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Value Pricing & Business Models

FOR CREATIVE ENTREPRENEURS

Tara Gentile
founder of KickStartLabs
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Whats Your Living Wage?

?
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What does it take to reach your revenue goal? 1)

2)

3) To price with confidence, you need to know: 1)

2)

3)

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Whats your currently hourly wage? How much do you pay yourself per hour?

How many hours of unpaid work does it take to earn 1 hours paid work?

How many hours can you work per week?

The Entrepreneurial Money Mindset is...

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How do you want to live?

How much do you need to earn to get there?

How does that break down into an hourly wage?

When time is money, you wont find time for building bigger things.
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BREAK IT DOWN How many hours will you be able to bill for?

How leveraged is your work?

What growth activities do you need to make room in your schedule for?

What business expenses do you want to make?

Share: Tell us one thing you want to invest in for your business. @taragentile | @creativeLIVE
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Value Pricing & Business Models for Creative Entrepreneurs | Tara Gentile!

What is Your Customer Willing to Pay?


List the things youve purchased in the last week that you could have paid less for.

Why were those things more attractive to you than their less expensive counterparts?

What personal values do these purchases reflect?

Value Pricing & Business Models for Creative Entrepreneurs | Tara Gentile!

Price tells a story.


What do your customers value? Why would they be willing to spend more on what you have to o"er?

Do some research on the full range of your market. What is the extreme low-end of your market? What is the extreme high-end of your market? Record your findings below.

Value Pricing & Business Models for Creative Entrepreneurs | Tara Gentile!

Share: When do you happily pay more for what you buy? @taragentile | @creativeLIVE
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When is the Right Time to Raise or Lower Prices?


When do you need to change your prices? 1)

2)

3)

4)

Value Pricing & Business Models for Creative Entrepreneurs | Tara Gentile!

Is the same product worth more for a price than for free?
How does a customers perception of a product change as the price changes? What influences what people are willing to spend for a product?

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So its time to raise your prices...

Step 1)

Step 2)

Step 3)

Other things to consider:

Value Pricing & Business Models for Creative Entrepreneurs | Tara Gentile!

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How do you know if youre using discounts as a crutch for your business?

What is an appropriate reason to discount?

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The Market is Bigger Than You Think


Markets are _______________________________. -- The Cluetrain Manifestor How are the decisions youve made for your business a"ecting what you can charge?

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Activity: Low-end to High-end Name a business on the low-end of your market.

What decisions have they made that make sense with the price theyre charging?

What values do those decisions represent?

Name a business on the high-end of your market.

What decisions have they made that make sense with the price theyre charging?

What values do those decisions represent?

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Consider your own business. What decisions have you made that make sense with the price youre charging?

What values do those decisions represent?

What decisions have you made that do not make sense with the price youre charging?

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Create a Business That Breathes


What is a business model? What are the 6 key questions of your business model? 1)

2)

3)

4)

5)

6)
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For each of your products/services, answer the following questions: Product What does this help my customer accomplish? Who is it What kind of designed for? relationship am I nurturing with them? How much How will we will it cost? To let them us? To them? know about it? What does the solution look like?

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Product

What does this help my customer accomplish?

Who is it What kind of designed for? relationship am I nurturing with them?

How much How will we will it cost? To let them us? To them? know about it?

What does the solution look like?

Value Pricing & Business Models for Creative Entrepreneurs | Tara Gentile!

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Where is your business model getting blocked? ! Are your customers regularly asking a question that you dont have an answer (product/service) for?

Are you missing a necessary sales or marketing channel?

Have you incorrectly positioned an o"er than really should be selling?

Are customers dropping o" a#er making a purchase?

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What opportunities are in front of you?

What other needs have you identified for your existing customers?

What are your existing customers already asking for?

What holes have you identified in the market?

How does your unique approach set your business apart?

Value Pricing & Business Models for Creative Entrepreneurs | Tara Gentile!

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What about marketing & sales?

Where are you expending a lot of energy for very few results?

Is there an o"er you havent properly promoted yet?

Is there a clear sales process for each of your o"ers?

How do people find out about each of your o"ers?

Value Pricing & Business Models for Creative Entrepreneurs | Tara Gentile!

Share: What opportunity is standing out to your right now? @taragentile | @creativeLIVE

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Do Less. Impact More.

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The goal of a solid business model is to leverage:

to create o"ers that impact your customers more deeply and increase your revenue.
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What is Impact-to-E"ort Ratio?

L
What is Onlyness?

Share: What impact do you want your business to have? @taragentile | @creativeLIVE

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What is unique about you that you really value?

What is unique about you that others really value?

What is unique about your business that others really value?

How can you leverage that in your business model?

Share: What is the special something that others really value about you? @taragentile | @creativeLIVE

Value Pricing & Business Models for Creative Entrepreneurs | Tara Gentile!

