How To Sell Your Products and Services At Your Own Preferred Prices: Chioma Ifeanyi-Eze
If you sell knowledge in Nigeria, as a consultant, a coach, a course creator or professional or other such, gather here, and let’s discuss high-end and low-end pricing.
I believe that anyone is allowed to price anything for his offerings.
You only need to make sure that:
– Your mind can ‘carry’ what you price
– Your definition of success agrees with your pricing strategy (for example my definition of success is to have impacted 10 million Nigerians with my knowledge, so I cannot do without very low-end pricing)
– Your knowledge, expertise and results, match the level of pricing that you charge.
So, let’s explore the advantages of high-end and low-end pricing strategies
Here’s how I categorize them:
Low-end is 500Naira to 30kNaira
Mid is Above 30k to 100k Naira
From 100k to 400k Naira is premium-priced
Above 400k is max-premium-priced
This is my categorization. Anyone can define his.
Advantages of high-end pricing:
– You work with fewer people and a close-knit relationship is easier
– It is easier to handhold the client to achieve the desired goal
– You quickly begin to explore the international market because Nigerians may soon frown at your pricing and force you to go global, especially when you price in dollars and fall into the max-premium-priced
– You have minimal issues managing people who wouldn’t follow instructions or read properly
-You have minimal cases of people pirating your work and selling illegally
Advantages of the low-end to mid-pricing:
– You impact far more people and can sell to thousands
– You have more cash all year round. Your liquidity level is higher
– You have a bigger email list and your tendency to sell to the same people, over and over again is higher
– Word of mouth works faster for you because people are most likely to recommend a low-end solution to a friend than a premium one
– Facebook ads generate more results for you because buying decisions is easier and converting cold audience is way faster
– A lot of people who doubt you, have the option to gamble a small fee and come taste your teaching skills
– Making sales is easier, you can convince 10 people in a gathering of 50 people
– Both models can make you rich, very rich. No side has more money than the other.
– I believe everyone should have a blend of both, for each side has its disadvantages
Recently, I have seen loads of Nigerian coaches who only sold premium offers, now creating some low-end offers at 5k, 10k and other such. It makes me happy. I believe it is the best way to go in a country like ours where education means so much to us. If you are a brilliant Nigerian, I feel you should consider impact alongside profits. The two make a beautiful blend, as against considering only profits.
Picture for one minute, if all the knowledge Akin Alabi had was only available to a few. Picture again how many Nigerians, including myself, have learnt how to fish, from his teachings. It would be a horror movie if he kept his knowledge only for those who could pay millions to him.
In the coming days, we will see more premium coaches dip their prices, but trust me – It is a good thing and when they taste it, they will never run back.
I am a major player in the low-end market and I know the amazing benefits of a blend of impact and profits.