You’re a change agent that helps transform your client’s life by using your services or buying your products.
If you’re a coach, you’re most likely undercharging for your services. It’s typical from what I see with the coaches and other entrepreneurs that I work with plus the women in my Smart Women Make Money program.
Let’s start by thinking about pricing from your customer’s perspective. In my interview Why It’s Wrong to Charge What You Are Worth with Tara Gentile, a business strategist and founder of the Kickstart Labs, we talk about pricing and how to think about it from the client’s perspective.
First of all – we all need to STOP saying, “I’m ready to charge what I’m worth.” Step back from that statement and think about it, are you really only worth $125 – $200 an hour? This is not focusing on the change and the transformative result of your work with the client. It’s time to stop selling yourself by the hour. I will cover this more in another pricing blog. I want you to focus on the outcome you will help your clients create in their lives. What is the result of this outcome worth to them? What is the cost to them if they do not change this problem — the reason they are talking to you? That is the real value of your service or problem.
What you’re worth can’t be quantified by money.
We (especially women) give our power away to a piece of paper. No amount of money can be put on your worth – you’re unique and were given unique gifts, talents and strengths and only you has what you have. Your job on planet earth is to figure out what you are passionate about and what you’re good at doing naturally, and do what has you feeling happy and energized.
Think of it from your client or customer’s perspective. Whatever it is you do for people whether you’re an interior designer, psychologist, coach, consultant, a health practitioner, you’re filling a need your customer has or you would not be in business.
Selling is an exchange of value – you help your client get where they want to go and they pay you for that service. The value is in the change or transformation. You are selling the dream your client wants to have.
Answering these questions will help you understand this:
- Make a list of your clients that come easily to your mind. List the transformation or change you helped create for them. You might have an A list and a B list.
- What was the problem they came to you to solve? When you finished working with them, were they happier, thinner, did their skin looked better, did they have a business plan and new clients, did they make more money – what did you help them do?
Think of your clients being on one side of a chasm and your job is to help them cross over to where they want to be. That is the transformation you sell. This is not about you but the service, the intellectual knowledge you have, the training – the skill – that is what they are paying for not you!
Think about it this way, this is not personal – it’s business.
- What is the transformation you are selling? This is the value you are providing to your customers.
- From this perspective, what is that worth? I like to remind people and myself, that this is business. It’s not personal. I make cleaner decisions when I believe this. Asking them what they have tried or not tried to do to change this problem will help them quantify the cost or time they have put into this area and it will help you both understand what the cost is of not working with you.
If you’re discounting (never use that word or the word “cost” when you talk to your potential customer. They are investing in themselves and they will pay for their dream, which is to have their problem solved. Use the word “investment.”
If you’re freaked out about telling prospective customers what your services are worth, you’re not thinking about the transformation or problem you are solving with your product or service. Get out of your own way and remember this is business and it’s not about you personally.
When you pay almost $4 for a latte at Starbucks versus making one at home, you’re buying an experience. This is another way to look at your service or program. What is the experience you create for your clients?
How can you go the extra mile and offer extraordinary service for your clients?
How can you create an experience they won’t forget?
What would a miracle look like for your customers?
What has been your experience with pricing? I’d love to hear from you. If you like this post, please share it.
Here’s to your abundance and prosperity,