5 Steps to Properly Pricing Your Work
I recently had a coaching call with one of my clients who was trying to decide on pricing some of her large-scale sculptures for a commission project.
You can listen to the conversation HERE.
Here are my key takeaways from the session, as well as my Irresistible Pricing Framework.
1. Your price is not the issue, it’s your thoughts about the price that is the
issue.
People spend money on the most random things! TASCHEN sells a limited edition book that comes with a piece of a meteorite for $750,000. I know this because I’ve worked for them for over 6 years and still dream about selling it.
Earlier this year, I heard that a Tik Tok star was selling her farts in a jar for $1,000 each.
I’m sure you have thoughts about both of these examples!
The point is, the people selling them do too. They believe that they can sell their product or service for what they priced it at, and then they go out and do it. Because a consumer’s price objection is actually never about the price itself but about the value they get for the price.
Why else would someone spend hundreds of dollars on an item only to hesitate when there’s no free shipping?!
2. Justify the price for yourself on paper and out loud.
Write down all the reasons why your work is worth what you are selling it for, and why someone would get value out of it. Rinse and repeat.
After all, no one questions you about why your favorite color is what it is - they take it at face value. So, why do you need to explain why your preferred price is the price it is, aside from the value it brings?
3. Learn by doing.
The more experience you have, the more confidence you create, and as a result, the higher price you can charge.
✅ What kind of experience would you need to become an expert at what you are offering?
💰 What is the simplest way to develop this experience and get paid while doing it?
And if you don’t have much experience yet or you feel like a beginner, you can always beta-test it by selling your products or services for free. It’s called market research!
There is no shame in working for free, that’s how I landed my first job selling millions of dollars of art at a gallery and also coaching for free for 2 years.
4. Know your minimum - and charge that.
When you undercharge and over deliver you get happy customers that will sell your work for you. That’s why giving some of your products and services for free or low cost is a great way to build demand.
You can create multiple offers - high-ticket ones that will be your bread and butter, and lower-end offers to gain experience and build your audience.
Think of the 80/20 rule. 80% of your products and services can be free or low cost and the other 20% should be your high-end offer.
Focus on selling your high ticket offer at a price that is a “no-brainer” and bring new fans into your world with all the amazing low-cost and free value you give.
5. Pick a price and stick with it.
You can always adjust your price but stick with the same price long enough to evaluate other areas of your business like networking, promotion, sales copy, advertising, outreach, etc.
Having an experimental mindset is key, but when you make a decision, committing to it and following through is the only way you will learn if it works for you or not.
It’s also a great way to build self-trust. This is a great learning opportunity for you to get completely clear on why you want to change your price instead of just making it the scapegoat for why your work isn't selling.
The truth is, we all need money to survive, but hitting your sales goals won't really create the fulfillment that you're looking for. It’s a huge misconception. The actual process of doing work that lights you up inside is where the fulfillment can be found. So focus on finding work that you enjoy and building your confidence in it so that money will naturally grow.
And if you need help with pricing or figuring out how to grow your confidence with your work, these are the things I help my clients with all of the time! So, go ahead and schedule a free 15-min career clarity session. This is where we will get clear about what you really desire and what’s holding you back from achieving it. Then we can figure out if 1:1 coaching is right for you.
Bonus! Here are five additional questions to ask yourself when pricing and selling your work, which I call the Irresistible Pricing Framework. Head to this post to see what they are!