How To Raise Your Fees
By Bernadette Doyle
Last week I got two emails from
subscribers about the same topic.
"I need to increase my prices but I'm
nervous about telling clients." The other
said,"I'm really struggling with charging
my new fee having increased it for the
first time in 3 years. Logically I know
it's quite OK and well within the band of what others charge, but I feel so
uncomfortable...I know I'm putting people off when they phone because I cringe
internally when they ask how much I charge."
The problem here is not an economic one, but a psychological one, so here's my rapid
fire advice if you can relate to this situation.
The first person you have to sell on price is YOU. As these examples show, if you're
not 100% convinced that you're providing great value and worth every penny that you
charge, then you will convey this to your customers. And if you don't believe that
what you are offering is valuable and unique, then how on earth can you expect your
clients and customers to? You must find a way to differentiate yourself and convince
yourself of your own unique value first and foremost.
Stop comparing yourself to others. If you're selling a commodity, offering something
that is freely available on the open market, then I agree that the final influencing factor
before a buyer says yes may be price. But that's actually a very good reason for not
offering a 'commodity'. My first advice to would be client magnets is to take yourself
out of buyers' markets like these, and position yourself in such a way that price
comparisons are difficult, if not impossible.
Please don't email me saying, "But there are other corporate trainers/
hypnotherapists/ shiatsu practitioners/coaches/consultants in my town, and they
charge a lot less." That's really only a problem if you believe they're offering exactly
the same thing that you do. I personally believe that what you're offering is a lot more
unique than that.
The question is, do you?
Buyers pay a lot less attention to price than you think they do. It's a proven fact that
less than 10% of buyers buy ONLY on price. Think about it. Is price the only factor
that you consider when making buying decisions? Are the clothes you are wearing the
cheapest you could find? I doubt it. So why do you believe that your potential
customers shop around for the cheapest professional services? The fact is, most
buyers are more than willing to pay premium prices when you have taken the time to
educate them about the value they will receive in return.
The trick to raising prices is to do it. If you believe that a certain amount is 'too much',
then the only way you'll bust through that limiting belief is when someone cheerfully
pays full asking price without quibble. It only takes one sale for you to realize that
other people think that you are worth this, and then you'll wonder why you waited so
long to raise your fees. But no one will pay you more than you're already asking, so
you need to RAISE YOUR FEES.
What's the worst that can happen? Let's say you raise your prices by 20% and 20% of
your clients go elsewhere. You're still better off, because now you're earning the same
amount but working 20% less. What are you afraid of? That they will be outraged by
your audacity? That they will get angry at you? Let's face it, even if clients do have an
emotional reaction to what you charge, that is THEIR issue, not yours.
They have a choice -- to take their business elsewhere. Just like you have a choice, as
the seller, to charge whatever you choose. What you will find actually happens is that
when you set fees that reflect your true value, then you'll attract a better caliber of
client, people who respect and value what you do and appreciate you.
There is so much I could say on this topic, I could write a book about it -- oh, yes, I
already did! It's called 'How to Charge What You're Worth and Get The Fees You
Deserve', and it really is a magic bullet for helping people to truly transform their
pricing from the inside out. Some people have raised their prices as much as 50% with
the help of this program. You can get it FREE with 'How to Get Clients for Your
Complementary Practice' and 'How to Attract Corporate Clients'.
About the author: Bernadette Doyle publishes her weekly Client Magnets newsletter
for trainers, coaches, consultants, complementary therapists and solo professionals. If
you want to get clients calling you instead of you calling them, then get your free tips
now at Client Magnets
By Bernadette Doyle
Last week I got two emails from
subscribers about the same topic.
"I need to increase my prices but I'm
nervous about telling clients." The other
said,"I'm really struggling with charging
my new fee having increased it for the
first time in 3 years. Logically I know
it's quite OK and well within the band of what others charge, but I feel so
uncomfortable...I know I'm putting people off when they phone because I cringe
internally when they ask how much I charge."
The problem here is not an economic one, but a psychological one, so here's my rapid
fire advice if you can relate to this situation.
The first person you have to sell on price is YOU. As these examples show, if you're
not 100% convinced that you're providing great value and worth every penny that you
charge, then you will convey this to your customers. And if you don't believe that
what you are offering is valuable and unique, then how on earth can you expect your
clients and customers to? You must find a way to differentiate yourself and convince
yourself of your own unique value first and foremost.
Stop comparing yourself to others. If you're selling a commodity, offering something
that is freely available on the open market, then I agree that the final influencing factor
before a buyer says yes may be price. But that's actually a very good reason for not
offering a 'commodity'. My first advice to would be client magnets is to take yourself
out of buyers' markets like these, and position yourself in such a way that price
comparisons are difficult, if not impossible.
Please don't email me saying, "But there are other corporate trainers/
hypnotherapists/ shiatsu practitioners/coaches/consultants in my town, and they
charge a lot less." That's really only a problem if you believe they're offering exactly
the same thing that you do. I personally believe that what you're offering is a lot more
unique than that.
The question is, do you?
Buyers pay a lot less attention to price than you think they do. It's a proven fact that
less than 10% of buyers buy ONLY on price. Think about it. Is price the only factor
that you consider when making buying decisions? Are the clothes you are wearing the
cheapest you could find? I doubt it. So why do you believe that your potential
customers shop around for the cheapest professional services? The fact is, most
buyers are more than willing to pay premium prices when you have taken the time to
educate them about the value they will receive in return.
The trick to raising prices is to do it. If you believe that a certain amount is 'too much',
then the only way you'll bust through that limiting belief is when someone cheerfully
pays full asking price without quibble. It only takes one sale for you to realize that
other people think that you are worth this, and then you'll wonder why you waited so
long to raise your fees. But no one will pay you more than you're already asking, so
you need to RAISE YOUR FEES.
What's the worst that can happen? Let's say you raise your prices by 20% and 20% of
your clients go elsewhere. You're still better off, because now you're earning the same
amount but working 20% less. What are you afraid of? That they will be outraged by
your audacity? That they will get angry at you? Let's face it, even if clients do have an
emotional reaction to what you charge, that is THEIR issue, not yours.
They have a choice -- to take their business elsewhere. Just like you have a choice, as
the seller, to charge whatever you choose. What you will find actually happens is that
when you set fees that reflect your true value, then you'll attract a better caliber of
client, people who respect and value what you do and appreciate you.
There is so much I could say on this topic, I could write a book about it -- oh, yes, I
already did! It's called 'How to Charge What You're Worth and Get The Fees You
Deserve', and it really is a magic bullet for helping people to truly transform their
pricing from the inside out. Some people have raised their prices as much as 50% with
the help of this program. You can get it FREE with 'How to Get Clients for Your
Complementary Practice' and 'How to Attract Corporate Clients'.
About the author: Bernadette Doyle publishes her weekly Client Magnets newsletter
for trainers, coaches, consultants, complementary therapists and solo professionals. If
you want to get clients calling you instead of you calling them, then get your free tips
now at Client Magnets
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