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Don’t Raise Your Fees, Yet
You’ve seen those webinars, haven’t you? A business coach scribbles down some math and shows you how easy it is to make six figures, all you have to do is raise your fees. Then keep selling yourself a program for $997, $1,997, or $2,997.
So you bought the program, thinking there was a magic formula.
I did that too. Not bad. And it all boiled down to:
Figure out what you need to sell, who you’re selling it to, and tell those people why you’re unique and relevant. After you create this package or whatever, put a price tag on it, then multiply it by X. That’s your new price, go get ’em, tiger!
Here is problem #1:
You need a ton of discipline to stay honest and focused as you figure out what you’re selling, who you’re selling it to, why you’re unique, and how relevant you are.
Even if you succeed in doing this (which makes you the top 1%), you still need to articulate it so your market can understand the value and pay you the money. Last time I checked, these online programs don’t write anything for you.
What happens is that most people would go through the motions of trying to figure these things out or articulate their offer.
More often than not, they’re not 100% done yet, but no one is going to stop them and let them know what’s not fully cooked. Look no further than half-done homework on your hard drive.
(I also believe that we are constantly evolving and everything is in progress. I mean it’s not quite ready for who they are at this point, so they have a solid stage for their evolution.)
Next comes the pricing module. So now people are basically slapping a high price on something half-baked.
Creating something in total alignment and articulating its value and relevance is tough, compared to slapping a few numbers on those packages.
So guess what – half-baked deals that aren’t fully aligned or well-articulated with a price you don’t feel good about saying out loud.
Without trust and alignment, there’s no way on earth to sell it the way you mean it. And a program or package with a high price won’t make you money if no one buys.
Anything multiplied by zero equals zero.
Here is problem #2:
The soundbites are taken out of context and echo across blog posts and podcasts, tricking people into believing that all they have to do is sit on their ass, do some inner work, and increase the numbers.
“Pay what you’re worth” is the biggest offender of all.
Some business coaches try to sell their “premium” program by showing you how you can increase your price and “recoup your investment” by simply signing up 2 new clients using artificially inflated numbers.
I’m not saying you can’t charge that kind of money. I’m all for getting a fair price that reflects the value you bring to the table. But you need to be clear and confident about what you offer and how you articulate its value and relevance to your market.
This takes time. To do a good job and build trust, your awards are backed by honesty that connects you to your work and your employees.
Your honesty with yourself and your confidence in the value you provide determines the price you can charge with the alignment. When you load with alignment, you get it.
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