Deciding on a Package Structure

 

There's a pretty fantastic pricing structure framework laid out by the Package Pricing Bundle.

Step 1: Choose what you want to offer as a package. Ideally, it’s the services you want to do more of.

Step 2: Make a comprehensive list of all the features included in that service. Then figure out what you must charge to do it profitably – how long does it take at your hourly rate? That’s your “premium” package, which you’ll offer at the highest price.

Step 3: To derive a “basic” or bare bones version, take that list and subtract everything that isn’t necessary. How long would that take? (Be sure to add a couple hours of cushion – just to be safe.) That’s your basic package, which you’ll offer at the lowest price. Keep in mind that for some projects, valuable creative work goes into even the most basic offering, as with a logo. Make sure the price reflects the value.

Step 4: Now that you’ve got two ends of the spectrum, find the middle package. Give it a price – somewhere in between, but probably not exactly the middle.

Step 5: Put the packages away. Come back to them a few days later and see if they make sense. Did you leave anything out? Do the prices seem fair -- to you and to your prospect?

Step 6: Before posting them anywhere publically, try them out on your next prospect or run them by someone who knows your services or industry. Integrate any feedback you think makes sense.

Step 7: Don’t worry about whether any of your prices are “right.” You’ll find out once you start using the packages on real prospects.

Step 8: Revise as many times as necessary -- the language, the pricing, the balance of features, the layout -- until it’s right. Consider this your 1.0 version. Start using them while simultaneously making notes about the next iteration – 2.0.

 

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