Anna & Flori step you through what you need to consider to price your products and services for success
Looking for some tips and tricks on how to set prices for your offering?
Nailing your price can be the difference between success and failure in your business…. And, oh have we learnt this the hard way.
We share a bit around our own personal story as to how our pricing and business model has changed and the impact that this has had on our results and the audience we now attract.
Plus, we dish out 6 key tips on how to price yourself right plus 2 essential money mindset wake-up calls so that you can absolutely own the price you set.
Since recording this episode there have been some big changes to AnnaandFlori - listen to episode 24 to find out what and why!
Like this episode? Head to the ratings and reviews section in Apple Podcasts and share the love.
TUNE IN TO HEAR ABOUT
- Why setting the right price for your offering is the difference between success and failure in your business
- Our own personal story as to how our pricing and business model has changed and the impact that this has had on our results and the audience we now attract
- 8 key tips on pricing and money mindset so that you can absolutely own the price you set
Anna Jonak: [00:00:38] Welcome to episode 12 of the Raising Her Game Podcast. We're Anna and Flori the queens of small business and we deliver female entrepreneurs both the business and mindset tools needed to start, grow and scale your small business for success.
Flori Pyke: [00:00:54] So speaking of success we have some exciting hashtag winning moments to share with you.
Anna Jonak: [00:01:01] Yeah. Did you notice a new intro.
Flori Pyke: [00:01:03] Yes I did.
Anna Jonak: [00:01:05] Did you. [Flori laughs] Did anyone else. That's right. We've got some big news and we're assuming that some of you may have noticed this by the unveil on our socials but we have officially launched a masterbrand shall we say.
Flori Pyke: [00:01:19] Yeah we were finding, we have so many ideas
Anna Jonak: [00:01:24] and much to give all of you.
Flori Pyke: [00:01:26] That's right so we have launched an umbrella brand essentially which is AnnaAndFlori.
Anna Jonak: [00:01:33] Get out. So good right. Love it.
Flori Pyke: [00:01:36] And underneath AnnaAndFlori are our other brands so Business School for Mums (now known as The Elevatory®) and Beyond Brave for the mastermind. (Now known as The Elevatory® Mastermind).
Anna Jonak: [00:01:47] And the podcast sits in there as as well.
Flori Pyke: [00:01:50] Oh the podcast as well how could I forget the Brave Business podcast. (Now known as the Raising Her Game Podcast.
Anna Jonak: [00:01:53] That's right.
Flori Pyke: [00:01:54] So it's pretty exciting.
Anna Jonak: [00:01:57] It is so exciting. We feel that this last year has just been, we had to do a hashtag winning moment from both our perspectives.
Flori Pyke: [00:02:03] A shared one.
Anna Jonak: [00:02:04] Yeah because we have just had such a big year like from pretty much I can't believe we are only half way through it actually. And in that time the volume of things that we've been able to do with launching content, launching new touchpoints, it's just been amazing.
Flori Pyke: [00:02:17] But you know what, it goes to show us and we were just talking about this. It goes to show you what you can achieve when you have a business coach [Anna agrees] and how important it is to invest in someone who's walked the road ahead of you, the path ahead of you and how it keeps you accountable. And I just honestly I cannot speak highly enough about being prepared to invest in yourself because it just pays off.
Anna Jonak: [00:02:40] Absolutely yeah. I think that we've always moved very quickly and been able to, we actually really have doubled our revenue year on year, and it would be really interesting to see where we're at the end of this financial year as a result of the fact that we've I guess I feel like we're be on steroids. Normally we're moving fast anyway and now we're like moving at double speed, but it's very exciting. So we trust that you guys are loving all the different things we are putting down, we've had such amazing feedback on the podcast which we're so pumped about, like in the forum every day, our students are like we're loving these episodes which is so nice it's incredibly heartwarming for us to know that you're enjoying it.
Flori Pyke: [00:03:13] Yeah yeah definitely. Another little shared hashtag winning moment. Speaking of the podcast, is next week we are hosting a very incredible man, bringing some male spirit to the podcast which you really want to tune in on because it's amazing. He is just sensational and some of the insights that he shares are are really gold. So all right should we talk about a bit of hashtag losing.
