Ever wondered why you make less from your competitor even you are doing the same as your competitors do? Even you may saw your competitor’s works is Low quality in accordance to you, but they make more money as compared to you. Well its must be a factor of Pricing. Did you know Pricing the Projects is an important factor in your sales. Ok, so today I am going to share some of the Little known Pricing tips from which you can generate or make more money.
You might be charging less for your local Dog Training’s Logo design, But would you charge same for an IT company? Absolutely NO, You must charge according to their value.
So let me start the article about Pricing Tips
#1. Know your Client and their value:
As I already said, you will not charge the same amount for IT company as you are charging for a local Dog Training’s Logo design. You should know their Value, their seriousness about the service you are providing and the most important, How much hard work you are going to boil on the project. Get an estimate idea what you are going to do and tag the charges accordingly.
#2. Provide Email Pricing Letter:
So, you know their value and the time and work your going to spend on the project. Let’s come to the styling of the pricing. Prepare a nice Email of the pricing. But hey don’t make it too childish, something like below:
Hey [Client’s name]
The charge for professional Logo design would cost you around $500
Isn’t is looking too cheap? Well it is and it makes the clients confuse as it first sight. You should Provide a detail Pricing of the projects. You might interested something like this:
Hey [Client’s Name]
According to your needs, The charge for a Professional logo design would cost you $500. In which you have full features such as:
- Unlimited concept
- Unlimited Revision
- Instant Delivery
- Money Back Guarantee*
“And ask what ever you need from your client”
#3. Provide discount without client request:
Every body love discount whether if the client is a local Football Team or its multinational company, Microsoft. You should provide discount to your client, so that they attract immediately and increase the chances to get the project approved. Well you can provide different type of discounts, No I am not stating only the price value discount. You can also provide any other service you provide for free, so that they attract on other services too that you provide. For example If the client ask for Logo Design then you can provide Business card designs as well for free. And this way you are doing two good things. Attracting the client and letting him/her know about your other services.
#4. Provide different Options and give them space:
If you don’t provide more options to the client that may be you are going to lose the project, because they will come in YES or NO situation and they will ask them self:
Should I handover the project to him at this cost?, and they don’t have any other option and probably they will move to other service provider and will start comparing and may be you will lose the project, if any other will provide the same in less price.
So better provide more and more options, so that they stick with you only and as a result they will hire you for the project.
#5. Don’t decrease your Fee:
Yes, out of 10 clients 8 often says the price is out of the budget. This means, they can’t afford what they want from you or they may feel the service isn’t worth for them, but you know what you are going to do. If they have doubt about your service, better show them your Portfolio or your previous clients testimonial (What others are saying about you). So, you have confidence on you. don’t decrease your charges because it will lead to Low quality work from your side and at the end, your client will tell you “I-don’t-expect-this”
These are some of the Pricing tips to generate more money, hope you you like it. I am sure you can make more money by following these tips. If you have some thing that worth sharing, you can share with us right below in the comment box 🙂