You need clients who appreciate the value of what you offer. Know your worth. Your fee structure will determine whether you attract the right people. Carefully consider all the factors that go into the services you provide, and all the years of experience that have led you where you are today. Develop your fee structure in a way that is fair.
In STYiLES, the first book of Jen Auh, founder of Style Konsult & STYiLES and elite image consultant, she explains how to price elite image consulting services. “Being consistent about your pricing sends the right message that you are confident about your service value.” That is one of the statements that Jen shares with image consultants to help them confidently price their services. Get your copy to learn more.
HOW TO PRICE ELITE IMAGE CONSULTING SERVICES
Work your way up to progressively better rates. You want to be an elite consultant with a price tag to match. Throughout your market, you’ll become known as a consultant whose knowledge and authority are worth every cent. Here are the factors that the image consultant Jen Auh takes into account when pricing her services:
- Research: Check what rates other service providers who cater to an elite market are pricing. Identify the competitors in your sector that offer products or services similar to yours. As well, do an analysis of the prices of your services, including fixed and variable costs. Add an additional amount that represents the profit margin you want to achieve.
- Reputation: If a newcomer wants to know what your service is worth, a quick online search is all that it has to take. Build a great website and social media presence to show your reputation and value.
- Expertise: Price your services in a way that reflects your experience. Elite customers can afford high-priced services. As you rebrand, you have to be confident about what you have to offer and then charge an amount that reflects your value. Price your service based on your experience and qualifications first.
- Efficiency: Make sure every second counts during appointments with your customers. That contributes to the value your clients receive.
- Options: Paying by consultation or purchase a membership (monthly, yearly…).
- Transparency: Be upfront about your pricing. All a potential client has to do is go to your website and find the prices there.
As an elite image consultant, you must adopt the attitude of always wanting to give 200% to your clients. When you do, they will feel it and know it. At the end of a session, they will walk away thinking, “I got so much more out of that than I expected.”
FACTORS THAT DETERMINE THE PRICING OF SERVICES
Costs: It is the easiest way to set your prices. Having an estimation of what it costs you to offer your services allows you to calculate how much you will charge for them. Prices are more linked to value than costs.
Demand: It is about setting your prices according to what your customers are willing to pay. Get to know your clients and potential clients: their behavior, needs, motivations, sociodemographic, and socioeconomic information.
Competition: Whether with prices above, below or equal to those of the competition, in this pricing strategy you give the customer the option to compare, as other reference prices are available in the market.
Understand the costs and their impact on the prices of each of the services you offer. It will help you maximize your profit. When deciding on the pricing strategy for your services, first ask these questions:
- What goals do you want to achieve?
- What is your experience and your knowledge in what you offer?
- Which market fit are you targeting?
THE IMPORTANCE OF QUALITY AND VALUE
Analyzing the price offered by your competitors will help you choose where you want to position yourself. Take into account the quality of your services. You always have to offer an exceptional client experience that adds value to your offer. Quality is also demonstrated by highlighting how your services are going to benefit your clients and solve their problems.
The creation of a relationship based on trust is essential. If clients see that you know how you can help them, you will be their main choice. If you add value and trust to your services, your clients will surely pay you what your services are worth and they will be completely satisfied. Also, if you are an expert professional in your area, your authority also affects how to correctly price your service.
STORY FROM THE STYiLES BOOK ON PRICING SERVICES
This personal story of Jen Auh, founder of Style Konsult & STYiLES and elite image consultant, is a great example of how to price elite image consulting services:
The best way to accomplish that is by giving more than just styling tips. One time, I had a client who was between jobs. After years as a software engineer, he decided to start his own business. We discussed his vision for being an entrepreneur, and I counseled him on the steps he would need to take. Afterward, he shared, “I came out a more educated and inspired man. Sure, the price might seem high to some people, but it’s an investment in yourself.”
Jen Auh shares more tips and advice on how to build an elite image consulting business in her first book STYiLES. The book is #1 International Bestseller, so get your copy and learn more about the world of elite image consulting.
And the STYiLES app offers the best tools for image consultants to enhance their client’s personal and professional images. Download the STYiLES app now on App Store or Google Play to enjoy a premium image consulting experience.
If you have any questions, contact us at styiles@styiles.com.