Anna Jonak: [00:03:42] Oh do we have to, I like staying on the hashtag winning track.
Flori Pyke: [00:03:42] I know, but it's really front of mind for me because fricken every time I look in the mirror right now, I don't know like have any of you guys ever had pregnancy eczema? I am dying over here so I have not been that active on our Instagram stories and I keep blaming it on moving, but to be honest it's because I have eczema all over my face.
Anna Jonak: [00:04:11] Is it because you don't want to be out there.
Flori Pyke: [00:04:12] Oh my god.
Anna Jonak: [00:04:13] I don't think it looks that bad.
Flori Pyke: [00:04:14] Oh God. And like I'm not wearing makeup right now. But when I've been doing the stories I've had to really cake it on and I'm not a big makeup person but oh I'm just not used to having this eczema on my grill. I'm like what is this.
Anna Jonak: [00:04:29] I get it man I get it. Well I honestly don't think it's that bad. But, I appreciate that you when you look in the mirror and you don't feel that good and you're feeling pregnant and you kind of feeling a bit swollen and then it all adds up and then yeah.
Flori Pyke: [00:04:40] But I mean one thing, just quickly if anyone's listening and has experienced this honestly I'm at the point where it's like throw me a cream. Throw me something. Someone please.
Anna Jonak: [00:04:50] Give me some thoughts on what I can do.
Flori Pyke: [00:04:51] A tip of what I can do.
Anna Jonak: [00:04:52] Come on. Well there we go. Maybe we'll be putting that in the post. Can you give us some tips please, some eczema tips. I'm sure there are plenty people out there who have got some really good creams that would work, so let's see what comes up. Well that's your hashtag losing, mine is going through round three of toilet training. My husband thinks we've gone a bit too early.
Flori Pyke: [00:05:11] How old is he.
Anna Jonak: [00:05:12] I'm a bit optimistic. He is just over two. But he's coming to me all the time telling me he's been the toilet.
Flori Pyke: [00:05:18] Well and I guess he's seeing his older siblings as well. And that makes a really big impact and you can't underestimate that.
Anna Jonak: [00:05:25] I kind of just feel let's give it a go. If it doesn't work we just revisit it down the track but it does make for a messy house, one which is just full of carpet. That's right.
Flori Pyke: [00:05:35] [Laughing] The visuals right now.
Anna Jonak: [00:05:38] Anyway. [both laughing]
Flori Pyke: [00:05:39] Ok moving on. I feel like we often end up ending hashtags losing moments with 'oh the visuals let's move on'.
HOW TO PRICE YOURSELF THE RIGHT WAY - 6 KEY TIPS
Anna Jonak: [00:05:47] All right let's move on and move on to the topic of today's show which is all about teaching you how to set the right price point for your offering. Yep. And then we're also going to be wrapping up with a bit of mindset magic around actually owning that price point because we see a lot of people coming unstuck around how they feel in themselves and how they then go on and price their products and you know ultimately the right pricing strategy will have an impact on whether you are successful or not in your business.
Flori Pyke: [00:06:13] Yeah it really can play such a huge huge impact on your, well not can, it does play a huge huge impact on your bottom line. Now before we get into it, of course in true Anna and Flori fashion, what we've done is created a little cheat sheet for you with all the gold that we're going to be covering off today, which you can download along with our show notes over on our website at theelevatory.com/podcast. And what we're going to do in terms of kicking off all this gold when it comes to pricing, is deliver you six key tips around the HOW when it comes to pricing yourself the right way. OK Anna how about you kick us off.
