How to price your product or service to increase profit margins with Ruth-Joy Connell

<h3>Have you struggled with figuring out how to price your product or service? This is a common challenge for entrepreneurs. However, if you use the 4 Pillars for Pricing, you can price your product or service with confidence that you will attract the right buyers and clients.</h3> <p>How to price your product or service is dependent on several factors within your business, as well as your revenue goals.</p> <h3>Charging your worth and value</h3> <p>If you have a calling and aren’t acting on it you are doing a disservice to those who need your service, and your help. Likewise, if you don’t charge for the service you provide, you are doing a disservice. Why? Because if people don’t pay for something, they aren’t going to be as invested in it and won’t act and do the work that will create an impact.</p> <p>Your knowledge, your value, and your time are worth charging for. If God is calling you to something, it is okay to charge for it. Even in the Bible people made money. The key is to use that money for good, creating a ripple effect of good in the world.</p> <h3>How to price your product or service</h3> <p>Robyn emphasized creating a pricing structure that is aligned with your soulmate client. If you price based on your soulmate client and their financial resources, you may not attract them. This will result in frustration.</p> <h3>The Pillars of Pricing</h3> <p>Note that each pillar builds on the previous one to position your business for profitability.</p> <h5>Profile</h5> <p>Understanding who your target client is. Whether this is an individual or corporation, referred to as a profile. Understand the problem, challenge, or goal this person/company has that you can help them with.</p> <ul> <li><strong>Problem</strong> – something that is causing their business harm.</li> <li><strong>Challenge</strong> – something that they are struggling to overcome</li> <li><strong>Goal</strong> – something that they want to achieve.</li> </ul> <p>You want to have a deep and thorough understanding of their problem, challenge, o