How and why you should be charging more for your products or services

This week’s podcast is all about pricing. I will be talking about the practical side and the emotional/mindset side. I really hope these points will help you if you are struggling with setting your prices or want to increase them.KEY TAKEAWAYS COVERED IN THE PODCASTIt is good to look at what the industry average is but you can go higher if you are more experienced or lower if you feel someone is charging too much.See what your competitors are doing – this will help you judge where you need to be.Think about what makes you different and why people will come to you.What can you offer that your competitors don’t have?As your credibility grows, your prices should increase.You can grow your credibility by getting in front of other people’s audiences.Investing in yourself with time and money builds on your experience and confidence in charging more.People perceive that the higher the price, the better the quality, so you need to charge enough for your product/service otherwise they may go elsewhere.You need a significant price difference for each service level you offer so it makes sense to the customer.Reward loyalty with existing customers – you don’t have to change their prices.Putting your prices up is as simple as changing a figure on your website or price list – remove the emotion from it.Not everyone will be able to afford your prices, but that’s okay, there will be others who will.THE ONE THING YOU NEED TO REMEMBER ABOVE ALL ELSE…Don’t undercharge yourself for what you do, have confidence and go and charge a bit more!HIGHLIGHTS YOU SIMPLY CAN’T MISSLooking at your competitors pricing – 07:07Gauging your pricing based on credibility – 09:10Have confidence in your pricing – 15:55Pricing structures – 19:00Putting your prices up – 22:05LINKS TO RESOURCES MENTIONED IN TODAY’S EPISODEJoin my Instagram challenge in the academy!Getting yourself in front of other people’s audiences podcastTranscript below Hello and a really warm welcome to this week's episode of the podcast. How the devil are you? I am good. I've had a busy week and I'm still trying to catch up. Isn't it funny? Like when you, when you get out of a habit of doing something, the work it takes to get you back into that habit. So obviously if you listen to the podcast, regularly, you know, that, you know, a few months back, I had really tricky few months with my mum passing away and, um, I was in hospital. I had an operation, emergency operation. Anyway, and all that had a huge impact on how far ahead I was with my content. So normally I like to batch, normally I like to be ahead and obviously because of everything that went on, I couldn't. So. I got not behind. I've always managed to produce the podcast and have it out for the right day. However, I normally liked to be much more ahead of time and I haven't been, so that's really bothered me, but it's taking so much work to get back into that habit of basically making sure I am really ahead. So my team are doing an amazing job of keeping up with me in the sense of, I might be a little bit late passing everything over to them and they work super fascinated, which is amazing. But yeah, I'm hoping to get back into it, but it is interesting isn't it? But it just. It's so tricky to get back into that good habit. The other thing I need to get back into the habit of is knowing what content I'm putting out. Because again, sometimes like today I've sat down to come and do this episode and I'm like, "What am I gonna talk about?", whereas normally I'm much more planned ahead than that. So again, I need to work on that. And it's weird you know, when I'm in the Academy and someone asks me a question and they'll say, you know, "Teresa, what should I do about this? Or how do I do this?" Like, my brain just goes, kicks into action and then pulls everything out of it. And it just gives them all the answers. And it's great. But sometimes we sit here and I don't know about you and I'm sure everyone's the same. You sit here and, you know, you know, so much stuff, but when you're thinking, what am I going to say in today's blog? Or what am I going to talk about in today's podcast? Your mind goes blank and you're literally sat there, like, "I'm not even entirely sure. Like, do I know anything?". So anyway, I need to get back into both of those good habits and start just becoming a bit more organized. Cause the only thing affects is how much time I take to do things. So the other thing I wanted to tell you about before I get on with today's episode is we are going to be running an Instagram challenge, a five day Instagram challenge in the Academy. So I had this idea and I put it in the group and I was completely inundated with requests of, "Yes, please. Yes, please do this." So what I've decided is that, on the week commencing the 5th of October, I had to look at my planner then I've been doing lots of planning today as well. I'm going to be doing an Instagram challenge in the Academy. So if you like the idea of that if you need some motivation, if you want some more engagement on your Instagram or you want to get some more followers. Or you just want to make sure that you're being consistent and you need the very gentle persuasion of my boot up your backside. Then maybe now's the time for you to join the Academy. Maybe now is the time for you to join me and the other members as we go ahead and do this challenge. Now, obviously there are a million other brilliant things that are in the Academy and reasons to join, but maybe you just need a bit of motivation with an Instagram. And as you know, I love Instagram and lots of people in the Academy are really keen to do this. So we're going to be doing that. Like I said, week commencing the 5th of October. So if you join between now and then, then you can join me and the rest of the members for that. So just go to teresaheathwareing.com/Academy and I will put the link in the show notes. Okay. Today's episode, we are going to be talking all things pricing. This is going to be a practical side and the more emotional slash mindset side. So basically, I'm having a bit of a brain dump of some things that come up all the time. And I thought as I answered them a lot anyway, why not answer these same questions to you guys? Or bring these same points to you guys and see if they help you too? So I am literally just going to go through a random list that I've got in front of me. And also because I am very honest. I've tried to record this episode about three times now, and I keep messing up because it's seven o'clock in the evening and I've been working all day. But you know, you just, I just want to get this done today and therefore, I just completely messed up a few different times and I've just literally started again and that's it. Now it's going to be fine. Thank you brain. It's going to be absolutely fine, you're going to be great. But it is going to be a little bit like I'm just running through some random points, but I've really hope these points will help you. So let me start by saying that when I first started my business and I had to come up with the pricing, I find really, really difficult. And I ended up charging out things way too cheap. Because I found it really hard to put a price on my head. I'd never had to, I'd always been employed before, so therefore, my salary dictated the level of my expertise and my knowledge and my experience. And when it came to doing it myself and literally saying this is what the price is. There was a few issues, sort of one, one, how did I actually put a price on my head and two having that confidence of actually trying to sell yourself is really hard. When I was selling a service. When I was working for a marketing agency, it was our agency that I was selling. It was easy. I find it really. Okay. You know, more than happy to apprise on the agency's head. But not so much when it came to me and my own stuff. So there's a few things I want you to think about it if you're struggling with this, that might help you come up with kind of a better pricing. And I've got a story about something that really kind of hit home for me. But first one thing I want you to do is look at these kind of points such as what's the industry average. Now I'm not necessarily always totally into that. Because one, sometimes I feel like people charge an absolute extortion amount of money for something that really is not that difficult. And the other time is actually if you are really good at something, and you have this amazing credibility then you can go above the industry average if they want to work with you because they love you then actually pricing doesn't matter so much at that point. As in, you can go higher than your competitors. But it's a great place to start in terms of, okay, "What are people actually charging for this?" So if you want some confidence, that's probably a really good place to start because hopefully your industry will dictate to you that you probably need to charge a little bit more. Not always, but, but maybe. Okay. So that's the first thing. What is the industry charging? Then have a think and have a look at what your...