TIP 1: KNOW YOUR END GOAL
Anna Jonak: [00:06:51] Sure. OK. Point number one. And this is a big one and we've definitely covered it I think even in episode 2 of the podcast that this is like knowing your end goal. So it's really that whole concept of starting with the end in the mind. If you are going to be starting to think about your pricing strategy and how to price your products you really want to start thinking about actually what you want this business to become for you, like how much money do you actually want to be bringing in each month, after your tax and expenses. What's the bottom line that you want to have to be contributing to your family. So many people don't even know this. [Flori agrees] It's like do you want five grand a month, do you want 10 grand a month, do you want 50 grand a month. What does it look like. Because you need a starting point so that you've got something to work towards. And certainly this will make sense by the time we get to point six and you start playing with those numbers.
TIP 2: KNOW YOUR COSTS
Flori Pyke: [00:07:32] Yeah definitely. And this really plays to your vision which is exactly what we covered in that podcast episode that you alluded to, and how important it is to know where you're headed. Yeah right. OK. So point number two. Knowing your costs. So what we mean by that is that you want to know what it's going to cost you to effectively run your business and to create your offering be it products, be it services or what have you. So you need to really be clear on your break-even point. So that's the point where you know that you're bringing enough sales whereby all your costs are covered. Okay. And from there on you then start heading into your profits. Okay.
Anna Jonak: [00:08:14] That's where we want to be in - the profit.
Flori Pyke: [00:08:15] Yeah we want to be in the green. So what are some the costs for instance that you might want to take into account. Well here are some examples to rattle off things in terms of what you want to do/take stock of - so the actual product cost so be it your own time, labour, the cost of marketing, selling those products. Another one might be operating expenses necessary to own and operate your business. Costs associated with borrowing any money so you know if you are borrowing money from the bank, is there any interest on that. What is that? So any debt service costs essentially, your salary as the owner/manager of the small business. And finally another little example here is the capital for future expansion and replacement of fixed assets as they age. So what we mean by that and this has certainly happened to us, is you know we for whatever reason unfortunately for Anna it was not really a foreseen reason but she had her son spill water.
Anna Jonak: [00:09:18] Pour. Pour water on my laptop. [both laugh]
Flori Pyke: [00:09:21] Yeah pour, correct, sorry spill is a very forgiving word. Pour water all over her laptop and yeah that was a capital cost we had to take on. But I mean at the same rate you know mine died but that's the kind of thing you need to be conscious of. You know if you're running, not on even just your laptop or your desktop computer, but you know if you're making jewellery and you've got certain capital expenditures around the machinery that you need in order to facilitate that, well what's the upkeep cost of that. When do you need to replenish that. All those things.
Anna Jonak: [00:09:53] There is so much to think about I think when it comes to your costs from subscription services that you have, to paying your staff like there will be a point when you kind of want to expand and even thinking about what that looks like. We live in a cost spreadsheet of all the different outgoings each month and it's definitely obviously when you're looking at a profit and loss and your expenses it's really important to be over these things because sometimes you might be spending on things you don't actually need, that you can cut back on, that you can improve on. So yeah at the very most or the very least I should say sorry, you should know your basic costs coming in and out.
Flori Pyke: [00:10:24] Yeah absolutely agree.
TIP 3: RESEARCH RESEARCH RESEARCH
Anna Jonak: [00:10:25] All right. And number three when it comes to your pricing you really need to do some research and we harp on about this and I love research, the numbers. If you're going to go into a market you need to understand what's happening in that market with your competitors. This is where doing a really good competitor analysis and going in and stalking the businesses that are out there in your space and understanding what they are charging, what's included in the offering and how different it is to yours. You know are they giving more value, have they been in the market longer, are they really well known. Whatever it is it's really important for you to see what's happening in the space rather than you know, putting your finger in the air and deciding that this is what you think you should charge. See what others are doing and compare yourself to them with regards to your offering in terms of quality and things like that and also you got to do some research around what your customers actually want. Right.
Flori Pyke: [00:11:16] Yep yep totally agreed and their willingness to pay. Basically.
Anna Jonak: [00:11:20] Yeah.
Flori Pyke: [00:11:20] The WTP.
Anna Jonak: [00:11:21] That's right because at the end of the day if you can ask them and give them some pricing, you know some pricing ideas, they can come back to and tell you what they feel would fit for them. So we've certainly done lots of research when it comes to price point both looking at competitors but also understanding our client's wants and needs so that we can then give them what they want.
