Have you been tossing around the idea of raising your prices but your ego pulls you back in with limiting beliefs that if you raise your prices then you’ll lose potential clients or current clients?
I've recently raised my prices and actually sold more than I normally sold in the past. Crazy, huh?
In the past, I kept myself small by not raising my prices because I thought that having a lower price offer would entice more people to buy. But what would happen is they bought at a lower price and forgot about the program. Which meant they didn’t take action so didn’t get the results they desired and I didn’t get the social proof that motivates others to buy my offers. That pricing strategy wasn't serving them, their own clients or me!
I want to acknowledge that it's scary to raise your prices because a lot of times we think “if I raise my prices, I'm going to lose clients" or "I'm gonna lose an opportunity to connect with a client that maybe can't afford me right now.” But that’s just your insecurities talking!
How Pricing Too Low is Perceived by Your Potential Clients
I follow this smart, funny coach who has crazy cheap offers. As I’ve gotten to know her over the past several months, I notice that she hasn’t raised her prices. This got me wondering if her offers haven’t improved and if she’s struggling with limiting beliefs. It also made me realize that I’m not excited to buy from her so I don’t. Simply from her pricing, I don’t feel stretched so can’t see how the actual content will stretch me.
Why would I want to buy a Hyundai when I can buy a Tesla? (No offense if you have a Hyundai!)
People will associate the price of your offer with the quality of its content and make assumptions accordingly. They will value what they pay a premium for.
There is a time and place for a lower ticket offer and that’s for programs that are more one-size-fits-all. Customized guidance deserves a premium price tag.
Sometimes, we have limiting beliefs that we project onto our audience and our clients. This causes us to make decisions for them.
Get your hand out of your potential client’s pocket!!
You don’t know your prospect’s financial situation and it's none of your business. Your job is to offer them a solution to which your products or services provide.
How Pricing Too Low Affects Your Energy
When you have a low priced program then you show up in low-priced energy! You don’t want to price an offer that you have to show up for day in and day out at a low investment. Even if it’s a one hour masterclass!
Now if the masterclass content excites you to deliver it, then you may not worry about a low price offer draining you if only a couple of people sign up.
More often than not, when coaches, consultants or course creators have low enrollment on a low ticket offer this leads to frustration, self-doubt and bitterness which may cause quick burnout. Don’t limit yourself in that way.
Sell a High Ticket Offer for You and Your Clients
What’s something you never forget to utilize each month? Likely it's something you spend good money on, huh?
Increasing your prices will help expand your client because they’re raising to the standard of what it means to be the type of person that can afford that program. They are motivated to take action to see a return on their investment.
When they take action on what you teach them or coach them through, they get results with your proven strategy. Then you get happy clients that are excited to give you a 5-star rating for that social proof! Which helps that lurker who has been hesitating to buy your program to jump right in. And then they get results too!
It’s a win-win for everyone involved!
If you’re still unsure or scared to raise your prices, check out my podcast episode Its Safe to Raise Your Prices for tips on how to prepare your mindset for the increase.
Remember, low ticket offers don’t guarantee that you’ll sell out your offers.
Ready to take this to the next level? Join me for private Voxer coaching. Let's get you to that big money goal in the next 30 days!