If you’ve been in business for any period of time you will have experienced a resistance to your charges (even if you’re cheap as chips and the most terrific value for money in the whole wide world). As business owners we have the pleasure of experiencing everyone else’s money stories and money stuff and fusing that with our own in order to produce a kaleidoscope of wobble inducing “evidence” in our heads that pricing is the most evil of excercise in business.
If you’ve ever experienced the “how much?” or the gasping inhale of air followed by “I’m sorry but I just can’t afford that” then you will know how uncomfortable it can feel if you aren’t super confident in your pricing.
Even without the reaction you might go straight into bartering and bringing down your costs and before you’ve realised what you’ve done you have barely broken even. Now I LOVE a bargain as much as the next person BUT it’s also important that you don’t dive straight into car boot sale stylee negotiations on your pricing before someone has even processed the starting price.
OK, so I could talk about pricing all day long but I must get to the point on this one because what we need to do is make sure that we aren’t setting ourselves up to attract people who simply can’t afford to pay for us so here we go;
Pricing Is Relative
What is cheap or expensive to one person may well be filtered as something completely different to another person. We filter pricing in a very individual fashion based upon our past, our present and our future. The past comes into play as this is what dictates our money story and gives us preconditioned perceived evidence as to whether something is expensive or not. Our present is all about the money that we have available to spend. The future is about what we are prioritising in our life right now in order to give us the future that we want. THE THING TO KNOW IS THAT YOUR CLIENT’S RELATIVE MAY WELL BE SOMETHING THAT’S PRE-CONDITIONED AND BEARS ABSOLUTELY NO DIRECT REACTION ON YOUR PRICING.
So, what’s important to note here, in order to put things into order from your client’s perspective is that you make sure that you make sure that you are addressing the present and future for your clients. The past cannot be directly impacted by you (unless you are of course a money or life coach/counsellor where you can unpick some of this shit for them) BUT you can focus on the benefits of your product/services or programme to them. Make sure that all of your sales materials are centric on what is in it for your clients, highlight the benefits, what they get out of their transaction with you and the absolute mind-blowing value of working with you.
People Buy Things They Want
It’s funny how people are able to find the spends for things that they absolutely WANT in their world. We prioritise our disposable income based on what we WANT to do with it. Some people spend stacks of money on holidays but may be perceived to live very frugally at other times, some people spend money going to sports events or concerts and don’t prioritise investing in holidays, some people love a branded product whereas for other people they wanna get a bargain and head to Aldi.
What do your clients WANT? We are at the same point as above ~ highlight the benefits, what’s in it for them.
People Won’t Make An Uncomfortable Purchase
This is one that you have MILES more control over. If you aren’t aligned with your pricing and you ummm and ahhhhh over it when asked or you gallop through that part of the conversation as if you are driving a formula 1 car of conversations, you start to haggle your own price down or you simply look super uncomfortable when the whole pricing thing comes up then this is going to set off alarm bells for your potential purchasers.
The transaction is going to start to feel uncomfortable.
You are going to be screaming to them with your body language ~ I’M NOT WORTH THIS. MY PRICING IS ALL WRONG which will absolutely act as a repellent.
You need to get aligned with your pricing. I always ask my client’s what their gut says when it comes to pricing. The majority of the time they are massively undervaluing themselves and their goods/services BUT it’s a perfect starting point whilst you get your confidence rolling. If you’re not confident with your pricing and you can’t align to your pricing then this is going to be a repellent rather than a magnet.
Make The Purchase A Safer Proposition For People
People won’t buy from you if they are concerned about whether or not their purchase is a wise and safe one. People resist investing when it doesn’t feel like it’s the absolute, 100% right thing for them to do AND rightly so because we can only invest that money once.
So, if you are service based then how is your product going to help them in terms of time, effort, energy, attention and financially? Is there are return on investment that you can show to your crowd?
Social Proof. Marketing Law dictates that we all say that our work is ACE ~ show evidence that other people think your work is ace too.
Look At Your Attraction Field
If you are feeling desperate and angsty then chances are this is what you are going to attract into your energy field. The law of attraction and the law of reflection say that like attracts like. Do you need to do some work around your self worth? your money story? your value?
Think About Your Suite
You can work with me, whatever your budget. I have stacks of free stuff on my website. You could read a blog or download a freebie, you could watch a video or dive into the podcast. There’s no financial investment needed to start the ball rolling. If you want more input and want to get your questions answered and dive deeper into the Rockstar Community then you can join The Beyond Ordinary Business Hub for £10 per month or an individual Live Lounge Class for £10 each. See the thing is that not everyone will want to work with me 1-2-1 BUT equally, I know that my 1-2-1 prices are ABSOLUTELY cracking value for money and I am totally aligned with that pricing (and then some).
Have you got various entry points into your business which doesn’t close the doors on people with different budgets and prioritise for their spends?
Your Urgency Isn’t Their Urgency
Yeah, I get it ~ you wanna close the sale. If people don’t buy from you then you get riddled with self doubt. Just because someone doesn’t buy from you straight away doesn’t mean that they aren’t mulling over that purchase, digging deeper into your work or waiting for the right time for them. Make sure you are staying on their radar. Schedule a time to chat and catch up. Make sure you continue to be consistent with your social media. Get them on your mailing list. The thing is people will buy when they are ready to buy.
Quick Take Aways;
- Lead with benefits, make sure you are describing (in detail) what’s in it for your crowd
- Can you show a return on investment, whether monetary or in terms of time, effort, energy and attention saved that they can focus elsewhere. Where are they saving? Where are they making?
- Social Proof ~ testimonials, client feedback, case studies ~ marketing law dictates that you say your stuff is ace, let someone back that up for you.
- Alignment to your pricing ~ make sure you are getting comfortable with your pricing (even if that means slightly undercharging in the beginning whilst you get your confidence rolling).
- Knicker up on pricing ~ don’t be haggling and bartering your prices (particularly when someone hasn’t even asked to have a level of reduction).
- Have a good suite of options so that people can access your help & support at different levels.
- COST IS WHAT YOU PAY & VALUE IS WHAT YOU GET