Want to know what keeps a lot of product and service providers from charging what they’re really worth?
It’s that all-too-common belief that “I am not a sales person.” Combine that with a healthy dose of “It’s rude to discuss money,” and you can see why it’s just easier to keep your rates low.
It’s time to think of your services from a different angle. Not only will you see things in a clearer light, but selling suddenly won’t feel so…salesy.
Here’s how traditional pricing discussions go:
You talk to a potential client, and you explain what you can offer, how your product or service works, what he or she can expect (how many calls/emails, phases of work, length of contract), etc. And then you say, “My rate is $XXX.00.”
Your client either says yes, no or (the kiss of death) maybe.
Let’s turn that around, and rather than focus on what he or she will get from YOU, take a look at what she will achieve when she purchases your product or service.
For a business coach, this is easy. Talk money. How much more profit will your client make when she purchases your product or service? If your product fee is $1,000 per month, but you can show her how to increase her sales by $3,000 per month, then your price is inconsequential. She’ll earn it back three times over, not only while you’re actively product her, but for the rest of her business life.
Who wouldn’t jump on that with both feet?
What you’re doing here is not talking about the cost of your product, but rather the cost of not purchasing your product or service. Because if she doesn’t work with you, she’s losing $3,000 per month.
What about other kinds of products though? The same applies, you just have to find a way to show your clients the cost of their inaction.
If you’re a life coach, inaction (to your potential client) might mean years of feeling unhappy and unfulfilled. Imagine what it might be worth to your client to lift that depressing burden forever?
The same goes for health and wellness products. Can you add 10 years to the life of an unhealthy, overweight man? That’s priceless.
What about dating products? For someone who’s been unlucky in love, in and out of one bad relationship after another, the promise of a man (or woman) who will love and cherish them is worth nearly any price.
You just have to paint the picture.
What will life/business/love look like without your product or services, and what can it look like with you? Once they see the difference, pricing becomes nearly irrelevant.