Flori Pyke: [00:11:41] Yeah and also ensure that we're attracting the right client by charging the right price. So this goes back to another podcast episode where we were speaking about the client avatar and one of the things that we've found is by changing and adjusting our prices over time, and we'll talk about this a little bit more in the following point in terms of your pricing strategy, but it's attracted a very different customer has it not.
Anna Jonak: [00:12:06] Oh completely. It's amazing the difference in the customer, the clients that we have now and it's just testament I think to, I mean one thing we probably should put in here is testing as well, you really do need to test things and try things on and let's talk about pricing strategy because I think that again dependant on where you're at in your business, this will make an impact.
TIP 4: THE RIGHT STRATEGY FOR YOUR STAGE OF BUSINESS
Flori Pyke: [00:12:25] Absolutely. So key point number four is really is that it's thinking about the right pricing strategy for your stage of business and for the market that you occupy. So when you're starting out, and this is certainly what we did when we started out, [Anna agrees] you might want to think about starting with what's called a penetration pricing strategy. So this is basically where you price yourself beneath your competition. And it's not forever but it's basically an effort for you to be able to gain a foothold in the market. And over time you can then start to slowly increase your prices, but it enables you to start gaining a bit of market share quite quickly if you know you're offering a quality product or service at a great price.
Anna Jonak: [00:13:12] Absolutely. We did that right the beginning and we slowly, I think it was over month to month, slowly slowly we put up, moved our prices up. Yep. And then obviously we've changed programs since then but it's definitely been
Flori Pyke: [00:13:24] a lot of testing. And we certainly did adopt that strategy and I think you know when we're speaking with a lot of our students in the forum, in the personal coaching space and they come to us with you know how should I price myself I'm starting out. I always like to say you know just start, like what are the competitors charging, let's just go a cut under, we can increase as we go, but it just enables you to start to gain that foothold in the market.
Anna Jonak: [00:13:49] Yeah and once you've got loyal customers, when you start to move your pricing around slowly and slightly, at the end of the day they're going to see the quality of what you're offering and they can appreciate the why.
Flori Pyke: [00:14:00] Exactly. Exactly. And you know if you are a bit further along and you know that you have a really quality product you might instead consider adopting what's called a premium price strategy. And that is really where you price your products or your services at a premium. So at a price that's higher relative to your competitors essentially. And this often reflects quality, exclusiveness, uniqueness, all those things that one kind of psychologically pegs with a higher priced product. I mean even if you think about aspirational luxury brands right, you know you think about them, 'they must be high quality'.
Anna Jonak: [00:14:44] Definitely. On that note it always reminds me of JCDecaux, so street furniture when you get into the city centres and you see kind of like you know the billboards or anything on the bus transport. JCDecaux always had a premium pricing strategy whereby they'd had all this high quality ad-space and then they basically refused, that right from the off they went in with a high pricing strategy. And they they didn't sell much to start with at all.
Flori Pyke: [00:15:13] Isn't that interesting
Anna Jonak: [00:15:14] But they held onto it and basically they never moved on price and now they sell out all the time and basically they've never had to move in price because they went in and they just held their ground. And that's just coming from being in outdoor advertising for years but always knowing that story that they know that they created a high premium offering. And now you know it sells out.
Flori Pyke: [00:15:35] And that's a risk.
Anna Jonak: [00:15:36] And that's exactly what I was going to say, it takes guts to actually do that and say this is you know this is me, this is what we're doing. But they had space, they had the goods.
Flori Pyke: [00:15:45] Yeah. No I love it. All right cool. Another one just to consider if you've already started out and you want to start slowly increasing your prices. That's where you might look again to the competition and there is what's effectively called competition price strategy and this is basically where you set a price relative to your competitors so before you know you're at a point where you are really established in your market space as you start to increase prices from a penetration pricing strategy you're gonna start moving into the competition space where the rest of the players in your market are playing as well. And you're going to have a similar price to them and that is okay as long as I think you know eventually you're looking to, well it depends. I mean if
Anna Jonak: [00:16:28] you can add value [Flori agrees]. That's the thing. You can move into a similar price point but the value of what you offer and the quality of service
Flori Pyke: [00:16:36] needs to be greater.
