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Pricing as a Service-Based Business
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I respect the info, but you gotta do a video on your bicep workouts.
hi Alex, how do you value the value you generate if you are offering a experince. For example a 6 day fishing tour in South Africa
How do i quantify the value of something subjective though?
Misleading
I don't see anyone talking about a formulaic strategy, for me anything less is guessing. I seem to get lost when you say it doesn't matter what it cost you to deliver it.
I prefer to cover expenses over the entire buying community and adding that % that you talk about, but only after you are covering costs. Until we get to mass momentum it is something that only adding a % could be costly. Would love to talk this one out, if ever interested @AlexHormozi
Facts
How the hell do you calculate that for teaching english 😭
I'm always confused on pricing.
Recently, I started using Pricing Calculator by Afreen and for the first time in my life, I'm satisfied!
I don’t understand, give me a example
This is something interesting to hear as someone with a dog walking and sitting business
For a home service business, should you aim for a profit margin of 10% to 20% after accounting for labor and material costs?
how do I know that ?
But how do you objectively measure how much value you are giving to the Customer?
How do you quantify that value that the customer is getting?
I'll tell you what not to do; listen to a guy wearing shorts way too tight.
How would you measure, value for creative services which are not countable.
You would be proud. I did exactly the opposite of what most people do
💯 lowering your prices seems easy but your going to kill the company you spent all your time and money…plus the client will be the worst kind and employees will underperform
Well, then the question is how to quantify the value delivered? SO one can take a 10-20% cut
It’s finally making sense to me
Lesson: value equation
@alexhormosi how would you price as a private therapy/coaching practice as there is no price associated with being free of depression f.e.
And how would you reduce churn? The absurd thing is I am really good but that means most clients are done after 6 sessions, so the better I do my job the less money I make. Just price accordingly?
Like I can do what most therapists accomplish in 6 sessions instead of 12, so I can ask for more money?
And how can I increase my impact and help more people? Therapy training or group coaching? Probably both?
You actually want to charge more to fewer customers. 10 clients paying 25$ an hour is better than 20 clients paying 12.50$. Gardening for example, drive to a wealthy area, charge high to clients with big gardens that require multiple hours. Continue to offer other services to them like roof clearing, tree cutting. And use word of mouth to build a client base in that rich area. Also add ons like trailer hire and waste removal you can charge a day rate for
How do you determine the value of a health outcome? The disappearance or improvement of a health condition – diabetes, anxiety, blood pressure, low thyroid, etc.?
Just my take but this is how i approach it as a web dev.
Lets say i do an ecom site and the goal i have is to help the customer increase sales.
If the clients business does 10k a week for example and i can help them increase user conversion by 50% of what they have before i start ( this is an example ) i will charge according to this.
Also i check company accounts and any public info to gauge how well they are doing before any of this.
Price based on impact and deliverables not on the market.
Maybe this should be explained further to make it make sense.
10-20% you would be broke in a few months just remember all these so called rich business mentors that give advice love to hear themselves talk ,My advice do it yourself think about it what in God's name can buffet teach me to make money
Thanks Alex I needed this 👍 Take care and God bless 🙏
This is awesome advice if we're selling something that is tangible. What if we're providing a service which is not intangible. Such as helping someone overcome some kind of negativity etc. Maybe someone who has heart disease is now much healthier and not needing to take as many medicines. How would you apply this for someone like that?
Another key here is being different, it’s much more easy to charge more if what you sell is not the same as anyone else. 👌
How can I apply this to a lawn mowing business? I always priced based off of time it takes me.
This would be a very valuable piece if you can make a longer version of it !👌🏼🙏🏼🙏🏼
What does that even mean?
Value based pricing based on what value proposition you provide, such a great tip 👌
I don’t understand what that means.
You charge 10-20% of the amount you’re saving the customer.
Even if you could accurately estimate how long they would take to do the job or how much their time is worth,
20% seems crazy low.
For example, to clean gutters you might charge $250.
Where as the customer could do it with a ladder, trowel and bucket themselves for no money and a few hours.
Even if their time is worth $50 per hour (which is high), then you should be charging them $40 total?
I would have though you would charge them over 100% of the value you save them for the convenience.
Unless you have a formula to equate value that I’m missing..
Thank you
I wonder how to do that in the educational sector for kindergarten teachers. How do you value them being more relaxed, understanding children better, raising social-emotional stable adults…? Value for society in billions (being able and not afraid to try new things fast and recover from failure, being able to lead…), value for teachers…their well being…. value for kids … healthier and more successful…. price… 20% of what?
How do you calculate thst when doing say personal training or nutrition coaching??