by Cara Lumen
People will pay you what you think you’re worth.
As we get better at what we do, we organically offer more and more value to our clients and customers. How long has it been since you raised your prices?
Every bit of new learning you add to your repertoire is yet another level of value you offer. Every new insight that you can pass forward adds value.
One of the major ways to determine value is to list what your service or product does for the other person and put a value on it.
For instance, if I provide a client with five new ways to leverage an idea, what is the final value of that one idea? How much will the client earn from the implementation of those additional products or features? Put a value on that.
You may coach someone who is having a difficult relationship. A shift is made, the person returns to the relationship with new insights and the results change. Put a value on that.
Your home study course may offer a new awareness to the person reading it and stop them from making a poor career decision and guide them to a satisfying, profitable one. Put a value on that.
You get the picture.
Don’t go by what the market says is out there because the majority of people undervalue themselves. And don’t go by what you think your clients can afford. That’s the quickest way to undersell yourself. Focus on attracting the clients and customers you want—those who value your service and are willing and able to pay for it.
Did you know people are only as rich as the five closest people they hang out with? Start hanging out with go-getter clients, Attract the ones who grow you as you grow them. Ask your clients what they value in your interaction. Ask your clients what they would like more of or less of. And give it to them.
If you’ve written a good sales page for your services you have listed the benefits. Put a monitory value on those benefits and see how your current pricing holds up in the comparison.
Look beyond the surface for the value you give and the value you receive. I know that each of my coaching clients comes bearing gifts for me as we solve their problems and set their strategies.
How long has it been since you raised your fees? I’m certain you are offering more value than you were even six months ago. You can usually charge 20% more than you think. Put that in your calculator and think about it. That’s because so many people undercharge that even the industry standard is under priced
One approach to raising your fees is to add more value. For instance, when I offer a teleclass, I would much rather add bonuses than offer a discount. Then I get the money I want and the participants get added value in the form of e-books and MP3’s or added service. You might charge more for your coaching but add a once a month 15 minute check in or some other bonus service. You get the idea.
Think about how much you know. Look over the acknowledgments people have given you for your work. Notice how you have improved your services or your products. Put a price tag on the benefits you offer.
Then use this knowledge of your added value to raise your prices.