Would you rather be a Walmart? or a Tiffany’s?
If you’re like a lot of my clients, you’ll say you’d rather be a Tiffany’s.
That is, you’d rather be known for an incredibly high quality of work, your over the top customer service, and the positive impact you have on people’s lives.
You wouldn’t mind the higher income that comes with it all, either.
But too many entrepreneurs act more like a Walmart, selling just about anything to anyone – and at ‘everyday low prices’.
In other words, for cheap.
Recently, I met with a client who has a real gift for helping people overcome the emotional scarring of trauma and addiction. She’s clear about her life’s purpose, and she’s not shy! She wants to reach the masses with this work, and she’s aiming for a 7 figure business.
So I loved it when she described plans to develop a one-day workshop for her audience. She could actually teach them how to use some of her most effective techniques to empower and heal themselves. I knew the workshop would be a success, because she’s really good at what she does. Her clients love her.
So when she quoted a $97 ticket price for the entire day of life changing teaching, I choked.
She was thinking like a Tiffany’s, but acting like a Walmart.
It happens. :)
Many of my clients are undercharging when we start our work together – though they rarely stay there. Eventually, they grow more comfortable with the true value of what they have to offer, and with what that means for their pricing.
For example, one of my clients used to describe herself as “just a yoga teacher”. She was a single mom who taught way too many classes for next to nothing just to make ends meet. And she argued with me when I suggested she was undercharging for her services.
But eventually, she realized how powerful her work really was – especially with her private clients. She was much more than “just” a yoga teacher (whatever that means!) Gradually, she adjusted her programs and pricing to reflect the true value of her work.
Today, some drive as much as an hour each way, and pay premium pricing, just to get to work with her.
Now don’t get me wrong.
I am not encouraging you to charge high prices for average work, or for service that is less than stellar.
But that isn’t you, is it?
In fact, you do more than you should, better than you have to, for everyone you serve – because that’s just how you roll. I know.
All I’m saying, is charge what you’re worth.
How do you do that?
Start here.
1. Don’t discount your prices; add value.
If you’re tempted to lower your rates to bring in a potential client, DON’T. Find a way to add value instead. Throw in an extra product or additional service. The woman I mentioned above began crafting home practices that were individually tailored to the needs of each person, which made a huge difference for their own success.
How could you add value for your clients?
2. Don’t apologize for charging more.
If you know that you do good work, stand in your power and communicate that value clearly to your clients. Don’t let a tone of apology creep into your voice.
This is leadership, and it is exactly what your clients need.
Besides – do you really want the tire kickers who are just looking for the lowest price? Trust me. You don’t.
3. Deal with the fear.
This is a mindset issue more than anything else. Watch your self talk. Be alert to the stories you may be telling yourself about what might happen if you charge what you’re worth.
If you believe in yourself and the good that you do, your ideal clients will too.
AND – they’ll do whatever it takes to work with you. I know, because I’ve experienced it myself, both as a client and as a coach.
People will always find a way to invest in what matters most to them. Let them invest in their results, through you.
You’re worth it – and so are they.
Photo Credit: Kim Alaniz on Flickr