Want to charge more but your brain is conjuring up rational sounding reasons why you shouldn’t?
You’re not alone.
Raising your prices can be an emotional thing. Scary even. It pokes at those long-held beliefs you have about money and self-worth.
Here are some of the most common questions around raising prices:
Price Rise FAQ 1
What if my audience can’t afford me at my current prices let alone at higher prices?
If you’re targeting a market that can’t afford your current rates, then you’ve probably already realised that you need to start looking for people who can afford you.
N.B. Check that this isn’t an assumption.
If people on your sales calls are saying ‘I’d love this, but I can’t afford it’, do they sound genuine? Or are they saying that they haven’t got enough money as an excuse to get off the call because they don’t want what you’re selling?
It’s less about affordability and more about the size and severity of the client’s problem. If your prospective client has a significant and/ or urgent problem, and they believe you’re the right person to help them, then they’ll be far more likely to buy. The price tag will matter less.
Price Rise FAQ 2
What if I’m charging more than my tutor/ coach/ dad who’s got experience than me?
Hard truth time; if people with more experience are charging less than you, that’s their problem. It’s not a good enough reason to hold yourself back.
There are influencers out there making way more money with far less marketing experience than me. While I’m conscious that I’m charging much more than some of my peers.
For better or worse, pricing is not about experience. It’s about the value you’re delivering. Or rather the value perceived by your audience.
How do you increase the perceived value of an offer?
Price Rise FAQ 3
I’m already much more expensive than offline competitors! Can I really charge even more?
It’s not worth comparing online and offline prices for services. Focus your energy on communicating the value of your offer and you won’t go far wrong.
If your audience doesn’t see the value in what you’re offering, they won’t buy. It’s as simple as that.
Price Rise FAQ 4
What if I put up my prices and I’m told I’m too expensive?
Good. This probably means you’re charging nearer the right amount. If everyone can afford you, it’s not a good sign.
I’ve heard good sales people say ‘collect the NOs’. The more people who say NO to you the more you’ll learn. NO is rarely about the price.
Whenever someone turns down your offer because of price, gently ask whether there were any other reasons.
It’s not usually about ‘you’re too expensive’ it’s more likely to be ‘I don’t think it’s worth it’. If this is an opinion held by most of your audience, then you have a serious problem. You need to do some work on your offer and/ or your messaging.
Price Rise FAQ 5
What if people think I’m greedy?
Have you ever heard this saying before:
“What other people think about you is none of your business.”
It was a bit of a revelation when I first heard it. I was starting to gain traction on LinkedIn, but I was still worried that I’d accidentally offend someone or attract a troll.
Honestly, it’s something you have leave behind; this urge to people-please.
You’re running a business. At some point or other someone isn’t going to like you, your style, your services or your prices. It’s inevitable! To be successful, you’re going to have to stick your head above the parapet.
Here’s another way to look at it:
If you worked for a big corporation and someone said your company was greedy for charging more than competitors for an item. What would you think?
Would you urgently call the CEO and tell her that prices of X item needed to be dropped immediately?
Price Rise FAQ 6
What if I lose clients because of it?
One way around this is only to apply the higher prices to new clients. I like this approach because you’re rewarding your current, loyal clients.
Lots of people successfully use their prices rise as a sales trigger. Ever seen those ‘lock in current prices by booking a discovery call with me by X date’ posts?
In conclusion and to make myself clear:
I DO NOT ADVOCATE RIPPING PEOPLE OFF
My approach to charging more is NOT about:
- Seeing what you can get away with
- Trying to wheedle money out of someone who doesn’t have enough
- Doubling your prices because someone told you to even if it makes you feel sick
My approach to charging more IS about:
- Charging what the outcome of your solution is worth
- Feeling motivated to do the best job you can
- Giving clients more reason to turn up and do the work
And all conqueringly:
Gaining freedom in your business. #ChargeForFreedom
It all boils down to demonstrating the value of what you do to the people who matter. Pricing is one tool you can use to do that.
Still not keen on charging more?
I know that charging more can be a triggering and scary thing to do. That’s why I’ve put together this free guide 6 Steps to Charging More with 100% Confidence work book.
Click on the button below to sign up and get it. You’ll be signing up to my email list and can unsubscribe at any time.