Are you charging what you’re worth?
It breaks my heart when I see talented business women who are strugging with charging their worth! Discounting their services has become normal as they are so fearful that their potential client will choose the “cheaper” competition over them. Does this sound familiar? If so, fear not, you’re definitely not alone.
No doubt, you’ve heard it before – focus on value, not on price.
Having a negative relationship with pricing, and with money, is what causes a significant number of businesses to fail within their first 5 years.
Here are my 4 tips for charging what you’re worth
If you really want to learn how to charge what you’re worth, you can. And I am here to help you. I’m sharing 4 of my secrets with you.
The success of your business will largely be dependent on your state-of-mind, and behind every successful woman-owned business is a confident woman who values herself as much as her competition does, if not more.
Tip 1: Don’t be the cheapest – be the best
When you’re considering how to price your product or service, instead of trying to be cheaper than your competition, look at how you can charge MORE by offering a better quality experience for your client. You’ll be shocked at how much less stress is involved with pricing up instead of pricing down.
Consider this, even though everyone loves a good bargin, low prices can often have a negative effect on how your product is viewed.
Ulitmately your pricing could effect your results. Think about it… if someone pays $37 for a program they won’t have any guilt about never getting around to starting it. On the other hand, if someone has paid $997 for a program, there is a much bigger change of them completing it, and putting in the effort (lets face it, nobody want to throw that kind of money away). It is called “putting skin into the game.” This means a better result (aka testimonials, word of mouth recommendations, reviews etc) for you.
Tip 2: Communicate your value
Knowing your value means nothing if you don’t know how to communicate it. You have to communicate your value an a consistent basis.
Communicating this effectively is how you make everyone see what you’re worth. Ignoring your potential will significantly reduce your value and result in you being undervalued
Knowing your true value will help you in every aspect of charging what you are worth.
Ways to communicate your value are:
- You can achieve results
- You can execute
- You are passionate about what you’re doing
- You do have goals
- You can solve a problem
- Providing social proof
Understanding your own worth is very important. If you don’t understand your worth and the value you bring to your client, why should anyone else?
Tip 3: Work with the right clients
Firstly you have to know who your ideal client is. This will help you in every area of your business.
Of all the qualities I look for in an ideal client, trust is at the top of the list. When a client trusts me, I am able to be more effective at doing my job.
The best clients are flexible and are able to roll with punches and pivot as needed and are willing to do their part to achieve the objective set.
When clients meet these criteria, you can do your best work, instead of constantly worrying that you are falling short of expectations.
Secret 4: Don’t discount your prices!
It is vital that you do not discount or negotiate on your pricing. Discounting actually causes more damage to you and your business that you could ever image.
By offering discounts or negotiating this is making you shine a light on your price not your value. You do not want your primary focus to be on price rather than the value and outcome/results you can achieve for your clients.
Think about the impression you leave with people by discounting. Stand firm and sell your value proposition, results and outcomes.
You can’t do this alone. Be willing to invest in yourself and your business. Investing in yourself will help you flourish. It will save you time. It will bring results much quicker. Find the right people to support you on your journey. And remember, asking for help is a strength and not a weakness.