I’ve been posting this week on some of the biggest pricing mistakes I’ve seen lately…
But there’s 1 critical error I saw yesterday that has the power to make a business go BELLY UP…
PRICING MISTAKE #3 – “LOW-BALLING” YOUR SERVICE
Here’s 3 reasons why people tend to REDUCE/DROP their price from what they are truly worth…
1. FEAR (I talked about this in a post earlier this week)
2. YOU WANT MORE PEOPLE IN YOUR PROGRAM.
This sounds harmless, but here’s the issue:
MORE clients is NOT always better.
When you set your rates low, you won’t attract the highest-caliber clients.
You risk attracting the pain-in-the-ass clients that:
* aren’t as serious about fixing their problem.
* aren’t committed to your program.
* often don’t want to put in the necessary work to get big results.
How will it look for your business if you have a bunch of non-motivated clients NOT getting results?
I don’t want to work with 10 luke-warm semi-committed clients.
I would rather have 1 GREAT client who’s willing to invest in changing their life, put in the work, and get phenomenal results.
That’s why we are super selective about who we take on in our program.
3. YOU HAVE A HUGE HEART – and feel awful turning people away who need help, but can’t afford your service.
…so something in you wants to adjust your price to make it affordable for them.
I get it – it downright sucks when someone needs your service, and can’t pay for it.
Don’t get me wrong – Having a giant heart, and wanting to help everyone is fantastic…
BUT… it becomes a problem when you let your emotions get in the way of charging what you’re worth.
Let this sink in – – YOU CAN’T FIX EVERYONE’S PROBLEM…
But there are plenty of ways that you can still provide these people with tremendous help… WITHOUT devaluing your service.
In most cases, I’ve found that the real issue is NOT your price. It’s usually that:
They are CHOOSING not to invest (they aren’t serious enough, not committed, etc…), or
You’re not pre-qualifying your leads enough
Anybody here have a BIG HEART, and struggle when someone NEEDS your service, but can’t afford it?