How to Price During COVID-19 and Tough Times

During the time of writing this blog, we are in a global pandemic causing a lot of issues for a lot of businesses. Of course, even outside of COVID19, we often go through tough times with recessions and such.

A question I get asked so often, and even more so with the current situation, is: 

“How to you change your approach to pricing when times are tough?”

It’s a difficult and delicate matter, but here are different ways you can think about your pricing during these hard times…

 

By the way, you can watch the video here if you prefer...

 

Should I reduce my prices?

 

Absolutely not!

You have to stay in business. If you don’t stay in business, you can’t help your clients! You have to stay commercial.

 

Not everyone is struggling

 

Even though times are tough, not everyone will be struggling in the same way.

Some businesses even thrive in these times of crisis.

There is no need to discount your prices for businesses that can still afford your services.

 

Your clients need you

 

When times get tough, your clients need you more than ever.

There are things that you can do during this time to add huge value. For example, during the pandemic many business owners needed a lot of help accessing government funding, making loan applications and getting cashflow forecasts.

This is a great opportunity for you to really help your clients make a huge difference to their businesses. Your services are even more valuable during these times because the impact you can have can mean the difference between a business surviving or not.

If you are pricing based on value (which you absolutely should be), then, if anything, you should be charging higher prices because you are adding a lot of value to your services.

When you are having your pricing conversations with clients during these tough times, your conversations should be based on value.

What is it that you can do for the client to transform their business and change their life?

Of course, there will be people out there that can’t afford your high prices, but there are enough clients out there that can. You need to focus on the right clients with the right value.

Focus on that value, help the client change their life and price accordingly.

 


 

If you found this valuable and would like to learn more about value pricing, I run a free live online training session every month with a topic chosen by you. Attend live and you can ask me any questions you have. Click here to register and I will send you an invitation to the next session.

Wishing you every success on your pricing journey

Mark Wickersham

Chartered Accountant, Public Speaker and Author of Amazon No.1 Best Seller “Effective Pricing for Accountants”

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