Pricing Mistake #4
Women’s Most Common Pricing Mistakes
You know what I hate? Surprises.
Actually that’s completely and absolutely not true. I love surprises!!
Heck, I get giddy just thinking about a surprise party, a wrapped present, or even someone holding something behind their back - like flowers! Who doesn’t like those surprises? And everything’s better with a bow on it!
But no one likes surprises around money, unless of course it’s a lottery win or a rich Aunt’s bequest. Still waiting Auntie - wink, wink :)
You’ve worked through Mistake #5 - Working for Free for Too Long and taken a conscious step up your golden staircase of self-worth.
Congratulations Girl! High Five!
Pricing Mistake #4 is the typical next hurdle after conquering #5.
You’re charging now for your sparkling talents but it’s not enough.
And how do you know it’s not enough?
No… not because you did a competitive comparison.
You, my dear lovely Lady, know it in your gut–because you are inherently intuitive as a woman–and your gut doesn’t feel good at the completion of the job. Neither does your bank account.
You feel taken advantage of and maybe a tab resentful but you know you did it to yourself. Hmmm… self-sabotage again.
Compound that with the very bad advice you’ve heard to “under promise and over deliver", and Alice, that’s one nasty bottomless rabbit hole you keep jumping into!
Mistake #4: Under Charging and Over Delivering
I realize that over the past decade everyone seemed to be giving away stuff in order to draw people in but have you noticed how that’s beginning to change?
Over the past 2-3 years even the big guys, who appear to be able to “lose money”, have put on the breaks of Under Charging and Over Delivering. Netflix, Google, Warby Parker, Purple Mattress, Hootsuite, and on and on.
They still offer discounts and deals but even trial subscriptions are for less time and less benefits. Hey, everyone has bills to pay and no one wants to feel taken advantage of, even the big guys.
CLIENT EXAMPLE:
I was recently helping a client clean up their contacts and audiences in Mailchimp. which, by the way, I love! We deleted an audience in order to make another one only to find out too late that since she was on the “Legacy” Free Plan which originally allowed 3 audiences she could only have one now and the rules around her 2000 contacts changed too.
While Under Charging and Over Delivering may appear as two separate hurdles, they go hand in hand. When you Over Deliver you are automatically Under Charging because, let’s face it, you’re once again working for free.
Let’s tackle Over Delivering and in doing so the Under Charging should take care of itself.
Over Delivering. I know, I know, I know … ME TOO!
I just can’t help but want to help. It’s the Nurturer in me. I see the path and the solutions so clearly, and being a GSD Girl (Get Shit Done Girl), I just want to do it, say “DONE”, and check it off my list.
But Over Delivering is exactly the same as working for free.
Sure, they’ll like you but so does your goldfish. We’re seeking respect and value.
Time is money, Honey! By working too long on something, you’re giving away your time for free. Free does not, and will not, ever equal Value.
“A girl says her worth, a woman acts her worth.”
Imagine this Scenario:
You’re redoing your kitchen. Your builder shows you some amazing laminate countertop samples. You love them and the price too. Then you go visit your BFF and see her new granite counters! OMG, I want that granite!
What do you think your builder will do? Give you the granite at the same price as the laminate? Not a chance. He’ll make a change order detailing the additional cost, the new time frame, and probably some other changes needed as well to accommodate the granite. He doesn’t even think twice about it. It’s not just a change in product price, it’s also a change in time, labor, and expertise.
Time is money and your time is very, very valuable. We all only have 24 hours in a day… at least the last time I checked.
ACTION STEPS:
Step 1: Set an hourly rate for yourself. Determine what your time is worth. Even if you work by the project, you should have an hourly rate in your head. And by golly, only have one amount! Your brilliance is your brilliance! It doesn’t get discounted because you think you’re doing something menial. Menial is relative.
Step 2: Notice your triggers.
Notice when and why you want to work above and beyond.
Thank your triggers for their alarms. They exist to warn you. It’s up to you how you choose to react.
Take a nice deep breath - breathing in the future and exhaling the past.
Step 3: Set Change Orders in motion before you jump down that rabbit hole again Alice!
By being clear on expectations and next steps you are not only valuing yourself but you’re also valuing your client and the work they have entrusted you with.
A little communication always goes a long way!
Repeat after me…
“Today, I will take a well-deserved and solid step up my glittering golden staircase of worth!”
“People say that money is not the key to happiness, but I always figured if you have enough money you can have a key made.”
-Joan Rivers