Pricing Your Products - Articulating Your Value

here's the trick: it's not just about picking a bigger number and hoping your clients go along with it. If your costs increase, or if you’re delivering more value, you have every right, and sometimes a genuine need, to raise your prices. The key is to be open and honest with your clients about why the change is happening. Use your emails, blog posts, or even your social media to clearly communicate the reasons behind the increase.

Raising your prices is also the perfect opportunity to remind your clients of all the benefits they get from working with you. People aren’t just paying for your time, they’re investing in your skills, knowledge, and the transformation you offer. And if you’re feeling adventurous, rolling out a new product, service, or even a “premium” version can make a higher price feel natural and justified. Clients are often happy to pay more when they see additional value, think free delivery, bonus features, or special access.

A little transparency and a dash of extra value can go a long way, often resulting in stronger relationships and more sales. And remember: when you confidently own your pricing, your clients will feel that confidence too.

Staying Competitive: The Power of Monitoring Your Market

Just like you wouldn’t set off on a road trip without checking the map, you shouldn’t price your products or services without keeping an eye on what’s happening around you. At Fearless Business, we know that regularly checking in on your competitors and your clients is a crucial part of pricing confidently.

Here’s how it works:

• Know What the Market Is Doing: By keeping tabs on your competitors’ prices, you spot trends early. Maybe a rival starts charging more for a premium service, or perhaps someone offers a tempting low price. When you’re aware, you can decide whether to adjust your own prices, highlight what sets you apart, or refocus your marketing message.

• Listen to Your Clients: Nothing beats direct feedback. Run satisfaction surveys or simply ask clients how they feel about your pricing. If you consistently hear that something feels “expensive,” it doesn’t always mean you need to lower your price, it might just be time to better explain the value you deliver.

• Test and Tweak: Pricing isn’t carved in stone. Play with different strategies for different offers or markets. For example, Apple charges a premium because they pair their iPhones with unbeatable design and service. You can do the same by highlighting what makes your solution extraordinary.

• Measure What Matters: Track which products or services are your bestsellers, and make sure they’re giving you healthy profit margins. Adjust pricing based on real results, not just gut instinct.

Building a sustainable business is about giving yourself permission to adapt, test, learn, and evolve. Stay curious, keep learning, and never be afraid to tweak your approach as you gain more insight into your clients and your competition.

Why You Should Keep a Close Eye on Your Prices

Let’s be real, pricing isn’t a “set it and forget it” affair. Markets shift, competitors get clever, and customer expectations are on a never-ending rollercoaster. If you want your business (and your peace of mind) to stay solid, regularly checking in on your pricing is a must.

Here’s why it matters:

• Stay Ahead of the Curve: If your competitors suddenly drop or hike their prices, you want to know before your customers do. This gives you the chance to react strategically, without scrambling or undercutting your value.
• Connect With Your Clients: Open conversations with your customers, through feedback or quick surveys, can reveal if your pricing feels too steep or, on the flip side, worryingly cheap. Sometimes it’s not about the number, but whether you’re truly showing the worth of what you offer.
• Spot the Winners: Tracking which products or services are flying off the shelves (and which are gathering dust) helps you spot trends and direct your efforts toward what brings the best margin.
• Fine-Tune Your Strategy: Pricing isn’t just about making more money. It’s about building trust, showing your confidence, and finding that sweet spot where you get paid what you deserve while keeping clients thrilled with their results.

By being proactive with your pricing, not waiting for a crisis, you’re setting up your business for resilience and growth.

And as we guide you to confidently attract leads at your premium rates, just know: paying attention to your pricing is one of the smartest wins you can lock in.

Why Researching Competitor Pricing Matters

Now, before you can confidently set your own prices (or hike them up to where they deserve to be), it’s essential that you first peek over the fence to see what your neighbors are charging. Why? Because understanding competitor pricing positions you to make smarter decisions, not just wild guesses.

Think of it like this: if you price your offer way below industry standards, you risk undervaluing your own expertise and attracting bargain hunters instead of dream clients. If you go too high without justification, potential clients might bolt for someone who seems to offer the “same” thing for less.