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Hands-On Business Modeling: Part 1


Focusing on function means youre focused on: The Ultimate Value Question:

What questions should you consider when developing a new value proposition?

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The Ultimate Customer Question:

What should you consider when youre trying to better understand who youre designing for?

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Want Ad
Describe your customer: What is it that she wants?

What values or unique benefits are important to her?

___________________________ seeks ______________________________. Important: ** ** **

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Share: Who is looking for what you have to o"er right here, right now? @taragentile | @creativeLIVE

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Hands-On Business Modeling: Part 2


What happens when you treat all your customer relationships the same way? The Ultimate Relationship Question:

What questions should you consider when making decisions about how customers will relate to a product or service?

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Before & After


BEFORE How do they feel? AFTER How do they feel now?

What have they already accomplished?

What results did they achieve?

Why now?

Whats next?

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Whats the best way to design a product?

The Ultimate Format Question:

What should you consider when youre trying to determine the format for your product or service?

Revisit the Want Ad from page 29. List 3 ways this solution could be designed.

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Share: What new product/service idea did you come up with today? @taragentile | @creativeLIVE

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Hands-On Business Modeling: Part 3


How does marketing relate to promotion? How does marketing relate to sales?

The Ultimate Sales & Marketing Question:

What questions should you consider when choosing the way you will market and then sell your product/ service?

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The Ultimate Cost Question:

What questions should you consider when determining the costs of your creating & delivering your product/ service?

Revisit your current business model. Rank the products/services that you currently o"er in order of their cost (both hard & so#) to you.

Is there a product or service that costs more to you than it should relative to what you can charge for it?

Share: What kind of cost is most costly to you? @taragentile | @creativeLIVE

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How to Set Pricing & Sales Goals for Your Business Model

L
Then consider:

Share: What is your revenue goal? @taragentile | @creativeLIVE

Begin by revisiting your business model as youve outlined it and setting a preliminary price for each o"er.

Is this price reflective of my cost? Financially, energetically, relationally, etc... Is this price reflective of the value to my customer? What would value comparable to this cost? Does this price make sense with my other products? Where do I want this product to fall in the spread of the market?

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Product

Price

Sales Goal #

Sales Goal $

Costs

Net Revenue

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If you need to adjust to meet your goals, consider these business model tweaks: How you could bump your sales & marketing channels to produce better results. Ideas:

If you could position a product di"erently to raise the price. Ideas:

If you could format a product di"erently to raise the price. Ideas:

If a di"erent customer segment would be willing to pay more. Ideas:

Value Pricing & Business Models for Creative Entrepreneurs | Tara Gentile!

Share: What will you experiment with next in your business model? @taragentile | @creativeLIVE
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Cycles Not Funnels


Traditional sales & marketing strategy:

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In the #socialera, we have the opportunity to do things di"erently:

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Sales Cycle
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Construct a sales cycle for your favorite product/service.

1)

2)

3)

4)

5)

6)

Value Pricing & Business Models for Creative Entrepreneurs | Tara Gentile!

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Setting Your Plan in Motion


Where do you want to be a year from now?

What parts so your business model do you need to execute or refine to get you there? Make a list here.

Value Pricing & Business Models for Creative Entrepreneurs | Tara Gentile!

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Which of those tasks could you execute in the next month? Assign due dates to each of these tasks.

Which of the larger tasks is a good 6-month goal?

Work backwards. What else do you need to accomplish to make that 6-month goal a reality? Assign due dates to each of these tasks over the next 6 months.

What could go wrong and how could you put systems in place to prevent that?

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Which of the larger tasks is a good 9-month goal?

Work backwards. What else do you need to accomplish to make that 6-month goal a reality? Assign due dates to each of these tasks over the next 9 months.

What could go wrong and how could you put systems in place to prevent that?

For additional training on Revenue Planning, go to taragentile.com/plan.

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Tara Gentile
Tara Gentile helps small business owners capitalize on big ideas. She's the founder of Kick Start Labs, a New Economy entrepreneurial community & resource library, as well as CoCommercial in Astoria, OR, a coworking & workshop space. Her work has been featured in Forbes, US News & World Report, DailyWorth, Design*Sponge, and the NY Times bestselling book, The $100 Startup. Website: taragentile.com Twitter: @taragentile WORK WITH TARA 10ThousandFeet Twice a year, Tara works with 15 entrepreneurs to help them cra# business models, customer development plans, growth initiatives, and PR strategies that allow them to finally be the CEO of their ideas. Are you ready to pilot your business to the highest level? Visit taragentile.com/10thousandfeet Kick Start Labs Kick Start Labs is your one-stop shop for accelerating your microbusiness at an incredible value. In the lab, youll experiment with new techniques and strategies with access to all of Taras training resources plus twice-monthly Q&A calls with Tara. At Kick Start Labs, we believe being independent shouldnt mean being alone. Learn more at: kickstartlabs.biz/not-alone
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