Choosing The Perfect Price For Your Product
Omage of a desk with a clock on its back and pencil on a curriculum vitae with the text underneath saying: How can a neurodiverse individual effectively prepare for a jon interview/meetig

While you know how much your product is worth, your prospective customers don’t. Pricing your product or service well is vital to achieving the sales your business ought to have.

Aim too low and customers might assume your product is low quality. If you aim too high, you could alienate your target audience. Some business owners pick a price without giving it much thought. While the process doesn’t have to be complicated, it should be strategized.

Read on to learn how to find the right price for your product.

Should I price based on my competitors?

Looking at how your competitors are pricing their products is often the first step a business owner will take.

It makes perfect sense to do this, however your pricing shouldn’t just be a knee-jerk reaction to your competitors’ pricing strategies.

Your price doesn’t have to be the lowest price out there. In fact, sometimes having your price too low can put customers off, as they will assume the price matches the quality. Chances are, there will always be someone who can price their product lower than you. If you’re aiming to have the lowest prices out there, you’ll be fighting a losing battle.

Use your competitors’ pricing to get the gist of what customers are willing to pay, but don’t assume that those prices are a challenge waiting to be accepted. Find the highest and lowest price on the market currently. As long as your price fits roughly within this range, you’ll know you are on the right track.

Don’t Go Too Low!

A lot of customers will be suspicious of a price that’s too low. They’ll assume that you must have cut corners. Never price a product so low that people assume it must be too good to be true.

It’s also a good idea to avoid using the word cheap – this has connotations of poor quality. Instead, draw attention to what great value your product is for the price. Words such ‘bargain’ or ‘budget’ are less likely to put your customers off.

Have Faith In Your Product

As long as your product is good quality, you don’t have to be afraid of charging for that quality.

It may seem backwards but charging a premium price can actually boost your sales – as long as your product reflects that price!

Ask yourself: what do I genuinely think this product is worth? The chances are that your confidence in your product will rub off on your customers.

Provide Options

Never determine someone’s budget for them. Don’t assume that someone won’t pay a premium price, but likewise don’t assume that everyone will be able to afford it either.

Giving people a couple of options allows for flexibility. If people feel your highest price point is too expensive, being able to offer them an affordable alternative might prevent you from missing out on that sale.

Be wary, however, of offering free trial systems. These can often attract people seeking freebies who weren’t ever serious about purchasing.

Reward Previous Customers

If you secure a sale with a customer, reward them! This increases their loyalty and makes it more likely that they will buy from you again.

It’s far harder to repeatedly find new customers than it is to convince existing ones to purchase again. After all, previous customers already trust your services – they are already halfway though the door, so to speak.

Rewards could include exclusive sales and discount codes, free gifts with purchase or a loyalty scheme.

Experiment With Promotions

Your price doesn’t have to be set in stone – feel free to experiment. Most people will understand that business prices fluctuate, but if you want to experiment with pricing without frustrating existing customers, promotions are ideal.

Promotions can also be a useful way of determining where your prospective customers are coming from. Having a discount code that’s visible only on certain social platforms can allow you to monitor the customers that are coming your way via social media.

Deciding on your pricing strategy can be a learning curve, especially if you’re a new business owner. Don’t forget that pricing can be flexible, and it’s better to change something that isn’t working than to stick with it indefinitely.

As long as you stay flexible and don’t attempt to be the cheapest out there, you’ll be on the road to success!

I always knew I wanted to be my own boss one day, but the right time never seemed to present itself.

On a camping weekend, I hurt my ankle badly and I simply couldn’t drive, the mega Corp I worked for as an Executive Assistant were surprisingly sympathetic and rather than just be off work sick, they arranged remote access to work from home, happy days, no commuting. Eureka!! I could do this on a permanent basis if I took “The Risk.”

I handed in my notice and started building my business, sourcing associate work to tide me over until I had my own clients.

One unremarkable day I had a query from a potential client who literally changed my life, she explained that she was Neurodivergent, (something that I’d had a little bit of experience with within my former corporate life) and could really do with a VA that could cope with her particular way of working. I finally realised it wasn’t just the commuting I struggled with, it was the whole corporate world that I didn’t want to engage with, my passion has always been to try and help/assist wherever I can.

Neurodivergent clients are simply the best, no one client is the same as the next and the feeling of accomplishment when I know I’ve actually made a positive difference can’t be beaten.

So if you’re a Neurodivergent business owner, take that “risk”, arrange a call with me, join my Facebook group or take out a membership and see how me and my marvellous team could give any assistance needed.

