#285: Pricing Strategy: The 3 Tiers of Value-Based Pricing That Can Grow Your Business (Part 1)

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Do what the other 99% aren't doing.

Jason A. Duprat, Entrepreneur, Healthcare Practitioner, and Host of the Healthcare Entrepreneur Academy podcast, talks about setting your products/services on a category of their own. In this episode, Jason shares some of his takeaways from Alex Hormozi's “$100M Offers,” teaching us the foundation for charging premium rates and allowing your business to be a unique gem among the rest.

3 KEY POINTS:

  1. Analyze and anticipate your clients' problems.
  2. Create offers that solve those problems.
  3. Price your services at a premium rate.

EPISODE HIGHLIGHTS:

  • Pricing your services as the cheapest is a race to the bottom.
  • Avoid being in a commodity business. Grocery stores are one of the best examples of these. The profit margin in a grocery store is usually 3-5% which leaves zero room for error.
  • If you price yourself under the competition, you're entering into the cycle of commodity markets, where each new competitor decreases their price in hopes of capturing a larger market share over time, which usually doesn't end well.
  • To create an amazing offer, go back to what your client, student, or patient is coming to see you for, analyze every problem they could probably face, and create a solution for those.
  • Jason's listening to Alex Hormozi's “$100M Offers” and taking notes on how to improve his businesses' offers and stay in a “category of one.”
  • Taken from the book, Jason explains the different tiers of service you can provide:
    • Do It Yourself – “We'll teach you, but you'll do it yourself.”
    • Done With You – A tier higher including a combination of what the client does and what's done for them
    • Done For You – Everything is done for the client.
  • By combining different varieties of services, the value you're giving becomes higher.
  • If you package your solutions for your client's problems, you are creating an incredible value proposition that you can charge far above what anybody else is charging.
  • Stay tuned for a future episode where we talk about an equation explaining what you need to do to increase the value of your service.
  • Also, stay tuned for exciting news about our upcoming giveaway.

TWEETABLE QUOTES:

“Go back to what your clients are coming to see you for, analyze every problem they could face, and create solutions for those.” – Jason A. Duprat

“The more problems you solve, the more value they receive. The more value they receive, the more you can charge for your service.” – Jason A. Duprat

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RESOURCES

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