As we wrap up our series on pricing this month, our goal is to leave you with a different perspective on pricing your personal styling services. Confidently standing behind your prices, and discussing them with potential clients, requires thinking about your services in terms of the value, not just the price. When pricing your services, try keeping this in the forefront of your mind: “Value is long term. Pricing is short term.”
What’s interesting about the above quote is how relevant it is to the personal styling industry. Unlike other services or experiences a client may purchase--such as a vacation, a personal trainer, or a personal chef-- the results your client achieve from working with you last long after your time together, often for years to come.
According to a recent Inc Magazine article, only ⅓ of consumers shop the market with price alone in mind. The other ⅔ shop with an eye towards value and then consider price when looking to buy a product or service. To provide exactly the type of value that makes someone want to work with you, it’s critical to know your ideal client. If you don’t know who you serve well, you cannot know the long-term value of your styling services to your clients.
The long-term value of your services will differ from one client to the next. For example, if your client has a large budget and their time is limited, providing the most efficient styling service will count for a lot when they are weighing the value of your service. If, on the other hand, your client is budget conscious, using her budget in the best way possible to achieve her styling goals may mean time isn’t as much of a concern. Instead, you would focus on getting her the most value for her wardrobe budget.
Once you’re clear on what the value of your service is to your ideal client, think about how you can add more value to your services based on the demographic you serve. Is the added value of your styling service all the extra time they will save shopping and getting ready in the morning? Is it access to an expert after their styling service is over for those times when they aren’t sure what to wear?
Before pricing (or repricing) your service, find out what your ideal client values most about your services and consider how much that alone may be worth to them. Then, think of ways to add more value to your client experience and try pricing your services from that perspective. Last, hop on over to Instagram and tell us what you learned when you considered the value of your services first and the price second.