Taking a risk could mean leaving that job you’ve hated for years. Maybe you’re dreaming of starting your own business or thinking about going back to school because the degree you got the first time just wasn’t the right fit. Or perhaps, it’s about finally saying NO MORE to always trying to make everyone else happy.

To really grow—both personally and in business—you’ve got to step out of your comfort zone and try something new.

Do you have the courage to take a risk?

What’s holding you back?

Are you stuck in the “what ifs”?

Are you just surviving or feeling stuck in your comfort zone, struggling to break free?

If you’ve been thinking about making a change but fear of failure is stopping you, it’s time to ask yourself: What part of myself am I losing because I’m afraid to take a risk?

Only you know what needs to shift for you to move forward.

When I started my own business in 2018, I had those same doubts and fears. Leaving a secure, full-time job with no clients lined up was a huge risk. But looking back, I have no regrets. It was the right move for me, and it’s paid off in ways I couldn’t have imagined.

Now, I wouldn’t tell everyone to just quit their job. It was a decision that took a lot of planning and careful consideration. I was lucky to have a backup plan and the support of my husband. Without that, I couldn’t have made the leap.

Back then, I was stretched thin, working over 70 hours a week at a demanding full-time job. I realised I couldn’t give my all to both my job and my personal aspirations. The thought of continuing on that path, neglecting my own dreams, was fast becoming a non-option.

Leaving a steady salary behind was scary, especially with no clients lined up. But staying in my comfort zone wouldn’t bring the fulfilment and success I wanted. So, I decided to take the risk.

My boss thought I was crazy and even offered to let me stay on part-time, working 20 hours a week. For some, that might have been a good compromise. But for me, it wasn’t just about the money. I pride myself on giving 100% to whatever I do, and I knew that splitting my time would mean I couldn’t give my best to either role.

So, despite the uncertainty and scepticism from others, I chose to just DO IT and take my own path. By no means was it an easy decision and on my last day at work I felt physically sick!  As I walked out of the office for the last time and got in my car, for the 1000th time, that day I had doubts and what if’s running through my head!  What the bloody hell had I done?  And more importantly, now I was on my own, where do I start?  There was no one to tell me what to do and I was seriously thinking of going back and asking for my job back!

Now 5 years on, I can confidently say it was the right decision. It hasn’t been easy, and there have been moments of doubt, but the freedom to pursue my passion has been worth every challenge and sacrifice.

I love what I’m doing!

Taking risks can be inspiring, enjoyable, and help you grow in so many ways. Embrace it!

What are the potential rewards of taking risks in life?

Sense of Accomplishment: Taking risks is scary, but it leads to self-discovery. Many people I know had no idea where their journey would take them, but the sense of accomplishment and pride they feel is incredible.

They feel alive for the first time, I know I did!

Personal Freedom: Imagine working with people you like and doing what you really enjoy – this is your path to personal freedom.

Letting Go of the Past: Challenging old routines and assumptions can be rewarding. By taking risks, you can disprove old beliefs and free yourself from negative thoughts and “what ifs”.

Self-Discovery: This is a biggie; risks help you learn about yourself, your values, and what drives you. With new experiences, you can find what truly makes you happy. My journey from being an employee to running my own business has been a profound experience of self-discovery.

Increased Confidence: Each risk you take builds your confidence and makes you more flexible and a better decision-maker.

New Opportunities: Stepping out of your comfort zone can lead to new opportunities, both professionally and personally and it’s so exciting when this happens and I LOVE meeting new people and learning. No more stuck in that 9 to 5 waiting for someone to leave before you get the opportunity to get promoted.

Resilience: Risks teach you how to handle setbacks, building resilience and the ability to navigate challenges like a pro.

No Regrets: If the risk works out, fantastic! If not, it’s a valuable lesson that makes you wiser. We learn from our mistakes.

 

For those who are neurodivergent, taking risks can feel daunting, but it can also lead to incredible personal development and success. Using a Virtual Assistant can be a game-changer, providing essential support and helping to navigate uncertainties.

Starting to take risks can be scary, but that’s okay. It’s natural to want to stay safe. Trust me, taking risks can be fun too. There’s a whole world out there with endless possibilities. To figure out which risks are right for you, just go with your gut. Don’t be afraid to try new things. Even if something doesn’t go as planned, you’ll learn from it and grow.

Curious about how Virtual Assistant support can change your risk-taking journey with a business that understands what it’s like to run a successful business. Schedule a FREE consultation with me—no risk here, I promise!

 

Ps. Yes, that’s me jumping out of a plane for charity!

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