3 Pricing Mistakes That Can Cost You

Monday Money Missive

My dear Kindred Spirit,

In response to a recent missive, Judy commented, “A question this raised for me, Laura, was how to decide what price to charge for offerings? We can always to some marketing research and look at what others in our niche are charging. But there are more subtle elements that go into the price we charge as well.”

As you can imagine, pricing is an issue my clients grapple with quite often. And Judy is right, there are many elements that go into pricing decisions.

Here are three mistakes I see big-hearted, well-meaning service providers make when it comes to pricing:

1. Listening to gurus who are in a different stage of business.

What works for someone with a big team, a book deal, or a ten-year-old brand might not make sense for your business right now. Their advice often skips the nuance of how they got there and that missing nuance can cost you.

I can’t tell you how many (SO MANY!) conversations I’ve had with tearful, brilliant service providers who followed a guru’s pricing advice and watched their income vanish. It’s heartbreaking.

2. Not recognizing that your pricing strategy is part of your financial identity. It should grow as you grow.

As we’ve talked about, your pricing isn’t just a number. It reflects your confidence, your clarity, and the stage of development you’re in as a business owner. You don’t need to leapfrog ahead to someone else’s version of success. Let your pricing grow as you grow.

There’s no shame in steady, grounded progress. That’s what builds sustainable income and a business you actually enjoy.

3. Believing that there is a “correct” price.

There isn’t. Pricing is fluid, contextual, and creative. There’s room to experiment, adjust, and evolve.

Service providers I work with get caught up in the belief that they have to charge everyone the same price, which is not true at all. Consider airlines. A few weeks ago my beloved and I, each on our own computer, simultaneously booked round trip flights to California. We booked the same flight, with seats together. Afterward, he mentioned how much his cost. Mine was $100 less!

Unlike the airlines, you can have actual reasons for your pricing 🙄. But do take note that you can change your pricing whenever it makes sense to you to do so.

The bottom line is that pricing is complicated. I highly recommend you don’t go it alone. Whether you work with a coach (ahem) or talk about it with other business owners, it’s helpful to have the perspective of someone who understands your business, and can hold your hand through the process of charging fairly and well.

with love,

Laura

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What I really liked about the Voxer VIP day is that it gave me time and space to think about what I truly want and how to move in that direction from a grounded place. I was at home, in the room where I wanted to make these changes from, with Laura guiding me. Her support was helpful but not overwhelming. We moved at a pace that suited me, allowing for some growth but letting me decide how much to take on. It was constructive and made progress without being too much.

Doing it at my own pace and in my own space meant that I could continue working on these changes in the days and weeks after. Laura's keen ear, skillful empathy, deep resonance, and honesty were refreshing. She didn't tiptoe around difficult topics but listened with genuine curiosity and gave clear feedback. This helped me see and hear myself better, and consider new ways of being and doing that I wouldn't normally have thought of.

It was a great use of my time and energy, and I'm very grateful I've had the opportunity. ~Marta Neto