Are You Wrong to Charge High Prices?
I spend a lot of my time exploring with my clients how they can charge premium prices for their services. Each time we raise the topic they have two primary concerns (maybe they sound familiar?)
1) “But, Dharma, I don’t believe I’m worth it.” (This is either because they don’t think are good enough or, morally-speaking, they feel wrong about charging premium pricing);
2) “But, Dharma, my ideal client can’t afford it.” (I promise you this is always an assumption!)
The number of times I’ve heard:
“No one will pay me that much.”
“I know he doesn’t make a lot of money so he can’t afford to work with me at that price.”
“My typical client is struggling to get by. They can’t afford premium prices.”
“If I raise my prices, I’ll lose my existing clients.”
“I don’t have enough experience/knowledge …. to charge that much!”
Sure, sometimes this is true (which does beg the question if they are, in fact, your ideal client). But a lot of the time it isn’t. Have you ever had a client complain about not being able to afford your services only to later find out they just got back from a beach vacation? Sometimes it all comes down to desire and priorities and perceived value.
When you only work with your ideal clients who are highly motivated to achieve the transformation you offer, they will find more value in working with you, verses staying with the status quo. And when your ideal client sees you as an investment in themselves and/or their business, and not just another bill that needs to be paid, it is easier for them to justify paying your premium price.
When you . . .
- Believe in your own value and in the transformation you offer in relation to what you charge
- Believe that you can cherry pick who you work with
- Can clearly communicate that value to your potential ideal client
- STOP worrying about whether or not they can afford you
- Have faith that your ideal clients see the value in the transformation you offer and want to work with you
. . . you will attract ideal, highly-committed premium clients, and make more money and profit in your business.
Not only is this better for your business, but, it actually HELPS the client when they say, “YES” to themselves and invest in your premium priced services and programs. Clients who make the investment show up more fully, commit to do the work, and get that much more out of their investment (i.e., transformational results). For example, an initial $5,000 investment can return $10,000+ per month, as opposed to a $97 investment where the client doesn’t show up and doesn’t do the work, and therefore, gets no value and $0 per month in return.
As long as you can show them the high value you provide and provide a remarkable client experience and transformation, your client will be happy to pay your premium pricing because they have confidence that you can solve their big problem and can provide a big transformation.
If you can do that, pricing becomes irrelevant.
It’s quite simple really:
Low prices =low action takers, not ideal clients, low/poor results
High prices =committed clients, better results, better transformations, and more time and resources to focus on our ideal clients
Add $10,000 - $100,000+ to your monthly income.