The word “cheap” is typically seen as a negative word. No one wants to be seen as cheap, nor do we want our products and services to be labeled cheap. But take away the connotation, and all we have is a word with a relative meaning.
When cheap means inexpensive, whether or not the label fits, depends on your client.
A Pricing Strategy That Works Very Well
If you’re wondering how to price your products or services, the general advice is to look at what your competitors are charging, and charge a bit less. We don’t recommend that.
Yes, definitely look at what your competition is doing, however, their clients aren’t necessarily yours. Also, here’s the key: the right price to charge is what your client is willing to pay.
Take whatever you’re currently charging, add 50%, and see if your next lead is willing to pay it. If they immediately jump on it, raise your price for the next lead you speak with. Keep going until your lead balks big time.