Figuring out your worth isn't just about the physical work you do or provide, but it should also be determined by your beliefs, how you compare to competitors and much more. Here are three guidelines to help you establish what you're worth:
1. Start thinking about value.
For those that sell services versus physical products, figuring out your worth can extremely challenging. Many service providers have a hard time articulating their value proposition because they don't have a product you can see, feel or touch.
It requires you to think more abstractly when it comes to naming your price. Consider the value your buyers will receive by using their service and how it'll make your buyers' lives easier.
2. Evaluate your own financial beliefs.
Everyone has different beliefs when it comes to money, holding it in different regards. Were you raised in a household where money was spoken about from a place of abundance or scarcity?
If your parents said things like, "Turn the lights off, money doesn't grow on trees!" or, "Eat everything off your plate, there's kids starving around the world," you probably place a lot of value on money. It might be more difficult for you to charge a higher amount because you're conscious about budgets, including other people's.
Don't let this hold you back from establishing your worth.
3. Ask yourself the hard questions.
When determining your worth, ask yourself these questions:
- Do you believe you're worth what your currently charge? Why or why not?
- Is your product or service great?
- Do you believe your prospects life or job will be made easier because of your product or service?
- What makes you better than your competitors?
- What's unique and special about you and your product or service?
When you compare yourself to competitors and you're above the rest, feel confident in charging a higher amount. Prove to your prospect their money is going to the right place.
When it comes to sales, one size never fits all. For example, I'm the kind of person who doesn't like a lot of details. I prefer bullet points and being straight to the point.
However, I've had prospects who like tons of details, example, and analytics. Once I discovered that, I then knew exactly what was required of me. I had to give lots of information to ultimately show why I'm charging what I'm charging and why it's a great deal.
Sometimes, there are exceptions to charging your worth. If you believe giving a prospect a deal now will yield more clients or benefits in the future, it could be something to consider.
It's most important to realize how much the work you do is valued. Be confident in that when you state your price.