Anna Jonak: [00:16:36] Is going to need to stand out basically.
Flori Pyke: [00:16:38] That's exactly right. So yeah lots to think about.
TIP 5: CUSTOMER LIFETIME VALUE
Anna Jonak: [00:16:43] Yeah lots to think about. There is no hard and fast rule, there's lots of things you need to take into mind with your pricing and much like much of marketing as you say, it's testing and measuring and seeing what works. Okay. Number five. This is really about you thinking about your customer journey and the lifetime value of your customer because when somebody comes to you and quite often, you're going to see we do a podcast episode on this in a few weeks, but quite often people might see them as a one off sale, without seeing that perhaps if they're smart with what they do that this can be a lifetime customer who's going to be a repeat purchaser. So this is about you thinking about how can you give your customer lots of value. How can you create new products and services for them. Or is it about cross-selling and up selling so your product bundling things together or you're upselling them to a new product that you've created or even getting them on something like a subscription based service where they're paying again and again and again for you know some kind of good or service.
Flori Pyke: [00:17:36] Yeah. Yeah absolutely. In fact you know this is really kind of prompting me to think about what we did last weekend. So last weekend we had our strategy day with our masterminders and we did a lot of activities and whatnot over the course of the five hours of the strategy day but, really the key focal point for us with them was understanding okay let's look at your existing customers because those are your low hanging fruit. And how are we going to get them to come back for more. [Anna agrees] Because it's so much more difficult and expensive to attract a new customer than to retain an existing one. And once you have an existing customer if they like what you've put out there, they trust you. Right.
Anna Jonak: [00:18:19] You've built a relationship with them so the trust is definately there.
Flori Pyke: [00:18:22] Exactly. So and we'll be talking more about that down the track.
Anna Jonak: [00:18:25] It's a really big point and I think it's something that when we do the podcast episode on you're going to, it's going to blow your mind actually. Because I think it's something that people don't think about they don't think about their customer beyond that one time purchase. Or maybe they might do a bit of upselling or selling some new products but they're not thinking about the long term relationship and how much value a client can be. And the relationship and the authentic relationship that can be built over the long term.
TIP 6: PLAY WITH YOUR NUMBERS
Flori Pyke: [00:18:48] Yeah totally agree. OK. So number six final key point here. When it comes strictly to pricing is be prepared to play with your numbers and this is something that well both of us do. I know I do on the marketing front and then Anna you do this as well all the time in terms of targets for the business. It's you know, get prepared to get your hands dirty and get into a spreadsheet and take a look at how many units you need to sell of your product or your service at certain price points. Okay. You know minus obviously your monthly expenses to hit that target income level that you want. And we're always doing that and kind of drawing out different scenarios based on different targets and price points.
Anna Jonak: [00:19:34] We've created a goal setting template for our students in the Excel pack and we do a whole module and basically pricing strategy, cross selling, up selling and actually understanding your numbers from profit margins and profit and loss and all these different things. But the key thing that I get people to do is to go into that goal setting spreadsheet and actually really forecast and play with what's possible because the reality is for some people is that they don't look at this bit and then when they realise how many units they need to sell at the price point they have their business model actually is unfeasible. Like, they have to sell 1000 units and that won't happen anytime soon. And when they start thinking about the marketing they'd need to do to get the traction to get that volume. All of a sudden things start to come unstuck. So it's so important for you. This is what starting with the end in the mind and then playing with your numbers to see the reality of what it looks like to get there because if your business model isn't feasible. You know.
Flori Pyke: [00:20:26] Yeah you're going to be pedalling really hard for a really long time.
Anna Jonak: [00:20:30] And going nowhere.
