Growing Your Business in a Post-COVID World
For online entrepreneurs, the worldwide pandemic has no doubt left its impact. If you’ve made it to this point, congratulations. That wasn’t easy. Most of us have been working around the clock to adapt, manage uncertainty, and give our clients reliable service. Some of us have neglected our own well-being and business growth simply to stay afloat. We watched many small businesses go under and the online marketplace change forever. It’s no wonder we’re feeling a little unsure about what’s next.
In a post-COVID world, business owners are turning to special packaging, discount pricing, and creative service offerings to make a big impact on their own recovery. I want to share with you some ways to stay competitive and ensure you are maximizing your potential in the marketplace.
Pricing for Value
It’s an age-old question rocked by a new-wave problem - How much should I be charging for my services? While there, unfortunately, isn’t a definitive or one-size-fits-all answer, there are a few solid pieces of advice to keep in mind when packaging and pricing your services during economic recovery.
Value is king. Your business needs to support itself AND you. Trading dollars for hours isn’t the way to go here. Your clients don’t care how much time you spent - they care about the value they receive. Do your market research and price things according to what they are worth to you and your clients.
Select packaging. You offer a variety of services and have a ton of skills to present to your clients. But this can hurt business, especially in a world with fewer face-to-face interactions and more online deals. Don’t list 30 à la carte services on your website. This will create confusion and overwhelm. Instead, focus on fewer services (or service bundles) with the greatest impact. This not only builds trust with the client but ensures you’ll be doing work you actually enjoy.
Avoid scope creep. When people are hurting, it’s natural to want to help. To throw in a freebie service. And then another. And another. Generosity is a wonderful characteristic and should be practiced. But when discounting or doing work for free, always note that the work is outside the agreed-upon package or price. This way, when your client is entering a new contract cycle, you are clearly able to point out why their price has increased.
Strategies for New Business
If you’re feeling comfortable and stable enough to start looking for new business, there are a few important things to keep in mind.
Be client-centered. Everyone loves free information. What they love more is an expert who seems helpful, reasonable, and trusted. It’s ok to give away the shelf, but be sure you’re not giving away the entire store! Show new or potential clients that you know your stuff, but be careful not to lose money in the process. Refer back to the notes on value pricing as your guide.
Visibility and credibility. Done strategically, producing shareable content and knowledge is a great way to boost your own brand and build your client base. It’s more important than ever to update your blog, social media, and newsletter with information that sets you apart from others. You never know when your next client is reading.
Above all, remember that the creativity and generosity that was important to you before the pandemic is still applauded (and necessary!) today. People still very much need what you have to offer. With practice, you will get better at connecting them to your value and growing your business.