Seven Ways to Add Value to (+ Up the Price On) Your Offerings
How many days out of the week do you feel like your business is just dragging, barely improving, if not just staying the same, and you consider changing things up just to see what happens? I’ve been there, and if you are anything like me, taking a look at your offerings with a fine-tooth comb is where you start.
After all, you can’t change your expenses or how likely someone is to buy — but you CAN change what you offer and the prices at which you offer it.
And here’s the secret sauce: sometimes it isn’t even what you’re offering that needs to change, but how you communicate the value. If your sales aren’t growing as you’d like them to, perhaps it’s simply a miscommunication between you and your potential clients and customers.
Maybe the value of what you offer isn’t properly communicated to your customer, or maybe the people you are targeting don’t value what you’re offering at all.
I’ve thought long and hard about what makes my readers tick; what they’re most looking for out of their side hustle. When you’re running on limited fuel, balancing your side hustle with your everyday life, the answer isn’t “quit and start something new” if you’re struggling to find your place in the market.
Instead, I’d like to suggest a few ways in which you can improve the value of what you’re currently offering in an attempt to attract more customers and clients or better sell your existing audience on what you offer. Maybe you can even boost your prices a bit to make some extra profit off the perceived jump in value!
Idea One | Improve Client Experience.
If your current process doesn’t treat the client like royalty, consider adding a few small touches that are no trouble to you, but help to communicate an elevated status. All consumers like to feel appreciated and well-treated!
Some ways you can easily do this are to provide expedited service, whether you pay a little extra for faster shipping or perform your service more quickly; providing a small gift with purchase like a simple treat or favor; investing in premium-branded packaging that communicates a higher-level service; or maybe just revamping your existing process to be more clear and streamlined, resulting in a better service from the customer's point of view.
Idea Two | Include More Content as a Cheap Add-on.
Ever wondered what to do about those products or services that just won't sell? Consider including them as a cheap add-on to your most popular services. After your client has purchased from you and can start to see your value, show off other offerings that might suit them just as well, at a discounted rate to thank them for contracting or purchasing from you.
This works for inventory, like out-dated accessories or last season's hits; digital products you've already created, so it doesn't take any more time to simply sell more; as well as straight-up free content you create specifically to include with each purchase or inquiry. You've heard that it's easier to sell to an existing customer than to book a new one, and this rings true even if they just barely joined the ranks of "existing customer".
Idea Three | Create the Effect of Higher Value Through Branding & Imagery.
Consumers make choices all the time based on perceived quality. A significant part of that quality is revealed through the branding and photos you use to communicate your value.
If you don't feel that your branding or professional imagery used on your website and social media adequately represents your business to your target audience, consider investing in a brand re-design or at least paying extra attention to branding your business consistently.
Idea Four | Implement Tiered Pricing or Packages.
Did you know that the majority of customers will flock to a middle-priced tier in a multi-tier pricing model, regardless of price points? I can't remember where I learned this, but I've found it to be very helpful in pricing my services as well as offering advice to my clients.
The idea is that customers don't want to feel "cheap", so they avoid the base service, and they don't want to feel like they're spending above their means, so they avoid the top tier. The middle ground is where they feel most comfortable and it's the easiest place to communicate the most value.
If you're struggling to book at your existing price points, consider developing at least three tiers of service. Offer a basic service that is still worth your time, but offers a customer the chance to work with you doing SOMETHING even on a low budget, a middle tier that includes the best value of product or service for your time, and a top tier that goes above and beyond, for those that really do want it all.
Idea Five | Revisit the Sizes and Bundles of Your Products or Services.
If they aren't buying a two-pack, consider selling pieces individually. Or if they don't want to book you for a single service, consider creating a multi-service plan for a small discount.
Part of your customer miscommunication may be that your value doesn't read to your current audience because they aren't using your product or service as you intended. Perhaps your products make great gifts, and the option to buy in bulk appeals to your target market!
Another suggestion is to decrease the price on any of your offerings but also decrease your contribution much lower so that essentially you're offering much less for only a slightly smaller rate. For example, if you're a photographer, you could offer one-hour mini sessions for 30% less than your standard two-hour session. You're cutting your time spent with the client in half, but only dropping your prices by about a third, so you still make a good rate of profit but can take on more clients and earn more overall.
Idea Six | Streamline Your Services to Minimize Expenses and Costs.
Does your workload constantly overwhelm you? Perhaps you could complete the work in half the time by dedicating a single day per week to bust out orders. You'd only take one trip to the post office, one run for supplies, and only need a nanny for a single day out of the week.
Taking significantly less time to complete a service or fulfill an order means you can take on more projects, earn more profit by decreasing your labor cost, and even spend more time communicating with the client, thus improving the quality of your product or service.
Idea Seven | Include a Special Offer for Future Use with Purchase.
We all know that people like a good deal. When you're advertising your products and services, consider including a deal for a future product or service, like including a 20% off coupon with their purchase for a future order, or advertising additional services in the future included with their sign-up today.
Including a limited-time offer like this motivates consumers to buy because of perceived future value, even if they don't end up returning to use their coupon or book their discounted service. This means you at least made the sale, and if you don't have to perform services or fulfill additional orders in the future, that's just money in the bank.
There are a lot of ways you can improve the value of your products or services without even doing much to alter your existing offerings. I hope this post sparked some ideas for your side hustle and if you think of other ideas I should include, comment them below!
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