Episode 11 - How to Raise Your Prices Without Losing Clients
What if the reason you're not earning more has less to do with your business and more to do with how you're pricing it?
If you've been undercharging, discounting when clients question your prices, or base your prices on your competitors, this episode will help you rethink the way you price your products and services.
In this episode we unpack the four key pillars behind profitable pricing; from the value you create and who you sell to, through to how you communicate that value and the belief you have in your own worth.
Want to build a more profitable business with the right foundations?
Check out Best Business Playbook my eight-week group coaching program for business owners who want a profitable business they love, without the overwhelm.
In this episode, I'm talking about
Why smart, capable business owners undercharge
Why you should sell outcomes, not hours or deliverables
The relationship between positioning, reputation, marketing, sales and pricing
How money beliefs can influence the decisions you make in your business
How to become more confident talking about your prices
Why raising your prices doesn't make you greedy, it makes you more commercially savvy.
You don't get paid for deliverables
One of the biggest shifts I want you to make is to move away from selling what you do and towards selling what your work makes possible for your client.
Your clients aren't really buying a logo, a strategy document, a coaching session or a workbook.
They're buying the outcome those things create for their business.
As I say in the episode:
Deliverables don't equal more revenue. Outcomes equal more revenue.
Once you understand the value you're creating, you have a much stronger foundation for deciding what you should charge.
The 4 pillars of profitable pricing
1. The value you create
What are you actually bringing to the table? What's your expertise, your sweet spot and the transformation you create?
The more clearly you understand the value of your work, the easier it becomes to price around the outcome rather than the hours or deliverables involved.
2. The value to your client
Who are you solving problems for?
One of the easiest ways to charge more is to get better at identifying and speaking to the people who value what you do and have the budget to invest in it.
Your pricing, positioning and ideal client need to make sense together.
3. Articulating your value
It's not enough to know you're good at what you do. Your audience needs to understand why your work matters to them.
That's where your positioning, messaging, marketing and sales come in. If you're talking about deliverables instead of the problem you're solving or transformation you're creating, you may be leaving money on the table.
4. Conviction
Finally, you need to believe in the value you're offering.
If you're uncomfortable naming your price, immediately discount when someone questions it, or give away extra work for free, your pricing problem may not actually be a pricing problem.
It may be a belief problem.
Clients are attracted to certainty, so learning to communicate your value with confidence matters.
Want help building a business that attracts more clients who pay what you deserve?
If you're ready to stop chasing shiny objects and build a business that gives you consistent revenue without consuming all of your time, doors to Best Business Playbook are open until September 9th.
It's an 8-week group coaching experience for coaches, consultants, creatives and founders who are ready to stop planning and start executing, with a coach and community in their corner.
Doors close September 9th, the first call is on September 23rd.
Book a call with Rosie to see if BBP is right for you.