I have been attacked by 2 wild men in Kathmandu, Nepal. One guy mistook my arm for a buttered role and bit me. Another Mike Tyson wannabe wailed me in the shoulder.
I knocked on death’s door after losing 15 pounds in a week and getting dangerously dehydrated from giardia in Muhamma, India. Yes, I appeared to be a stand in for Gollum after drying up like a California raisin.
I mixed it up with a slobbering vagrant in Granada, Nicaragua.
I stared down bullet ants and poison dart frogs in the remote jungles of Buena Vista, Costa Rica.
Figuring out what to charge for my products and services almost scared me as much as these intense, exotic experiences.
Because money is funny like that. I had as many blocks as an NFL offensive line in all things money. I felt handcuffed by a dizzying deluge of money limiting beliefs. From feeling like I wasn’t *good enough* to being horrified of being skewered by critics to worrying endlessly about if I priced too high, I walked myself off the blogging business ledge only 15,342 times during my career.
Benefits of Pricing Your Products and Services Properly
- reap the rewards of your playful labor (I don’t do the “hard work” bit)
- build a powerful brand
- avoid financial struggles
- skip pricing-related stresses
When I wax poetic about my blogging career, a few split second decisions made THE difference. Raising my coaching rates. Or elevating my freelance writing rates. Or pricing my eBooks properly. 1 minute, I priced like a blogging pauper. The next minute, I priced like a blogging pro.
Ready to live your dreams?
Here’s how to effectively price your blogging products and services.
1: Scout Around
SA: Scout Around.
A few months back I stumbled across a well known blogger’s coaching services page. After perusing his rates I had an epiphany; I charged a pittance compared to his healthy rates. I gave away the Fiji farm. I belittled my Balinese experience. I mean, think about it: I know exactly how to retire to a life of island hopping through smart blogging. Lived in Fiji for 4 months. Chilled in Bali for over a year. Hung out in Thailand for a year too.
After spending almost 5 years island hopping like a fool I can share with you the specific, practical, actionable tips – and more important, the inner techniques to raise your vibe – to help you make your blogging dreams come true.
I whipped myself with a wet noodle. Self-flagellation always gets me going. I proceeded to build a benchmark rate for my blog coaching and freelance writing services based on a collection of blogs from my niche. Like an average of rates combined. I eyeballed what fellow bloggers charged and worked out a figure.
Scout around. Peep blogs from your niche. What are fellow bloggers charging for their eBooks? For their services? Establish a benchmark rate based on your scouting sessions.
The fun part!
I learned more about myself and my relationship with money through this technique than by any other strategy.
Add $$$$’s to your benchmark rate. Or, charge a bit more than the other blogging guy or gal. This moves you outside of your comfort zone. Which is where the money is. Because overcharging is simply your mind’s way of saying: “I believe in lack and limitation.” Meanwhile, billion dollar businesses are built on offering premium products and services.
As you build your brand, make friends, share value and persist like the dickens, your readers, followers, minions, serfs, fans and connections will run through a brick wall to get what you have to offer. Fans are fanatics. Fanatics spend their dough to get their fix. Their fix of you.
My readers love my brand. My readers are all in. Price is no issue. Because my readers see the value in learning from a dude who went from New Jersey to Nepal. From Plainfield to Penang. From the US to Udon Thani, Thailand. I used to think Bali was a country. Now I can name tiny Balinese villages dotting the rice fields after living in these hot spots for months at a time.
People who want to live in paradise will gladly pay for the tips, techniques and strategies to live in paradise. And they’ll pay a premium too.
Example: if the benchmark figure for blog coaching services is $200, charge $250 or $300 for your blog coaching services. Doing so energetically aligns you with a more prospering crowd. Doing so makes you realize that you’re offering a premium product. An in-demand service. Something special.
Note: this strategy works nicely within reason. Just as you wouldn’t charge $700 for a can of tomato juice you wouldn’t charge $20,000 per hour for blog coaching services when folks in your niche charge $500 per hour.
What if You’re a Newbie Blogger?
Maybe you can’t overcharge as a blogging newbie. But from Day 1 of your blogging career – or from today going forward – offer a product or service or both and charge for that bad boy. Newbie bloggers often fall prey to the “I have no skills or experience” limiting beliefs when it comes to offering a product or service, then, charging for it.
Charge something. Pick a price point that pulls you outside of your comfort zone. A neat thing happens; your skills will catch up to the price.
You are special. Your experiences are unique. Tell your story. Wins and losses. The whole shebang. Link your stories into your niche. Build a blogging business. Charge something, anything, to program your readers to know: this is an blogging entrepreneur, not some Amateur Hour Hack.
Sitting with uncomfortable feelings like: “I don’t offer enough value, I’m not good enough, I’m charging too much” or any other limiting beliefs shows you the very ideas you need to face, embrace and release to make that sweet blogging scrilla.
As for me, I clung to some weird price block around the dreaded C Note: the $100 price point barrier. I feared charging more than A Bill because this was “expensive to me”, and “people couldn’t afford it.” Bull crap. People will pay for what they want, for what benefits them, for what they value, for what solves their problems and for what helps them live their dreams.
Since I decided to charge more than $100 for various products and services (or the exact $100 figure) I instantly felt clearer, more confident and an overall sense of happiness about my blogging prospects. Something else neat happened to: I popped up on the radar of high profile sites like Forbes and Virgin. The Blogging High Rollers of the World value you if you value yourself.
Overcharging is in essence knowing your premium to weed out the bottom feeders. Because avid fans don’t recognize the word “Overcharging.” They pay for what matters to them. And don’t see the difference of a few bucks for a low end product or a few hundred for a high end product. Benefits inspire them to break the bank or dip a bit deeper into their coffers if they are prospering folk.
3: Don’t Make this Mistake
Most bloggers terribly undervalue their products and services, and accordingly charge a pittance. Or charge way too low for their offerings. If business slows or stalls one of the worst things you can do is to lower prices. Doing so appeases bottom feeders. Or placates tire kickers. Broke folks are a poor foundation on which to build your business. Kinda like trying to build the Empire State Building on a foundation of sloppy sand.
Do not, under any circumstances, lower prices for a period of 3 or 5 months – or longer – to drum up business. This sends off a “damn I’m desperate” vibe that attracts desperate folks to your blog. Be bold! Make money blogging by knowing the value of your offering and by standing firm.
4: Follow Your Fun
If you love writing, become a freelance writer.
If you’re a ham, become a video consultant. Or whatever these guys are calling themselves these days.
If you have fun writing, you’ll write a bunch. Won’t feel like work. It’ll be play. And you’ll get pay for your play as the quality of your writing improves. This is probably the #1 tip for getting clear on your pricing levels. Especially if you’re going to charge a bit more than the average blogging bear.
How do you price your blogging products and services?