I recently spoke at a conference and had the pleasure of helping many small business owners strategize the most effective way to grow their small business by selling to large corporations. The question that I received most often was, “How do I package and price my service?”
Selling your services to corporations is one of the fastest and most effective ways to multiply your revenues. It is important to properly price your service offerings for greatest impact. Before you determine HOW MUCH to charge, it is important to determine how you will deliver your service. Take out a sheet of paper and complete the following exercise:
- Make a list of what your participants will achieve by working with you. For example will the end result be decreased overwhelm and stress? Better health?
- Make a list of the end benefits to the organization as a whole. Will the corporation save money or time? Make more money?
- Make a list of all of the things you must teach. In order for participants to experience the benefits of #1, what areas or topics must you cover?
After you complete # 3, you should be able to determine how long your program or service offering must be in order to accomplish the end results of # 1 and #2.
Now for pricing. In order to determine pricing you must take into consideration WHO you are servicing. A corporation is willing to spend more to develop key employees in the organization than they are front-line staff. Below are some guidelines you can use to price your service offerings. The higher the participant is in the organization will determine where along these ranges your price should fall.
2 Hour Session $750-$1500
1/2 Day Session $2500-$5000
Full Day Session $7500-$15,000
If your program is over the course of several weeks or months, you can charge per person or offer a flat rate for a certain number of participants. For example:
6 Month program, 1 participant $7500-15,000 per person
If you are shocked by these prices, you need to raise your rates!!!!!
I would love to hear your reaction and comments below to this strategy. Let me know what YOU will do to implement.