updates.

Why Pricing Feels So Hard

Curious why pricing feels so difficult? Explore the decisions behind confident pricing.

Send us a text

Ready to break free from the ordinary?

Many Startups are working on technologies that just a few years ago didn't even exist. They weren't even possible, maybe not even a dream. Technology is evolving fast and so are the new and innovative ideas that come along with those advancements. And the question I often get from people is "How do I price something that's unknown?"

Do the same tactics and strategies apply? How can I help my customer understand the real value when they can't even conceive this as a possible solution? Truly innovative solutions push the boundaries of value and often require an innovative approach to pricing as well. It's true that this can be tricky but it can also be incredibly exciting.

That's one reason why I've invited this week's guest to join me on the show.

In This Episode:

Cristina Ruiz de Castaneda, Founder of Blue Vega started her business after working with a really great consultant during her corporate days. She now consults herself, helping innovative Startups with new technologies develop their commercial roadmaps.

She shares with us her own pricing journey. Then we dive deep into the captivating realm of strategies for pricing unique offerings. From understanding the unconventional costs to gauging the value for early adopters, Cristina sheds light on the myriad fascinating factors that come into play. 

But that's just the beginning! Cristina also shares some of the common mistakes startups make when pricing their innovations. Get ready to gain fresh perspectives, practical insights, and inspiration to navigate the intricacies of pricing your own unique offerings.

Podcast Highlights

• 00:00 Intro
• 1:49 Getting to Know Cristina
• 3:30 The Value of Working with Cristina
• 6:10 How Did She Get Started
• 8:19 Pricing At the Beginning
• 10:47 Pricing of Unusual Things
• 14:13 Common Mistakes Startups Make
• 19:27 Looking through Multiple Lens 
• 22:53 Wrapping It Up

How to reach Cristina:

Instagram: https://www.instagram.com/bluevegaconsulting/

LinkedIn: https://www.linkedin.com/in/cristina-r-de-castaneda/

Don't go yet. If you're enjoying the show please rate and review. It helps us spread the word to more people and ultimately get more small businesses on the path to sustainable profitability and business success. Thanks for Listening.

Let’s Talk

Looking for pricing support or interested in a partnership? Start here.

Connect on LinkedIn

Connect with me on LinkedIn for practical pricing insights, new episodes, and behind-the-scenes updates.

Why Pricing Feels So Hard

Curious why pricing feels so difficult? Explore the decisions behind confident pricing.

Send us a text

As a business owner, you've probably heard the saying "You can be good, you can be fast, or you can be cheap. Pick two."

Is it really that simple? 🤔

Recently someone wrote to me that they were struggling with this concept of good, fast or cheap as they aren't fast. And they feel pressured to be so when that's not them. Yes, I often get my show ideas from the questions people ask me. So keep asking! 😄

I believe it's important to know what your strengths are and to market to those strengths. That's how you attract people who value your approach to things. Failing to do so feel so frustrating - you end up never feel good enough.

More importantly doing so allows you to work in your "wheelhouse" of expertise and focus on what you're best at. BUT that requires you to let go of the things that aren't strengths. In this case if you're not fast, then don't market that. Lean into the fact that you deliver great results even if it takes a bit more time. Or even redefine what fast is.

You have to let go first - otherwise it'll feel like you're always "swimming against the current" 🏊‍♀️ i.e. struggling.

In This Episode

We explore the popular saying in the service and freelance industry: "You can be good, you can be fast, or you can be cheap. Pick two." We dig deeper to unpack its meaning for pricing in your business. Here's the deal: all three factors—good, fast, and cheap—are relative and depend on your target customers. Their perception of what's valuable matters most and you can influence that.

We take a look at how perceptions impact the definition of good, cheap and fast. As well as how to manage if what you do doesn't fit all those requirements. In my experience, it's not about choosing between good, fast, and cheap. It's not even about always delivering all at the same time.

It is about aligning your strengths with what your target customers value. Enjoy the episode!

Podcast Highlights

• 0:00 Intro
• 2:00 An Old Adage
• 6:36 Be Honest With Yourself
• 9:11 Best Way to Help a Potential Client
• 11:00 Price Acceptance
• 11:42 Wrapping it Up

Episode Links

The Fair Price Formula: https://maven.com/the-pricing-lady/fairpriceformula

On-demand Web Class: "Getting to a Fair Price"

Don't go yet. If you're enjoying the show please rate and review. It helps us spread the word to more people and ultimately get more small businesses on the path to sustainable profitability and business success. Thanks for Listening.

Let’s Talk

Looking for pricing support or interested in a partnership? Start here.

Connect on LinkedIn

Connect with me on LinkedIn for practical pricing insights, new episodes, and behind-the-scenes updates.

Why Pricing Feels So Hard

Curious why pricing feels so difficult? Explore the decisions behind confident pricing.

Send us a text

Have you ever asked yourself, should I adjust prices for different geographies

Certainly if you’re doing business internationally you’ve most definitely asked yourself that questions.

And you’re not alone in that. Over the years many people have asked me the question. Well, to be precise they’ve asked me “How should I adjust prices?” People almost always assume that just because they’re selling to another country then have to adjust their prices, but as you’ll learn in this episode, it isn’t always necessary.

It’s also interesting, people are rarely worried about raising prices for countries with a higher willingness to pay, they are always concerned about being over priced. In fact they are making assumptions about what other people can or cannot afford. As I’ve mentioned before we do have to be careful about having our minds “in other people’s pockets”. Make sure you look at this question through a few different perspectives before making a decision.

In This Episode

I share with you what to consider so you can decide if such adjustments are needed for your business.

As you know by now in pricing there are no “one size fits all” answers – it depends. And in this case we need to first take a look at the customer to find the answers. You’ll also learn about a couple of resources you can use to help you in deciding what changes to make. And then I share tips and strategies to decide if there are better alternatives to just simply selling the same things at different prices.

With a few questions, a little research and some creative thinking you can come up with the best options for your business. Enjoy the episode!

Podcast Highlights

• 0:00 Intro
• 2:07 Should you adjust?
• 4:05 Try having different offers
• 5:51 Consider the cost to serve
• 6:52 A few things to think about
• 8:23 Try these indexes
• 12:28 Wrap Up

Episode Links

Big Mac Index: https://wisevoter.com/country-rankings/big-mac-index-by-country/

Consumer Price Index: https://www.theglobaleconomy.com/rankings/cpi/

Let’s Talk

Looking for pricing support or interested in a partnership? Start here.

Connect on LinkedIn

Connect with me on LinkedIn for practical pricing insights, new episodes, and behind-the-scenes updates.

Why Pricing Feels So Hard

Curious why pricing feels so difficult? Explore the decisions behind confident pricing.