It’s getting tough out there. Your clients are asking you to discount your prices. There’s a price war going on in every industry. You’re unsure what your day rate should be. Sound familiar?
If so, you’re like many other business owners who are considering dropping their prices, often out of desperation.
But here’s the thing: desperation does not attract the clients you want to be working with. And in fact, I believe now is the perfect time to discuss why doubling your prices can be a game-changer for your business.
So, if you've ever wondered about the right pricing strategy or felt undervalued for your work, this episode is for you.
It's getting [00:01:00] tough out there. I think I should reduce my pricing. What should my day rate be? There's always questions about pricing and what your price should be. And what I want to talk about specifically today is why I think that right now is the time to double your prices. That's what we're talking about today.
ation. But here's the thing, [:
In fact, the thing that does attract the clients that you want to work with is confidence and conviction in your offer and in the pricing that you are putting out to market. I think we need to build this and be much more strong and confident about it as we go to market. And as I was talking to this friend of mine, it reminded me of how she pitched in some business.
And her client actually said to her quite cheekily, whether she would be open to negotiation on that price. And here's what she said, I love it. She went, of course I am. How much more would you like me to charge? That is conviction and that is confidence. And this is the very thing I think all of us need to have when it comes to actually valuing your work, because when there is discussion about your pricing, or when there's a discussion or objections about your pricing, I actually think there's two things at play.
And I want you to think [:
So that's a clue to me that if this happens, you've got to actually figure out. What is the real problem the client has right now and how much is it costing them? How much is that problem costing that client? And then your job is to actually talk to that problem. You've got to make it crystal clear exactly how the outcome of your services, of what you do can solve the problem.
u to do is lower your price. [:
What's important if they start challenging prices to really understand what their budget is. To understand what their problem is and to actually have a conversation about how what you can do can fit into their budget. Often it's actually saying to them, one of the things I often say to my clients is, what would you like to remove out of this proposal?
What would you like to remove so that I can help you solve that problem? Now, if they go on and on about price lowering your price or discounting your worth or jamming even more onto it isn't going to get you that quality client. You've got to remember that you've got years of experience behind you.
ever really about the price. [:
What is the problem that this potential client really has, and how do I need to reshape, reframe my conversation here so that they are hearing very clearly how what I do can help them. Secondly, if budget really is an issue, whatever you do, do not discount your price, do not add more into it to try and prove your worth, but rather Ask them what they want you to remove from your proposal.
ee your worth and they'll be [:
And that's what we're aiming for. You've got to have confidence and conviction to really charge what you're worth. Now, the reason I wanted to jump on this podcast today and do an episode around doubling your prices, I want you to think about if you had to double your income in the next 90 days, would you be able to do it?
What would you do to make that happen? Maybe you'd come up with a new sales funnel. Maybe it's a new marketing and advertising strategy. Maybe you would look at getting some more team support. So you you've got that capacity to go and make those offers and do those sales calls or attend those networking functions or do business development, maybe you'd reach out to old clients and old prospects and people that you've never probably followed up with before.
inquiries that you've never [:
Maybe it's about thinking about your market right now, thinking about your clients, thinking about their burning problems, and maybe it's about coming up with a new product, a new solution to help them. Something that is much more consumable. It could be any of those things, but here's the thing. What if I told you that while all of those tasks individually can absolutely add value to your business, what if I told you there was an easier way to double your income in the next 90 days? The easier way is to double your rates. Put your prices up. Now I get that some of you right now might be listening to this and thinking, Oh my God, Janine, she's grown two heads. I can't possibly double my rates. Can't do that [00:08:00] right now.
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And even though we discovered that in that room on that day at that mastermind, there was a combined experience of over 1200 years of experience. Can you believe that? 1200 years of experience, every single one of them hesitated. They hesitated. They had that question. I can't increase my prices, Janine. No one's going to pay more for my services.
And particularly not right now, Janine, with cost of living and taxman pressures and all of the uncertainty that's in the world. Why would anyone pay an increased price? Until one of my inner circle members spoke up and she told how she shared how after overcoming her feelings of self doubt and imposter syndrome that she did in fact double her rates.
t was actually about valuing [:
And when she started charging the right price for her expertise, when she started valuing her worth and aligning her pricing to her positioning, the right clients came to her. People were prepared to pay her worth. Now I've had to come to terms with this myself over the years. I've been running my own business now, my own practice now for over 12 years.
And over the years, my rate has increased gradually year on year, and only the people that I found push back were the people that actually looking back, I didn't even want to work with. The people that valued my worth, that valued the solutions that I was sharing with them, the people that could see how by working with me would help them solve the problem that they're currently facing.
They were prepared to pay [:
And then you need to match that positioning to those right clients that need your help right now. They might already be in your inbox. They may already be existing clients. Right now, increase your rates. Give it a go. You in my mastermind groups, once clients who for years have been doubting their self worth, for years have been underpricing their value, you know, I often say to people, you might as well be working in a fast food joint, in the drive thru for when you work at what your hourly rate is.
se clients of mine get their [:
Charging your worth, dealing with objections and cutting through the market noise impact really can be that easy. It's time to elevate your positioning. It's time to elevate your pricing. And I want to encourage you this week, give it a go. Set yourself a new price. What have you got to lose? You've got nothing to lose and everything to gain.
ery single time someone asks [:
I'd love to hear your thoughts. I want you to get really curious to see what happens. Give it a go. as I said, you have got nothing to lose. You have got nothing to prove, but you have got absolutely everything to gain by increasing those price points and experiencing firsthand the impact that that has on doubling your [00:14:00] revenue and on increasing your profit. Hope you've enjoyed this episode. I look forward to hearing your thoughts and I look forward to catching up next week.
