Are You Pricing Your Services Too Low?

In this blog post, I’m sharing what to consider when pricing and how to overcome some pricing limiting beliefs.

Listen to the episode below (09:18)
Learn how my client added an additional 8k to her business by being visible
You'll also get access to my Fabulous Resource Centre, weekly newsletters with hints and tips to rock your visibility in your biz, plus any hot off the press news!
Powered by the Simple Podcast Press Player

Join my free FB community to connect with me and other fabulous solopreneurs to help you Rock Your Fabulous Biz.

Read Full Transcript below...

One of the things I work on with my 1:1 clients is their money mindset. I’ve spent the past few years working on my own mindset and I know that when it’s good, my business is good. When it’s not, my business can feel tougher.

A couple of weeks ago we were having a conversation with our 17 year old daughter, Natasha, about veterinary bills. Our little dog, Lulu, was supposed to have an operation for removal of a cyst last year and on the day of the op it miraculously disappeared. We’re into the Law of Attraction, so we jokingly said she’s been manifesting it to clear up. The operation would have cost £600, but it ended up being nothing.

Natasha, who is doing her A-Levels in preparation to go to Uni to train as a Vet, said “It seems like a lot of money, but you have to remember that you’re not just paying for the operation. You’re paying for the medication, the time of the operation, the years of studying the vet has undertaken and the Vet’s experience. All of those things have to be factored in.”

Now, that’s my girl! A super healthy money mindset, at the age of 17.

What I see in my business, on a regular basis, and I’ve been guilty of it in the past too, is that we charge for the hour, we feel awkward asking for what our services are worth, because we discount all of the things we’ve learned/experienced/overcome over the years. We charge for that service but don’t think about how much time, money and energy we’ve invested to get the knowledge over the years that will ultimately help our clients.

If we want to be successful in business, this has to change.

Charging for your services by the hour will potentially mean two things, one you get exhausted and two, you will hit a ceiling with your income. Now the beauty of running your own service-based business is that there doesn’t have to be a ceiling. Unless you create it of course.

It’s important to think about what you’re offering and how you can maximize that offering, so that you can deliver great service, without it burning you out in the process.

All sounds great so far, but how do you do that?

Well, you add value. You need to think about how you can package up your expertise.

I talk about several areas a lot in my business, so let’s take one of them – niching, or finding your dreamie clients. I can spend time going through this with my 1:1 clients or I can share a pre-recorded training video and worksheet so they can go through it in their own time. Then we come on the call together, it’s not me hashing over the same content (which let’s be honest can become a bit tedious) AND the bonus is then I can work with my client on delving much deeper to get even more juicy nuggets of clarity.

Here’s a list of ways that you could add value to what you offer:

  • Digital downloads, eBooks, 7 top tips, reports
  • Access to group calls
  • Free extras that are low cost to you, but of great value to your client, i.e. the Accounting video I mentioned
  • Pep talks in between sessions up to a maximum amount of time
  • A free fringe cut
  • Some sample content/templates etc.
  • Useful resources, documents, tools, links, videos
  • Teleclasses, webinars, podcasts you’ve recorded
  • Audio or video responses – if a client asks a question about something you could answer with a recorded response, a bit like my Bit.ly and Pinterest videos where you share the screen to teach them something or it might be a pep talk video a bit like my inner critic style of video
  • Pre-work questionnaires or exercises, i.e. mini workbooks
  • Post- work questionnaires where your client might answer a series of questions to consolidate their coaching and learnings
  • Typed action list that you send after each session
  • Accountability – contacting them between sessions to ensure momentum
  • Constructive feedback between sessions to support them
  • Discounts on other programmes/packages that you offer
  • Access to a library of resources that you’ve built
  • Access to a Facebook group or other community group that might be of support to them
  • Access for a set period of time into a group
  • Email support

As you build your business you will start to create tools/exercises to support your clients – save them so that these can be things that you use in various ways.

When you think about your pricing you need to think about what you want to portray overall – value or premium?  Either is fine, but it needs to be relevant to your ideal clients.  Do not price based on your feelings of self-worth, think about the value you bring, the transformation.

Pricing is as much about confidence as it is about charging for your services.  Start to answer the following questions and turning some of your beliefs around.  If you need to do more work around beliefs then it might be worth buddying up with someone or working with a coach to help boost your confidence in charging at the right price point.  It could be the difference of make or break for your business.

It’s possible that you’re holding onto some old beliefs around pricing that don’t empower you so your call to action this week is to write down the answers to the following 6 questions. Worried you’ll miss them where you’re just listening? Don’t worry, I’ve turned them into a quick cheat sheet for you, and you’ll also get the list of values too so you can refer back to it as and when you need it 🙂

   What’s important to you about your pricing?

   What beliefs do you already have about pricing your services?

   Do these beliefs support and empower you?

   What impact is holding these beliefs having on you?

   Do you want to hold onto them now that you know the impact they’re having?

   What would be a better way to think about these beliefs?
   (If you like affirmations then use one or two to support you in this change)

Start to gather evidence for your new belief. Set up a journal or notebook and note all of the new things that come up to support your new belief.

So don’t listen to me if you don’t want to. Listen to my 17-year-old instead and when you have doubts about your offerings, remember what she says:

They’re not just paying for the services. They’re paying for your time, the added value, the years of studying you’ve undertaken and your overall experience. All of those things have to be factored in.

Pick up the freebie that accompanies this post, and get access to lots of super useful resources in my Fabulous Resource Centre, just follow this link.

What Can My Imaginary Friend Teach You About Pricing?

In this blog post, I will introduce you to Sally, my imaginary friend, who can help you with improving your mindset around pricing

7

Click the play button below to listen, or scroll down and click ‘Read full transcript’ if you prefer to read the post.

