Trying to sell to folks who arenβt your ideal client, building what wonβt sell, or marketing to the wrong rooms will seriously affect how potential clients see the value of your biz.
But if you want to up your prices, you have to up your game too.
Here are 3 steps to up your brand + biz for premium pricing.
Β© The Sprouting Biz
βThatβs expensiveβ
βIβm looking for someone affordableβ
βCan you do (service) for (10x lower price) instead?β
These sentiments may be all too familiar for business owners who are still hands-on in their biz.
While you canβt control what others will say (or pay), you can control:
the rooms you market to
the client demographic you serve
the strategies you use to position your business
so you can feel more confident selling at premium pricing with less haggling, bargaining, or side-eye
Here are 3 ways to set your brand up for premium pricing
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5 Minute Read β
π Step 1: Become an Expert Of YOur Market
You need to master two things to start pricing + selling more competitively
Talk To Your Customers
Talking to customers = understanding market needs
Knowing who your clients are, what they need (and will pay for), and how they are currently not being served is vital to quickly finding your premium offer
β¨ Challenge: Schedule time to have in-depth client conversations each month (or quarter). Make this a recurring practice, not just tied to a launch or product release. Make the questions objective, measurable, and consistent to truly gauge what is motivating them to buy (and what they are looking for next)
Study Your Competition
Studying your competition = knowing what already exists (so you can do it better)
Treat your competition as a valuable source of information, potential future collaborative partners, and good-natured competition. Study what exists in the market, what gaps are not being filled, and what their customers love (or are not satisfied with) so you can build yours better.
β¨ Challenge: Stop the doom-scroll. Pick specific days each month that you check in on your competition for 3-4 targeted insights. Track your findings and bring these insights into your annual market analysis. Donβt get so caught up in what everyone else is doing that you stop building your own
π― Step 2: Strategically Position Your Biz
Specifically, you need to be selective about where you show up + crystal clear on what makes you different so the right folks can find you + buy from you
Stay In The Right Rooms
We need you to repeat the following
βI will not stay in rooms that continue to devalue my worthβ
If you continue to stay in rooms that are not matching:
Your price points
Your value
Your expertise
You are putting yourself at risk of chronically undervaluing + underpricing your offer, and even burning out.
You need to find the people and rooms where you only have to communicate your value, not constantly justify your worth, and eventually build enough trust so that your brand reputation precedes you.
That is not to say that entrepreneurship will not be challenging, but it does mean that we must stop romanticizing + normalizing unnecessary struggle.
Find Your POP
Even after doing your due diligence to provide folks with what they will pay for + positioning yourself in the right rooms, itβs rare that you will be in a completely untouched market.
So how do you make your mark in a crowded market? You stand out.
You don't always have to build the wheel from scratch. But you do need to figure out the unique ways your approach + experience + offer + brand will help your clients remember you + choose you
This 50-count action card deck was designed for growing entrepreneurs to find their unique brand positioning to grow a memorable brand.
π Step 3: Become βThat Bizβ
If you want premium pricing, you need a premium offer + customer experience + brand that makes the math start mathing.
That means you mustβ¦
π Invest In Your Brand π
Your brand is more than a logo + pretty colors (those are important too, but just the cherry on top of a strong brand sundae).
You need to invest in + communicate high value across:
Your Offer
You need to be crystal clear with your high-value offer. Based on your deep dives, what is the most impactful offer you can provide to solve a specific problem? Once the right people know that you can solve their issue, the pricing isnβt an issue.
Your Messaging
Folks are busy. In a few seconds, you need to make clear: who you serve, what you do, why it matters, and what makes your approach different.
Your Customer Experience
From discovery to closed deal, your client or customer should be taken on a unique + pleasant + memorable journey. Donβt reel them in with a certain expectation and leave them disappointed.
Your Brand Reputation
What are customers + clients telling their circles based on their experience with you? You will never be able to please everyone, but you can do an excellent job at providing high-quality offers + products along with top-tier customer service
Your Visual Brand ID
Premium offers deserve premium, aligned designs. Whether you are a luxury brand or a high-energy experience, your visual identity (logo, color palettes, website, packaging, merch, etc.) should make your brand easy to recognize and remember.
β¨ Soooβ¦ β¨
Did this article speak to you?
If so: you might be our ideal clientele
The Sprouting Biz specializes in helping growing Muslimahs in biz find their POP + create premium brands
Letβs chat!
