EP150: Raise Your Prices With Real Confidence (& Deliver Honest Value)
EP150: Raise Your Prices With Real Confidence (& Deliver Honest Value)
Want to feel confident in raising your prices while delivering honest value?
Then it’s important to understand pricing psychology.
And who better to teach us that than the international author, speaker, host of the Proven Profit Podcast, growth consultant, and coach, Kevin Dubrosky who helps people discover and unleash their under-monetized assets.
If you’re ready to walk away after listening to this podcast even just 10% more confident in charging and earning more for your services, then be sure to tune in as Kevin shares why and how you should raise your prices and the common mistakes you should avoid.
How Kevin’s journey started
Kevin’s journey first started when he took his marketing seriously in the small window company he had opened in Toronto back in the early 2000s. Interestingly enough, by focusing on what services he was providing rather than the price he was charging, he was able to start working with big dealerships at an even higher price point than his competition was charging.
That kind of mindset is what catapulted him further and started to challenge some of his convictions that he had up until that point around money and became an enthusiastic student of all things value engineering and pricing related.
The fear behind raising your prices
As stated by marketing expert, the late Dan Kennedy,
"the hardest part about charging a high price is looking somebody in the eye and not flinching."
A lot of the times when you feel your prices are high, it’s almost like you’re expecting a ‘no’ and want the conversation to end.
“The biggest obstacle to charging a higher price is yourself.” - Kevin
The more you believe that what you're bringing to the table has a massive amount of transformative value, the more you can connect with that transformative nature of your intervention in the client’s life, the more you will not flinch when you’re presenting a price that’s more aligned with the impact your contributing towards.
“Yeah, but I don’t want to be arrogant”
We make so many assumptions about the willingness to pay and spending capacity of our market and that is one of the 9 most common mistakes that creep up on us when we're struggling with pricing effectively, is that tendency to make assumptions. We forget how much money is out there in the world.
A change in perspective
Consider this: What is the value of my intervention in this prospective client’s life? If I can help lock down their nutrition and wellness, what will that do for them?
The more you connect with the holistic shift that you would be helping to create, the less guilty you’ll feel about a price that is “too high.”
Would you feel guilty about selling a more expensive package to someone who only needs the cheapest package?
If you said yes, then that's how everyone should feel about selling something to people who don’t need it. It should never feel gross, icky, or manipulative, and if any part of you thinks that then you're doomed from the beginning because that’s gonna seep through energetically to the client, and that imposter syndrome kicks in.
“Everybody loses when we charge the wrong price.” - Kevin
A healthy element to imposter syndrome
In the beginning, it’s good to be modest and humble in your accomplishments to date.
“It’s not about duping yourself into thinking you’re amazing if you’re not amazing yet. But that doesn’t mean you can't make a bold claim, stand behind it, and then work hard to deliver that result.” - Kevin
As a holistic practitioner or wellness coach, if you’ve helped at least 3 people achieve transformation, then you are ready to start getting real about how incredibly powerful you are and how transformative your impact could be in a client’s life.
Energetically preparing yourself to own your worth
The first sale must be to yourself. The first sale you want to bring is generosity.
The same rules apply, you have to be convinced in your bones that you’re kind of dumb for only charging them the price that’s coming out of your mouth - that it’s a deal of the century.
So, feel amazing about it.
The sales language practical framework
When it comes to engineering value, there are 9 components that must be factored in (in no particular order):
Scarcity
Urgency
Probability
Relevance
Differentiation
Mechanism
Effort
Time delay
Mental accounting
All of these are the strategic application of value engineering and they all have to be paid attention to.
KEY TAKEAWAYS
Why should you charge a higher price than your competitors
Common mistakes to avoid while fixing your price
How to fix your worth in a holistic way
Everybody loses when we charge the wrong price
Healthy element of imposter syndrome
Looking people in their eyes when you’re giving them your prices
How to prepare yourself for your sales conversation
The strategic application of value engineering that needs to be paid attention to
If you resonate with this conversation and the idea of charging more, making more money and doing in a way that feels right and aligned then you can find Kevin through his Instagram, LinkedIn, Twitter, or website.
Inviting your feedback: What value did you get out of this podcast episode? What could we have done differently to make it a more successful listening experience for you? What questions do you wish were asked or elaborated on further? Let us know! Email the host directly: kiki.athanas@mealgarden.com
