Charge What You’re Worth

CHARGE WHAT YOU’RE WORTH : MINI GUIDE

bettymeansbusiness_image_kate01Worth: It’s an über big idea. And helping our clients understand ours, it can make or break us in business.

I’ve had clients refuse to work with me when I’ve nervously quoted them embarrassingly low fees, and others happily sign up the moment I’ve proposed five figures for a single day’s work.

After thinking hard about what changed, in retrospect I see the only difference was me. That doesn’t mean there aren’t a flood of specific strategies and tactics that can make the whole thing easier, but confidence communicating my worth to the client was the overwhelming decider.

In my experience, it really is true: Once we value our own expertise, our clients will too.

Want to jump ahead?

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what’s holding me back from charging what I’m worth?

I see so many incredible women consultants and coaches unconsciously set their pricing based on fear, self-doubt or limiting beliefs they have around money instead of solid business strategy.

When this happens, our money mindset can keep our prices (and our bank accounts) stuck and unnecessarily low, certainly smaller than the vision we have for ourselves and our biz. Why?

Because our beliefs guide our actions.

Just recognising these bad boys as the bullshit unfounded limiting beliefs they are can help you free yourself from their shackles and help you start charging what you’re worth.


what are some common money blocks?

Five common money blocks that could be keeping you charging waaayy less than you deserve are:

1“I’ve gotta charge less than my teacher/mentor”
Your pricing should be based far more on the results you help your clients achieve.
2“What the market will bear”
I hand-on-heart believe ‘what the market will bear’ is a bullshit concept we use to keep ourselves small.
3“Discounting wins business”
Most prospects are looking the best value rather than just the cheapest price alone.
4“Making money is hard”
It doesn’t have to be.
5“This task is easy/fun for me, so I shouldn’t charge for it”
You’re absolutely entitled to be well compensated for working to your strengths and in your zone of genius.

SO HOW DO I COMMUNICATE MY VALUE AS A COACH/CONSULTANT/EXPERT?

Here’s 3 tips for communicating your worth:

1

Focus on results.
Results sell and tell the story of the true value of your services.

2Stop undercharging.
I reckon undercharging is one of the biggest ways women keep themselves small in business.

You might think that charging lower fees let’s you work with clients who really need you help that wouldn’t be able to afford the fees you’d secretly like to be charging. But how would you feel if – because you were bringing in enough income working with clients who were paying you what you’re really worth – you were able to help those unable to pay – completely free of charge? Pretty damn great, right? Undercharging is keeping you from that experience.

Your deep desire to be of service doesn’t mean you need to undercharge or suffer.

3

Lovingly hold your boundaries.
It reminds your clients that your expertise, time and attention are all ridonkulously valuable and to not squander that shit.


If my business is quiet, shouldn’t I just discount my services?

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Ah, no. Not necessarily. And I definitely wouldn’t recommend that discounting be your go to strategy if things are quiet. (By the way, to me discounting is different from specific promotions or sales.) Discounting can be dangerous. Here’s why:

There is a strong correlation between how much you charge and the perceived value of your offerings in your potential client’s mind. Discount offerings tend to represent discount value.

Note I didn’t say ‘good value’. Seriously think about what the word discount actually means for a moment. Not pretty is it? And I’m pretty sure you don’t want potential client’s to discount you or your offerings. I don’t.

Obviously I can’t advise you on your specific situation (I mean, in all likelihood we’ve never met and I have no idea what’s going on in your business). That’s said, before jumping to discounting, I usually recommend people take a good look at:

  1. how they are packaging their expertise;
  2. their market/message match and make sure they’re aligned, and
  3. whether or not they’re taking intentional and consistent action to attract ideal prospects.

HOW SHOULD I PACKAGE MY EXPERTISE?

bettymeansbusiness_image_kate03Regardless of your industry or niche, learning how to package your expertise the right way will help you showcase the true value of your services, attract the people you’re best meant to serve, and reach your income goals, much more easily than swapping straight hours for dollars alone.

I think mastering how best to package your expertise is a critical business skill.

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For me a key element of ‘packaging’ is including features beyond just your hourly 1:1 coaching or consulting service.

Lots of people assume that their current clients won’t be interested investing in extra time or resources. In fact the opposite is true. There’s a damn good chance that at least some of your clients would love to, for example, go deeper into your work together; get more support from you; and/or access additional content.

Done well, packaging will not only help you create better results for your clients, it can also increase the value – including the perceived dollar value – of all your offers, and even attract higher-paying clients.

Also, done right, creating premium packages can be the difference that let’s you be incredibly generous with clients – so you can support them fully in the way you really want to – while at the same time protecting you from burnout.


why should i attract premium clients?

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Of course you don’t need to work exclusively with premium clients (unless of course you want to), but experience tells me that premium high-paying clients will tend to be your best, most eager, and easiest to work with clients. These guys will also tend to get the best results.

Why?

There seems to be a correlation between financial investment and personal investment. Clients who pay bigger bucks to work with you can often be more committed to taking action and seeing a return on their investment.


will people really pay that much?

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The short answer is: Yes. If you position, package and promote your offer the right way.

Lots of people assume that their current clients won’t be interested investing in extra time or resources. In fact the opposite is true.

No matter what field you’re in, at least a small percentage of your potential clients are likely to be interested in working with you in a more in depth and/or intimate way; getting more support from you; and/or accessing additional content.

If you don’t have a higher end offer, you are leaving (potentially heaps of) money on the table.

This is especially true if you’re seen as a credible expert in your industry.

And stop worrying about whether or not you’re ‘affordable’. Sure we want our fees to be aligned to our ideal client, but when we become overly focused on affordability, we’re making financial decisions for others. And that can totally backfire, even be seen as offensive to some of our potential or current clients. And I bet, like me, you’d hate for that to happen.


how do I build online credibility?

When you position yourself as a credible expert, opportunities can quickly snowball. You’re more likely to attract ideal clients and charge (and be paid!) a premium for your services. Instead of being just another face in the crowd, solid credibility can help you more easily become a trusted advisor and thought leader in your field.

There’s lots of strategies and tactics out there that’ll help build your credibility online. Here’s 3 tips to get you started:

1Ask for recommendations and endorsements.
Recommendations can absolutely sky rocket your credibility with potential clients. Rock this strategy by being pro-active. It is possible to gracefully ask current and past clients, and others in your network, to recommend you to others.
2Blog.
You can also build cred by being active in the online arena. Blog consistently. On your own site and also as a guest blogger on other relevant sites. When readers see a guest post article authored by you on a third party site, many will unconsciously read it as endorsement for you by that third party.
3Be generous with sharing your knowledge in forums.
Share your knowledge in online forums in which you’re already a member. Not only are you being of service and helping solve problems for someone who may become a client or referrer, you’re also building credibility and increasing visibility with other community members more broadly who might also benefit from your advice.

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I hope you’ve enjoyed this mini guide and that I can keep helping you make your business dreams come true.

Lots of love,
Kate xo