Listen to the episode below (08:17)
Learn how my client added an additional 8k to her business by being visible
You'll also get access to my Fabulous Resource Centre, weekly newsletters with hints and tips to rock your visibility in your biz, plus any hot off the press news!
Powered by the Simple Podcast Press Player

Join my free FB community to connect with me and other fabulous solopreneurs to help you Rock Your Fabulous Biz.

Read Full Transcript below...

Let me tell you about Sally.

Sally is my lovely imaginary friend. Only joking. Sally is my lovely imaginary client that I talk to in my copy, my messages etc. Oh okay, if you want to go all technical on me, then she’s my ideal client avatar.

Sally sometimes has d1ays when she feels really confident about what she does and other days when it’s just not happening. Let me get her to tell you in her words (no, I haven’t gone completely nuts – stay with me) Here’s Sally…

“I get really great testimonials and people love my free offerings but it’s hard work converting them. I swing from wanting to offer low-end price point offerings to really high ones. I get annoyed at myself sometimes where I keep offering discounts or giving away everything for nothing. I wouldn’t do that if I was working for someone else.

Some days I value what I offer, other days I think nobody will want to pay me for what I do. After all, loads of people must know what I know already, and can figure it out for themselves.”

Do you resonate with any of Sally’s story in your business? If so, we need to talk.

Let’s break down it down a bit.

So Sally says she gets really great testimonials and that people love her free offerings but it’s hard work converting them.

When you get testimonials, cherish them, post them on your website and even say thank you publicly for the fabulous testimonial if you want to. When I say cherish them, though, I mean go back to them if you’re having a day when it feels like you’re not good enough at what you do, they’re a great reminder of how fabulous you are!

Now let’s talk free – Freebies in Sally’s case could mean a specific freebie that she’s offering, i.e. a checklist or video series, or she might mean free offerings like discovery calls that she’s holding with people.

Freebies are a way to build relationships, to showcase your expertise and to invite people onto your mailing list. The same applies to free conversations with clients where you share one or two nuggets with them to help them with their specific problem.

There can be this whole icky thing around giving away things, you know – “If I give away my stuff I won’t have anything to sell”, “People won’t want to work with me”, that kind of thing. It’s not true. I bet you know an awful lot more than you’re sharing in a free download or in a blog post!

Conversely,

If you’re giving everything away for free you have a hobby, not a business! Just sayin’

The thing with free is that there is a time and a place for it. Free is great for helping people to connect with you, for giving you the chance to share snippets of what you do and encourage people to take that next step with you, but here’s the rub. You have to invite them to take that next step with you, it doesn’t just magically happen. It’s not going to be that with a wave of a magic wand they’re one of your high-end clients. It just doesn’t work like that.

It’s fine being visible by sharing good content, it’s then about getting people to take that next step so that you stay in business. Don’t let fear be the thing that stands in your way.

Converting clients to work with you is a skill. I have spent endless hours trying to figure out how to sell without being sleasy. I hated that whole money conversation, but once you’ve got your offerings sorted and you’re completely clear on how you can help people, selling becomes a lot easier.

Yes, there are things you can learn, specific things you want to say, but ultimately, come from a place 2of service and how you can help, and then selling isn’t even a ‘thing’ anymore. You’re just having a conversation with someone about how you can help and then you share your prices.

Keep practising your sales conversations, learn what works and what doesn’t reflect on every one, and tweak and adapt. It will get easier. I’m still a work in progress on mine, but having done the work now I convert many, many more clients than I ever did before.

Back to Sally – Sally was switching from low-end to high-end offerings, and couldn’t quite make her mind up. As your expertise grows alongside your business you will have incremental price increases. I currently have a high-end 1:1 package at £5,000 and my lowest price point to work with me in a group capacity is in a masterclass at £35.

You can still be of service without giving everything away for free. It’s about valuing what you do, not valuing what you think you’re worth. Don’t get into that whole thing that people talk about with pricing, this whole “Charge what you’re worth”. It’s not about charging what you’re worth, it’s about charging what your services are worth – two completely different things. If you have someone who says they can’t afford you and you’re charging what you’re worth, then that makes you worthless or worth-less, which is complete nonsense!

Sally said she wouldn’t discount in the way that she does if she worked for someone else. One strategy I work on with clients when they find it challengi3ng to sell their services is to think about themselves and their business as two different entities. When you treat yourself as an ’employee’ of your company when you’re stepping into the selling arena, it makes it all about the service, not all about you.

She then went on to say that some days she values what she offers, other days she doesn’t. This is where working on your mindset really pays off dividends, and those testimonials can help here too.

Working on your mindset is a HUGE part of being visible in your business.

Sally thinks that people know what she knows already. Maybe they do, but her ideal clients won’t, or they might still need reminding. Some people can take free content and figure it out for themselves, but more often people need support to implement and make it happen.

They might be able to do it on their own, but want someone else to help them, they might want to draw on someone else’s expertise. I could cut my own hair, but let’s see how that would work out for me! Okay, maybe not!

4So what key things can we learn from Sally:

  1. Cherish your testimonials, go back and read them from time to time
  2. Free is okay, but you need to help your clients take that next step, it might be to join your mailing list or to have a conversation with them
  3. Build relationships and learn how to convert potential clients into paying clients
  4. If you find selling icky, become an ’employee’ of your business
  5. Work on your mindset DAILY

I hope you’ve learned a few things from my imaginary friend Sally, umm, I mean imaginary client, today.

Your call to action this week: Dig out your testimonials, have a read through and celebrate your great work, and then start thinking about what you can do to boost your mindset on a daily basis.

Password Reset
Please enter your e-mail address. You will receive a new password via e-mail.