I’m asking this question, purely from the fact that if you’re not fully confident in your pricing structure and what you’re charging, this will come through when you are talking to potential clients.
And this is whether you feel that your prices are too high, or whether you actually feel they’re too low.
Two examples of this.
Example one – no confidence in pricing structure
Just this week. I found a potential business coach for me, booked a call and the conversation was going quite well. But then it ultimately came down to pricing.
I suspect that she had looked at my website and my online profile and put me in a category of earning six or seven figures, which, quite frankly I don’t. And so she quoted me $25,000, per month.
Yeah, you read that right, $25,000.
After nearly falling off my chair and reaching for gin and tonic to take a good hard slug I informed her that this was completely and utterly out of my price bracket. She instantly discounted. And so, I thought I’ll see how far I can push her.
Within, literally one minute, two minutes maximum, she had bought that price down to $500 per month.
Now, what did I think? “Wow, this is fantastic. I can now afford her I’m going to sign up with her.”
No! In fact, the complete opposite.
I instantly thought if she is discounting by $24,500 in less than two minutes, she’s a fraud. She’s making this up. She’s not confident in her pricing. She has no idea what she’s doing. And she’s certainly not someone that I want to work with.
Example 2 – 100% confidence
On the other hand, many moons ago when I was moving from employment to self-employment, I called a business coach who I really wanted to work with. And yet, yet again, she was out of my price range. I asked her what she could do for a lower finger, and she would not budge.
She knew her worth, she completely stuck by her pricing, she said to me, this is what it is. if you want to work with me. That’s what you’ve got to pay. She wasn’t quite that blunt, but that was the message that crystal clearly came across. What did I do? I found the money, and I went with her.
Do you see the difference? If people really believe in you, they will find the money and they will work with you if you’ve got something they really want. But you must believe in yourself. Instantly going into discount mode screams desperation, it screams you don’t believe in yourself; it screams you don’t really know what you’re doing.
Set your prices, believe in them. And as I mentioned, if your pricing is too low it’s going to come across because you’ll falter when talking, you’ll feel a bit icky inside. You’ll think, bloody hell, I’m going to be doing all this work and I’m not really going to be charging my worth. It’s not a good feeling and it will come across in your voice.
Go sort your pricing structure out. Be 100% confident that you’re earning what you’re worth, but you’re also not pulling the wool over people’s eyes and just simply trying to rip them off.
Any thoughts? Let me know below.