In the world of creative entrepreneurship, understanding pricing strategies can be key to unlocking more revenue and securing a wider range of clients. A concept gaining traction is "Triple Threat Pricing," drawing inspiration from the performing arts term where a triple threat means someone who can sing, dance, and act. In the context of pricing, this involves offering your services in three distinct packages to cater to various client needs and budgets.
What is Triple Threat Pricing?
Triple Threat Pricing is a model that encourages offering three pricing tiers for your services. The idea is to provide options, making it easier for clients to choose a package that suits their needs and budget without feeling pressured or limited.
This model does several things:
Variety in Choices: Clients have three options to consider, which can make a decision feel less daunting.
Psychological Advantage: By seeing varying price points, clients may focus on the package that seems fairest, often the middle option.
Safe Opportunities: Offering different packages can prevent pricing yourself out of potential contracts while still leaving room for upselling.
The Three Package Approach
Package A - The Introductory Offer: This is a basic package, more like a product than a full service. It should be easy to produce, standardized, and ideally have a higher profit margin because it leverages your existing templates or systems. For instance, in graphic design, this could be a simple logo design without extra features.
Package B - The Standard Service: This is your main offering, the package you want most of your clients to select. It includes what you normally provide, perhaps a logo and a logo family, along with a basic usage guide. Price it at what you would traditionally charge for your services.
Package C - The Premium Experience: A high-value, comprehensive package that is priced significantly higher than Package B. It should include everything in Package B and additional services, like a complete brand guide, extended support, or extra features targeting VIP clients who desire more.
Why Implement Triple Threat Pricing?
Implementing this model allows freelancers and small agencies to:
Increase Revenue Flexibly: Offering multiple price points attracts a broader clientele.
Elevate Perceived Value: The most expensive package positions you as a premier provider, making the middle package appear more attractive.
Safeguard Sales: By offering a lower priced, entry-level package, you keep potential clients from walking away entirely if they balk at the higher prices.
Moving Forward with Triple Threat
Understand Your Client’s Needs: Before you decide how to deploy triple threat pricing, talk to your client. Understand their budget limitations and service expectations.
Craft the Package Offers: Based on your insights, create three distinct options. Whether you’re packaging based on different service levels or fundamentally different offerings (like products vs. services vs. subscriptions), clarity and structure are essential.
Test and Refine: This strategy isn't set in stone. Use initial client feedback to tweak and refine your packages. Track which options clients are choosing and adjust your offerings over time to maximize appeal and profit.
Ultimately, Triple Threat Pricing is about flexibility and opportunity. It offers more revenue by appealing to broader budgets and needs, without alienating clients who might previously have been priced out. For creative entrepreneurs, it’s a way to grow business organically, without undervaluing your services.
When trying out a Triple Threat Pricing model, keep in mind it’s not only about fitting more targets but also about making clients feel like they are getting the best value—whether they're paying top dollar or opting for an entry-level option. Adjust, listen, and improve as you go, and you may soon find it to be a game changer for your business.
About Two Pixels Off
Hosted by Brad Hussey and Michael Janda, Two Pixels Off is a podcast dedicated to helping creative entrepreneurs run successful businesses. The show covers everything from marketing and pricing to project execution and profitability, all aimed at empowering creative professionals.
If you’re interested in actionable advice for headline writing and other content strategies, tune into Two Pixels Off on your favorite podcast platform, or visit TwoPixelsOff.com for more episodes.