Flori Pyke: [00:20:30] That's exactly right you're going to be on a hamster wheel. And we have certainly seen that a lot with students who commence on the journey with us who are hustling around the clock. And they're making good sales but their profit margins are abysmal and they haven't taken into account exactly, they haven't done a spreadsheet, taking into account all the costs, the overheads, the margins, etc. So they have no idea.
Anna Jonak: [00:20:53] So many people don't know their numbers you ask them what their profit and loss is from the last quarter and they don't know. So yeah it's a huge one to play with your numbers and you know your numbers. So we trust that we've given you lots of food for thought around thinking about playing with your numbers and certainly come and share your insights with us. But this is a huge one and definitely an eye opener when we've run some live Q&As for some of our girls and they've had to really think about what they doing and start thinking about their pricing strategy and business model so that they can be in the black or in the green making money.
Flori Pyke: [00:21:23] Yeah totally. And I think it just goes to play again to that whole element of data and how you know we use our numbers and the data that we have to fuel basically all of our decision making. And it's not based on finger in the air decision making. It's all based on spreadsheets. And that applies so much to like the numbers in terms of the business and what it turns over, to the numbers in terms of return on investment with different marketing campaigns. Every decision is based on hard numbers.
Anna Jonak: [00:21:52] Yeah. Got to learn to love those. Can you see the nerd glasses on right now.
Flori Pyke: [00:21:56] I know I think we're both getting a bit excited [both laugh]
MONEY MINDSET TIPS
Anna Jonak: [00:21:56] I think we need some nerd glasses emojis. [both laugh] Okay so moving on from the HOW to your pricing side of things we also want to kind of dip into the money mindset thing and I think we'll actually do a whole session on this at some point and I know I've alluded to that few times but we thought we'd just give you a couple of gold nuggets right now, around thinking about a couple of key money mindset wake up calls so that you really can own your pricing. As we said at the beginning a lot of people, they may not price themselves right because they don't trust in themselves, they don't feel confident. So there's a couple of tips we just want to share with you right now and the first one is for you to know your money story. OK. We've all got one, every one of us has got a history with our family around money. So you might have been in an affluent family and you might have seen some really horrible people around, you might come from a very poor family and had to hustle really hard. Either way whatever your situation and the people in your family you are going to have a money story and you're going to have a view on how easy it is to come by wealth, how attractive wealth is, what success looks like. And the bottom line is is that if any of that stuff is negative and you want wealth, but you basically have some really negative feelings around what wealthy people are like, then you're going to have a massive incongruence between where you are and where you want to get to and your belief system is going to work against you. Because if you believe something is not great and rich people or wealthy people are not great, you will not be able to get to a place where they are because it will sit completely against what you value. So you really need to work through money stories and we've done some great live coaching sessions with students where they own their money stories and they can see that their family's history of where they've come from is really impacting how they're approaching their business. So we'll definitely do some more on this but ultimately you need to be able to clear out any old beliefs and negatives around money and rewrite that money story and make it work for you because they are just beliefs, they're not set in stone, they're just a part of your experiences to date.
Flori Pyke: [00:23:52] Yeah definitely. And a second tip here when it comes to money mindset that very much ties in with belief. But this time it's more around self belief. Is really learning to value yourself so you really need to work through any impostor syndromes that you have, so self-doubt or self-worth, if you don't back yourself 110 percent like how are you going to be able to clearly articulate or believe in the offer that you can extend to your customers. It's just not going to happen. So I think you know you need to believe that you have good products and services and that you have a good business model and if you don't believe that for yourself then you need to go and find the knowledge, the expertise, what have you in order to make that happen and to give you the confidence that you need in order to properly value yourself. So that others can also value what you're putting out there. Because if you don't believe in yourself how are others going to believe in you.
