Our theme for The Diamond Initiative this month, is making sure you value your products and services. This was touched on in August when our theme was Self Worth but this month we want to go a little deeper.
So, what will we cover? Pricing your products and services. Discount of your products and services. Giving away freebies.
Now, the main thing we want to make sure you take away from this month, is that you don’t undersell yourself and you understand what your businesses and products are worth. I was approached by bloggers not long ago to pay to give my products away to ‘influencers’, the offer made me quite angry at what people expect small businesses to do to gain publicity. (Read the blog post here.)
And on the other side of this argument; I met a man called Tom Davies this Wednesday, who is one of the best and most successful eye-wear designers in the world. He was telling us about the freebies he gives away and has given away to get his name out there and gain publicity, which has ultimately resulted in sales. His glasses have been seen on the likes of Richard Branson and Angelina Jolie (both gifted to them), he has also given a pair to a journalist from the Financial Times, all of which resulted in major publicity. We’ll call this ‘calculated gifting,’ which I would condone more than paying to give your products and services away in a scheme that I mentioned above. Tom Davies knew how the exact situation would benefit him before he gifted his glasses (retailing at £1000+).
So how do you measure the worth of your products and services? Are you charging enough? Do you give too much value away for nothing? Do you know how much value you have in your business?
In the Rough Diamond members area, we will be sharing how we price our products and services, there will be a training sheet and webinar so don’t miss out! If you’re not a Rough Diamond but want to be involved then get in touch!
Looking forward to an amazing month!