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How do I price services?

Pricing services is tricky... especially in an under-valued industry like design.

Hence I need advice on how to go about pricing my branding and design services. I specialize in logo and brand identity design. I know for sure that my services are super valuable to my target market. And I am dead sure I can help them achieve results. But most of them cant afford the kind of price I want to charge for my services.

How do I balance offering premium design services, while making it affordable for startups?

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6 answers

Try value based marketing. Your issue may not be simply price. It could indeed involve other factors you will need to consider. Please see the following Q&A Link here at Micro Mentor: https://www.micromentor.org/question/4093

Report Kenneth's answer

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Look at competitors. If there are no close competitors, do a quick survey and see what people might be willing to pay for your product. A calculation of costs might also be a good point to start, from where you can set a premium for your value add

Report Kanak's answer

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Within most any field you can find companies priced higher than the market and lower than the market. You need to decide who is your customer and what price range they are most likely to pay.

You are also are new, right? So even if your plan is to be a premium designer, you have to start somewhere and build a name for yourself. So maybe you start with more moderate pricing (not dirt cheap - believe in yourself — but not crazy high). Show what you can do - that you are ultra creative, timely and provide excellent customer service.

Over time, scale up your prices and your clientele. Good luck!

Report Sirena's answer

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I believe that people will not pay ($amount) _regardless how tiny or how huge that ($amount is) except when they can obviously feel a value and of course a need for for the (service) they are paying for. regardless what type of service it is. you need to spread awareness and gain a position by showing case as much as you can of previous work and success stories.

Report Mutaz's answer

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  1. It’s necessary to see what’s the market price for your services. Knowing what competitors charge is very important. I would scale the prices of a couple companies that are fairly new vs companies which are established in the industry.

  2. Know your value. Once you know what’s the market rate it’s important to determine what pricing keeps you competitive and still remain profitable. As your client list grows your profit can be adjusted to meet the demand.

  3. Don’t advertise your services at a lower rate. Instead look into providing promo codes to start up businesses. They need to see the value behind the price and understand that these services are being discounted for them.

  4. Provide referral codes. This is very important to track who’s referring business to you. People are 4 times more likely to buy when referred by a friend.

Report Frankie's answer

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The best way to price your products and services when you deal with the sensitive market, your activites are lot depended upon customer choices and expectation is breaking it into multiple stages i would suggest you following

a) Have a standard price products with basic services depends upon two major factor - Your time contribution and peer cost with the similar quality of services

b) Than have add on module with difference additional services and they all can be priced depedns upon the time factor and need in the market

Slowly once you developed certain base it will give you more insight to change your pricing policies

Report Vishrut's answer

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