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I told my mentor about this pricing plan, and if it were legal, he would’ve slapped me across the mouth for charging so little to such a big business. He then started showing me several ways to figure out how to charge a business for your work. One of my favorite ways he showed me to price something was the Three Pronged Pricing Technique. This is actually a super-safe way to make sure you at least get the business at your normal rates, but drastically increases the chances of you getting a WAY bigger contract. In my case, I went from getting $500 for the gig……to them happily paying me $5,000 for the gig.
This pricing structure actually adds a helluva lot of value to your client….because often they DON’T KNOW WHAT THEY NEED. And it seems most often people go with the mid-range option because they don’t want to lose out on some of the extras they get.
Heck, even years ago when I sold my first-ever digital product I used this Pronged Technique. I was offering a product for $99 and then for $167 they could get the product AND a half-hour call with me.
I made so much more money than I ordinarily would have just charging for the product alone. If I was smarter back then, I would’ve even added something like a $1,200 version where I would help them fully setup their first store in a day or two. I’ve gone ahead and created a template you can fill in to see how your pricing structure would look when you present it to clients. In the template I filled in the example of someone who builds WordPress sites for a living.
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Now the cool part was he let everyone who bought within the next 3 days get Option 3 for only $67. It’s so cool to see people just glaze over the cheap option and jump to the expensive ones. For all your new clients you’re going after, show them three different options using the template I gave you. The main prongs were: Localised search optimisation, National search optimisation and lastly, Global search optimisation.
We do still perform SEO services, however we are moving more and more towards offering complete website packages, everything from graphics design, web design and of course – SEO.


Dude, taking a dump is sometimes the most productive and education time of the day thanks to smartphones!! Loooooove your stuff, been following you for a good whiile, can’t get enough of those emails! The Three-Pronged Pricing worked on me when I was looking for ways to create a website in an easy way. When I saw Thesis Theme when it was 1.0, I thought to myself: I might want to do this for other people and get paid to do it! So I jumped right into the biggest option, I didn’t even know how to fully operate a WordPress website! 3) And when they see the 3 options to choose from they realize that there is a way they can afford me and end up feeling good that they were able to hire such an expensive dude!
Car dealerships exploit the same psychological principle of selling you a car…BUT OH NO you wouldn’t wanna buy this expensive car then NOT get a cool spoiler for an extra $800!
Before we explain how to shift to a Value-Based pricing strategy, we must first address why companies are using a Cost-Plus pricing strategy in the first place. Pricing that does not pay attention to consumer needs and perspective is not a reliable long-term strategy. A study among executives in Austria, Germany, China, and the US by Hinterhuber & Partners showed that the top 2 obstacles to implementing a Value-Based pricing strategy are Value Assessment and Value Communication. The figure below shows the current structure of pricing under the Cost-Plus model (Cost+), the perceived value structure under the current price (Current Value), and the potential pricing opportunity (Optimized Value).
Develop a€?Value Bundlea€? scenarios and ask respondents to choose which one they prefer (e.g.
By running simulations of all the utility values you can begin to identify the product or service offering that maximizes your customersa€™ willingness to pay. It demystifies a complex (and boring) topic and lays everything out clearly so there’re no surprises.
I teach a Social Media class and I just raised my price because I give a lot to each student. I was wrestling with the idea of how to price out my services, and I definitely like the three pronged idea.
A Cost-Plus pricing strategy is often viewed as the a€?straight forwarda€? and a€?simplea€? approach to pricing because it is based on data that is readily available (via accounting data).
In other words, companies are struggling internally to identify the value of their product or service as well as how to communicate the value to customers.
Pricing opportunities are seized by better understanding the value of your service, product, or brand.


Well yesterday I had two people interested in the class but changed their mind after they heard of the $499 for an 8 week (90mins a week) in person class. My three prong approaches usually go like this: 1) Strategy and Consulting, 2) Design and Set Up, 3) Implementation and Follow through.
Simply defined, Cost-Plus pricing is the cost of making the product + a mark-up (aka margin). For example, first class or coach, exit row seating, number of stops, seat spacing in the plane, etc. They also have a range of plans to cover the budget-conscious as well as those who are willing to spend.
Reading your email gave me the idea of offering extra time to students that want to pay extra. But if you have a good rapport this is an easy way to increase your chances of making people spend more on you. The optimal option is same as above, but with up to 5 revisions, choice in colors, fonts and a few other customizations, as well as Google Analytics installed, basic SEO, and site map submission. Value-Based pricing is predicated on the perceived value to the customer rather than the cost of the product or historical prices. The price consumers pay also varies by how far in advance the flight is booked, whether theya€™re a member of the airlinea€™s frequent flyer program, and other service benefits. The expensive option is a full on site up to 5 pages with 10 revisions, all features above, but more extensive SEO, and more customization options.
In a market where the product demand or value is not easily understood, a Cost-Plus approach gives companies an easy and reliable way to price their product and estimate profit. In the case of price, the figure below shows how impactful each price-point is for a particular type of carpet. By asking the potential buyer a few questions you can begin to gauge their buying urgency and desires in a property. Ita€™s important to understand that utility values are a relative measure and that all of the utility values under a single attribute (e.g.
If you feel like your property is their dream home and they are in a hurry to buy, you can sell for a higher price. The money left on the table is often much greater than the time and money spent understanding the value of your product through the eyes of your customer.



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