Researching competitor pricing gives you:

• Perspective on Market Expectations. By knowing the price range in your industry or niche, you’ll have a sanity check, are you wildly out of sync, or are you right in the sweet spot?
• Insight into Value Positioning. Are your competitors touting higher prices because they include extra perks, use premium materials, or have a sterling reputation? Spotting these details helps you decide if, where, and how you can stand out and command a higher rate.
• Clarity on Your Differentiation. When you know what others charge and why, you can pinpoint what makes you different, and communicate that difference, whether it’s bespoke service, faster turnaround, or results that knock socks off.
• A Leg Up in Negotiations. There’s power in confidence. When you know the landscape, you’re less likely to be blindsided by objections like, “But so-and-so only charges X.” You can stand firm, and explain exactly why you’re worth your price.

How do you uncover competitor pricing? Check their websites, browse marketplaces (Amazon, eBay, Etsy, you name it), or even download public rate cards when available. Don’t forget, real clients can be a goldmine of insight, ask them what they’ve paid elsewhere and why they switched (or would consider switching) to you.

With this knowledge, you’re not guessing, you’re pricing purposefully and profitably.

Leveraging Customer Surveys for Smarter Pricing

Customer surveys are one of the most powerful yet underrated tools in your pricing arsenal. They take the guesswork out of what your clients truly value and what they’re actually willing to pay. At Fearless Business, we’re big fans of regularly checking in with your audience, not because it’s the trendy thing to do, but because honest feedback is pure gold.

Here are a few ways you can use customer surveys to refine your pricing decisions:

• Gauge Willingness to Pay: Don’t just assume your price is right. Instead, ask clients directly what they would pay and what alternatives they’ve tried before. That way, your pricing isn’t just a shot in the dark.
• Spot Price Resistance: If you repeatedly hear that your services seem expensive, dig deeper. It could be less about the price, and more about a gap in how you’re communicating your value. Surveys help you pinpoint where those disconnects happen.
• Identify Competitors: By learning which other brands or experts your clients have considered, you’re better equipped to position yourself (and adjust your rates) in a way that makes you the obvious choice.

And most importantly, don’t make this a one-off exercise. Continually gathering feedback means you can adapt quickly, stay ahead of the curve, and keep both your bank balance and your clients in a very happy place.

Figuring Out Your Margin: Keeping It Simple

Let’s face it, working out how much to charge can feel like playing darts in the dark. But there’s a straightforward starting point: once you know your fixed and variable costs, the next step is deciding what margin to add on top.

Here’s how to approach it:

• Choose Your Margin Wisely: Take a look at what your competitors are charging, not so you copy them, but so you know where you stand in the market. Then, think about the value you deliver and your own business goals.
• Start With a Percentage: Many business owners pick a standard percentage to add, say, 30%, 50%, or even 100% if the market allows. For example, if your total cost per service is £100 and you want a 50% margin, you’d charge £150.
• Check for Value Alignment: Does your price reflect the expertise, care, and transformation you deliver? If you’re under-pricing, you’re not serving yourself (or your clients) well.
• Stress-Test Your Prices: Ask yourself, “If I double my margin, what would I need to change about the client experience to make it irresistible at that price?” This isn’t just theory, it’s the kind of bold question brands like Apple or Tesla ask themselves all the time.

Calculating your margin isn’t just about covering costs, it’s about creating the breathing space you need to deliver epic results and grow without burning out. When in doubt, aim a little higher; it’s easier to come down later than to raise your prices after the fact.

Why Knowing Your Break-Even Matters in Pricing

Before you go wild with pricing, there’s a crucial checkpoint: knowing your break-even costs. This is where a lot of bright business minds trip up, pricing with gut feel or copying competitors, instead of looking at the real numbers.

Your break-even point is the minimum you need to earn just to cover your outgoings, so you’re not dipping into your own pocket or racking up credit card debt with each sale. If you skip this step, you risk working flat out and still coming up short at the end of the month.

Here’s how it works:

• Fixed costs are your constants, things like rent, insurance, software subscriptions, even your Zoom account (thanks, tech revolution).
• Variable costs change with each customer, like the cost of materials, packaging, or payment processing fees Stripe and PayPal love to collect.

If you charge less than it actually costs to run your business (counting both fixed and variable), every sale means you’re digging a deeper hole. Let’s not do that, shall we?

