While a focus on affordability can work for some business models, often based more on selling mass goods, the service provider and expert, the coach and the creative, should be wary. If this is you, consider these examples of how competing on price can be detrimental to you and your business.
Remember, you are pricing services built around your uniqueness. These are interactive, premium experiences that deliver results and hinge upon your most precious resources of all- your knowledge and your time.
When you compete on price, it can limit your ability to deliver your highest-level, highest-value experience to your clients. Why?
Just consider, when you feel well-compensated, your mind my go wild with ideas about how you can add more value. A surprise gift for your client, a bonus, a training to supplement to support their experience. In short, opportunities for surprise and delight. To go above and beyond. And it feels good.
When you feel undervalued and overextended, there is a constriction. In spite of your best intentions, you may be setting yourself up to feel tired, or worst yet, unintentionally bitter.
When you compete on price, the only way to “win” is to price lower than everybody else. That can lead to your clients choosing you primarily because you are the cheapest, not because you are the best fit for them (or them for you).
This client mismatch can lead to dissatisfaction for both parties. After all, do you want to be working with people who aren’t a good fit for you?
When it’s all about lowering your price, you release a higher call to attract those people who want to work with you and only you, and who are truly invested in their results.
Instead, focus on quality, results, and resonance, a word I often use with my clients to describe that feeling you get when you’ve found the perfect person for you. Then, price accordingly. Your ideal clients will understand the value that you offer and their monetary commitment will help them reach their goals.
This is especially important to remember with personal development services (coaching, teaching, healing). Most often, when people make a bigger commitment- through the energy money- they get better results. They are easier to work with. They are more appreciative.
Are you ready to increase what you’re charging and attract more ideal, highly-invested clients in the process?
I’m not going to lie, it takes guts. It takes ownership. It takes integrity.
You may hear “nos” you didn’t hear before, as some clients fall away to make space for the even more resonant ones. This is the true test. If you got “yes” 100% of the time after raising your rates, everyone would do it.
While others take that step because they know that once they feel it in their heart– Who they are meant to serve, the wisdom they are meant to share, and the level of commitment required, there is no turning back.
And you know the only thing I’ve discovered that feels better than that first YES, after you make the upward shift? Knowing that life is about more than any individual transaction. Knowing that you lead your life, your business, and your decisions from a place of integrity.
And that feels pretty sweet.