Something I learnt very early on in my sales journey is that prospects tend to judge quality of service by the price. It pays to be reassuringly expensive!

What happens, though, if your pricing puts you out of the frame in the current economic climate? How do you charge lower rates without appearing cheap?

The most important thing is to understand the market in which you operate. Just because you decide what your rates are does not mean that the market will bear them, no matter how good you are at demonstrating value.

If you mainly work with large corporates, you may need to charge different rates but it does not do any harm in telling prospects your normal rates.

You could also create a separate brand. My rates for The Accidental Salesman® are lower than I charge for larger businesses under Pro Excellence but the terms and conditions are different too.

But what if you are not charging enough?

I have seen many cases where people have put up their prices and ended up selling more because they are taken more seriously by their target audience. I have also seen people do the same and see demand fall off a cliff! Pricing is just one element of your marketing mix and it should be set as part of a considered marketing strategy.

In the end, the market will always decide. The more you can understand the part of the market you are trading in, the better pricing decisions you will be able to make. Just be clear: cheap is not always chearful!