Pricing. Packaging. Productizing.
It’s the never-ending plight of entrepreneurs in the coaching and consulting space, and it’s even more challenging when you add resumes to the mix!
The resume is the tangible investment – the seeming “commodity” – that gives prospective clients the perception they can shop around and look for competitive pricing, only to find everything from $259 resumes to $4,000+.
That’s helpful intel, eh?
Coaching, interview prep, offer negotiations…figuring out how to assemble all the intangible tangible (not a typo) support we career services professionals offer can make your head spin faster than a black hole at the speed of light.*
If you’re struggling to figure out how to price and package your services, don’t worry, you’re not alone. Determining the right price points to start at and increase to is more of an art than a science, but you’ll get better at it as you gain more experience and establish a reputation for yourself.
Here are some ideas on where to start or how to look at your current product line-up to ensure you’re maximizing your ROTII (Return on Investment of Time + Impact) – it’s a thing.
*I’ve been watching a lot of Star Trek lately.
- Gather Market Intelligence
One of the best ways to determine your pricing strategy is to look at what your competitors are offering. Research other career coaches and resume writers, particularly those who have been in business for a similar amount of time or offer services to the same niche, to get an idea of what they charge.
Looking at experts with similarities helps gauge what the market will bear, but you don’t have to blindly follow the competition.
Consider factors such as your unique value proposition, target audience, and local market demand. Depending on your circumstances, you may decide to charge more or less than your competitors, but it gives you a starting point (sanity check?).
- Consider Your Expertise
Another factor to consider when pricing your services is your level of expertise. Are you a seasoned career coach with years of experience and a proven track record of success? Do you have five-star testimonials coming out of the wazoo?
Or are you just starting out and looking to build your portfolio?
Your level of experience should factor into your pricing structure; just be careful not to undersell yourself! Being new doesn’t mean you can’t charge a fair price for your services, and the last thing you want to do is devalue yourself (for the future) or the industry as a whole.
If you’re confident in your abilities and can demonstrate your value to clients through the sales process, price your services accordingly.
Oh, and then be sure to deliver on those promises!
- Offer Packages
I love packages! Package, package, package!!!
Curating your services into solutions that solve your clients’ problems makes it easy for you to sell and even easier for your clients to buy.
Packaged solutions make it simple for the client to understand what they’re getting and allow you to offer additional services at a lower cost than if you sold them all separately. Plus, it gives clients a sense of “bundling joy” and confidence in their decision to work with you because of the perceived value in a total solution that promises outcomes.
One last note on packages: consider tiering to offer multiple price points aligned with clients’ experience levels.
- Test and Iterate
Pricing isn’t a locked-and-loaded kind of thing. Once you’ve set pricing, test your market – and your sales ability – on real prospects. If your conversions are super low, move down a few bucks until you see the conversions come back up; stick around there for a while and do it again once you get stronger (at selling and at coaching/resume writing!).
Overpricing your services will limit growth while underpricing can hurt profitability. Finding that sweet spot takes time and experimentation – but you have all the control in setting prices for your services, and the data you collect from testing will be invaluable in the long run.
If you’re converting like a machine, it’s time to raise prices! Use your collected data to adjust pricing over time to reflect your ever-increasing value and outcomes.
- Enroll in Build Your Business
Yep. This is a shameless plug!
Luckily, it’s also a practical solution to your pricing and packaging woes because this is the first stop on our BYB journey.
A new cohort kicks off next week, so there’s still time to join us!
→ Check it out at parwcc.com/page/PBA
To leave on a serious note (like I’m ever THAT serious), pricing and packaging career coaching and resume writing services is a balancing act.
Aim to set fair prices that reflect your value and expertise while remaining competitive and accessible to your target audience. Your pricing should make you feel slightly uncomfortable; that’s how you know you’ve hit the mark!
Now go – go package, package, package!
There’s no better way to see if you’ve dialed in the right offerings at the right price point than to try, so combat that sense of perfectionism and put your wares out into the market.
You never know who may walk through your (virtual) door.
Your Friend and Coach,