EP.76: Pricing From Power, Not Panic: What Most Entrepreneurs Get Wrong | The Ambitious Podcast
Description
In this episode of Ambitious, I discuss the critical signs that your pricing strategy might be broken, leading to burnout and lack of growth. With over 70% of service-based businesses undercharging for their offers, I explore the detrimental effects this has on scaling your business and personal well-being. We talk through seven common pricing mistakes and dive into a six-part framework designed to help you set strategic, intentional prices. From understanding your costs and evaluating brand positioning to competitor analysis and the importance of credibility, this episode offers a comprehensive guide to revamping your pricing strategy. Plus, I share personal experiences and insights on how the right pricing can energize you and your business. Tune in to learn how to confidently command your prices and scale your business effectively.
00:00 Introduction
01:39 Common Pricing Mistakes in Service-Based Businesses
09:39 The Accessibility Trap and Its Consequences
13:55 Competitor-Based Pricing: Pros and Cons
17:58 The Importance of Profit Margins
30:49 Steps to Determine Your Pricing
37:39 Understanding Hourly Value and Team Costs
39:43 The Importance of Knowing Your Costs
40:26 Brand Positioning and Pricing Tiers
47:34 Competitor Analysis and Pricing Strategy
51:09 Credibility and Expertise in Pricing
55:28 Client Desire and Outcome Value
59:41 Emotional Alignment and Pricing
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