Anna Jonak: [00:24:52] They absolutely can't. Because all they can to see is the self-doubt reflected back at them. And I think this is just you understanding that what you get, you know you reflect what you get and vice versa. I have to say that when I first started out as a coach I had to lean into this. Like I was charging small volume thinking that mums wouldn't pay for it and really kind of had a whole conversation in my head around the fact that, was I giving enough value and I saw other coaches charging three times what I was charging and I knew I was good, but this just this fear of well would my audience pay and I really had to work through a lot of that and now I don't think twice about it because I know the value and quality of we output. And also I know that there's a right client out there for us and this kind of really brings me on to the last point. Leaning into this is really thinking about the clients that you want and the future you want for your business. Do you love the clients you're getting right now or are you kind of getting you know people who complain all the time, who return the goods, who don't do the work, whatever it is because you know your price will reflect that. So we've certainly had people not do the work, not follow through as we've moved our pricing you know and moved ourselves to a more premium position, we're getting people who are really leaning into the program and getting such fantastic results and because of that price point. So this is really about learning to value yourself and also your business vision. What you want and who you want to be working with and realising that you get to decide that, you don't just get your customers, you get to decide who you're gonna work with. So I love that.
Flori Pyke: [00:26:19] Yeah yeah no I definitely agree. It's funny because as you're saying that one thing that kind of spurred my memory on a recent conversation that I've been having with one of our students in the coaching forum actually Vikki Dickinson, Sleep Consultant.
Anna Jonak: [00:26:32] Love you Vikki.
Flori Pyke: [00:26:35] Love you. She was saying how yes she used to discount quite a bit and she's now stopped doing that because she found that the quality of the customer that she was attracting thanks to these discounts was just, it was an absolute headache.
Anna Jonak: [00:26:47] Yeah they'd be the kind of customers that would come in on a low ball and then moan about everything and not do the work. I can imagine.
Flori Pyke: [00:26:52] Yeah. I mean obviously not all of them but I think you know she had enough experience with enough customers to merit the fact that it became not worthwhile you know. So you're absolutely right in saying that you know the price that you put out there will also attract a certain quality of client and consumer. So just be wary of that.
Anna Jonak: [00:27:14] But we also I think we've also experienced that with the payment plans that we've had.
Flori Pyke: [00:27:17] Oh god yes.
Anna Jonak: [00:27:17] We find that by giving out extended payment plans you might get more people on but you've got more people likely to default and again less likely to do the work. So for us you know little things like payment plans as well is something to bear in mind so oh my god, so much food for thought right.
Flori Pyke: [00:27:34] All right so let's then sum up what we've discussed today. Basically setting the right price comes first with you running those numbers and doing the research. OK. And secondly with adopting that right mindset. OK so you really need to have that self belief that you can deliver value and that you deserve wealth and success.
Flori Pyke: [00:28:20] Yeah absolutely. I was just going to say on that point, you know if any of this resonated with you in particular or you have any questions for us, make sure to come and connect with us on socials on Instagram when we post the podcast tile. I'd love to understand what really resonated with you or if you have any questions.
Anna Jonak: [00:28:40] Yes. We love connecting with you so please reach out. It's so much fun when we get to hear about what's resonating with you. And also anything you want to hear. Yeah we'd love to know. I mean we've got a bank of content and some amazing interviews coming up. But if there's a topic you want us to cover are some people that you want us to get on then set us the challenge. We will bring it. We will deliver. We are levelling up. Just watch this space people. [Flori laughs]
Flori Pyke: [00:29:04] All right, now our parting thought for today when it comes to your pricing and mindset is this if you don't value your time neither will others. So stop giving away your time and talents. Value what you know and start charging for it. I love that. That is by Kim Garst.
Anna Jonak: [00:29:22] I think we need a hashtag hell yeah. Alright and remember be brave in your business.
HOW TO CONNECT WITH ANNA AND FLORI
Business School: www.theelevatory.com
Phone: 1300 634 230
HOW DID WE DO?
We're incredibly excited to be able to share our business insights via the Raising Her Game Podcast. We aim to provide you the very best content each week to help you elevate your business game so you can take your life and business to the next level. We'll tackle the topics that will get you increasing your productivity, mastering your mindset and strategising like a marketer. If you're enjoying the show, you can help spread the love and pay it forward by leaving a review. It will make it easier for other female entrepreneurs in business like you, to find us and kick their own goals.