So, get a handle on your numbers before you set your prices. Crunch your costs, layer on a profit margin, and make sure every client lifts you closer to financial freedom, not further away.

Because if you don’t have your break-even nailed, pricing becomes a guessing game, and the house always wins.

Using Lower Pricing to Break Into an Established Market

One tried-and-tested way businesses can make a splash in a crowded market is by strategically offering lower prices when they first launch. This isn’t about a permanent race to the bottom. Think of it like the classic “try before you buy” at your local Whole Foods, except you’re letting customers experience your value at a lower price point to build trust and excitement.

Here’s how it often works:

• Build Awareness Fast: By pricing your initial offering below what established competitors charge, you instantly turn heads and give customers a compelling reason to try you out.
• Prove Your Value: When customers see they’re getting solid results or a better experience for less, you’re already sowing the seeds for future loyalty.
• Raise Prices Confidently: Once you’ve delivered that value and built a foundation of happy clients, you’re in a much stronger position to raise your prices, often to match or exceed the competition.

The trick is to avoid staying in “discount mode” too long. Use this approach as a launchpad, then focus on showcasing the unique value, results, and transformation you bring, just like we advocate when helping coaches and consultants price with confidence.

Some things I've noticed about Coaches and Consultants:

• They are super bright, intelligent people
• They have an inordinate number of skills and amount knowledge
• Absolutely love helping their clients Get AMAZING results for their client

And yet:

• They work all hours under the sun For maybe 4-5 days per month
• Earning less than the average national wage
• Are completely exhausted If they stop working/selling then their business dies a slow and painful death

So, if any of that resonates then my little bonus episode might help you to understand why this is happening.

Basically you are struggling to articulate your value and undercharging for your services. This is because your clients' perceived value is based on the attachment to your time and NOT the results and outcomes you can deliver for them.

This episode of the podcast will change that. I refer to some slides in the episode, as the audio came from a webinar I delivered, if you'd like the slides then let me know - robin@fearless.biz.

Also, if this resonates then let's jump on a call - https://www.robinwaite.com/app - and I'll help you to articulate your value and get you earning more money!

Where Can You Find Your Competitors’ Prices?

So, you’re probably wondering, “How do I figure out what my competitors are charging?” Great question, and absolutely essential if you’re going to start charging what you’re worth.

Here are a few practical ways to do your homework:

• Check Their Websites: Many businesses (especially coaches, consultants, and freelancers) share their pricing or at least give clues about their packages right on their site.
• Browse Marketplaces: Have a snoop around online marketplaces like Amazon, eBay, and Etsy. These platforms are goldmines for seeing real rates in action, great for product businesses or anyone bundling services.
• Download Rate Cards: Service businesses often make their pricing transparent by offering downloadable rate cards. It never hurts to take a look.
• Look for Public Contracts: If any of your competitors work with local authorities or government, those contract values are usually public, just a bit of digging required!
• Use Technology to Your Advantage: Price monitoring tools can track competitor adjustments for you (so you don't have to watch all day).
• Ask Your Customers: There’s no shame in simply asking your clients (or prospects!) what other folks are charging them or pitching.

Now, don’t get sucked into a race to the bottom just because you know what others are charging. Use this info to benchmark, but remember: articulate your VALUE and price for the transformation you deliver, not just your time.

What Are Fixed Costs?

Let’s talk about one of those business buzzwords you hear tossed around, fixed costs. These are the expenses that just keep turning up, month after month, no matter how many clients you sign or products you ship out.

So, before you panic about bills piling up, here’s a quick rundown of what tends to fall into this category:

• Rent or mortgage payments on your office/working space
• Staff salaries (yep, even if it’s just Brenda answering emails)
• Insurance premiums and loan repayments
• Utility bills that trickle in, like electricity, internet, water, and gas
• Depreciation of your trusty laptop and other office equipment

In other words, fixed costs are those regular outgoings you can count on, rain or shine, orders or no orders. The sooner you have a handle on these, the less likely you’ll be caught off guard when it’s time to review your pricing strategy or scale your business.

A Bit about Fearless Business:

Join our amazing community of Coaches, Consultants and Freelancers on Facebook:
>> https://facebook.com/groups/ChargeMore

And check out the Fearless Business website:
>> https://www.fearless.biz