Pricing: Less is More - Coaching Success - #485

Barbell Logic

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10M ago 16:54

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When it comes to pricing, less is more. Fewer options means less hassle for you and less decision fatigue for your customers. When it comes to pricing, fewer options is better for your business.

Pricing: Fewer Options is Better

It's easy, especially as a small business, to bend over backwards for each customer. You develop a different price for each customer, and before you know it every customer is paying a different price.

Knock this off.

Don't have a scarcity mindset. Develop few pricing options for your customers. This forces your customers to make a decision and simplifies your billing.

Pricing: Less is More

When it comes to revenue, you want monthly recurring revenue (MRR).

This means that each month, the revenue recurs. The client pays the same amount, each month, automatically.

Do not force your client to opt-in each month and decide whether they want to pay you each month. This must be automatic, whether it be through ACH or Stripe or through a credit card.

This allows you to predict revenue each month.

Furthermore, contracts are unnecessary. If clients cancel, they cancel, but make the signup process simple and painless, make payments automatic, have few options, but then work to retain your clients.

Relatedly, charge the same each month. This might mean that certain months, your clients receive more service, other months they receive less.

Even starting with good intentions of few options and automatic payments, you can exception your way into infinite payment amounts. Even in December, when clients may train less and you may have fewer options, the price remains the same.

Ultimately, this is convenient for you AND your client. Both you and your client have the same expectations.

Now, it's your time to deliver more value than the price they're paying each month.

Pricing: less is more.

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