Very very simple message today and I'm not going to drag it out for 1000+ words.
Raise your prices today.
This is the exact opposite of what most people believe in their business. We have been taught and conditioned that in order to bring on business or increase business, we need to lower our pricing or “give discounts” to attract new clients.
Not only is this completely false, and 100% wrong, but it actually repels your best and most valuable customers from working with you.
Think about it this way. If your programs and services are “the best” in your field and offer the most value compared to your competitors, then wouldn't you think that you would attract the “best and most qualified” clients for your business?
And if your services or programs are “discounted” and “what everyone else is charging” wouldn't it make sense that your best clients would be repelled and indifferent to your low priced “offer?”
A quick example. When I first moved back to New Jersey from South Carolina I was in the market for a new gym. In the marketplace, there were options that were $19 per month all the way up to $300 per month gym memberships.
Going into my search, I knew that my health and fitness were VERY important to me. So, was I attracted to a low priced, low feature gym because of the pricing?
Actually, it was the exact opposite. I didn't even look into the lower priced options and immediately compared “premium gyms.”
Long story short, I choose a gym that some people would consider “ridiculously expensive.”
But, guess what? It's been 3 years, I'm still a member, and I go multiple times per week, every week.
The “price” of the gym and how “expensive” it was, was NOT the most important thing for me in my buying decision.
The MOST important thing was that I found a gym that made me feel great and had all of the features and benefits that I was looking for.
So, the “low priced” gym options actually eliminated themselves from my search before it started because I knew that they simply could not offer what I was looking for at such a low price.
It's exactly the same thing when you are a coach or consultant who sells an outcome and solution.
Your best customers will actually eliminate you as an option if your pricing doesn't match the value they are looking for.
Low pricing = low quality clients. Premium pricing = high quality clients. It's that simple.
Summary: Examine your current programs, offerings and services. Immediately build a program or service that offers the most valuable outcome and solution possible for your target market (if you don't have one already). Then, immediately triple your pricing and target your most valuable and best clients with your high value offer.
- Pack as much value as possible into your coaching program or service and guarantee an incredible outcome for your clients.
- Significantly raise your pricing around this high value, premium program.
- Attract and work with your best clients and get incredible results.
- Scale up and multiply your business.