How is your mindset regarding pricing?
This week, a wonderful woman sent me a message asking “how can I stop myself from underpricing?”.
So, I thought there’s a good subject to talk about on Monday!
So, pricing – how do you get confidence in pricing? How do you even know how to charge? How do you decide?
If you are pricing yourself incorrectly then listen to this – you’re either just robbing yourself blind, but also attracting the wrong people. For example, if I want to sell something, like a lip gloss to somebody who respects a really high-level lip gloss, I can’t sell it at two pounds. Because if someone’s looking for a high-level lip gloss, those people are not even looking for £2 products. It’s not even a thing. They are looking for £20 products, £40 products!
For very many years, I undersold what I did. I used to run an event called Coffee Cake and Coaching. Some of you might remember it, and it was £25. I look at this now and not only was it three hours of training, group coaching and cake, but it was also life-changing! In fact, some of the women that came to that are now in my She Thrives programme and they are in their fourth year of thriving and really kind of, you know, going to the next level because they learned the power of group coaching and learning and developing themselves as well as the business. And so they now wouldn’t consider buying something that was £20, because they’re so used to having higher level coaching and training.
So you could be the best coach on the planet and if you are positioning yourself wrong financially, you’ll get the wrong clients, you’ll get clients who are not going to really be in it, they’re not going to really be committed, they’re not going to get the results.
And you’ll think you’re not a good coach.
And I know this because I coach and mentor, and supervise and train coaches. So actually, you think you’re doing the right thing i.e. I’ll do it cheaper, I’ll do it for you just to attend, get attention or get my first few clients. But actually, you’re not getting the clients that you would normally get, you’re getting a different version of the clients you would want. So just think about that.
Think about other people’s pricing mindsets
I want you to think about (and I use this example a lot so you might have seen it before so apologies!), if you drive a Mercedes, I happen to drive one of those, not for any other reason than it’s comfortable. And it’s always, always there – never goes wrong. And I go to get some new tyres and the person at the tyre company says to me, “oh, you need a new tyre again, the cheapest form we do is £40”. My brain, because of where I sit in the marketplace, would say, well I don’t want the cheapest ones, tell me about the right ones?
But because the money mindset of the person selling the tyres is different to mine, they will assume that I’m looking for the cheapest – maybe I’m wearing my joggers and my hair is in a messy bun – who knows? Whereas if I went to the Mercedes dealership and said I need a new tyre, they would say the correct level of tyres for that Mercedes Leveon is £200, and I would probably think that’s a lot of money, can I go and find it slightly cheaper somewhere else?
So just start to think about the money mindset of the people that you want to serve. The money mindset of your ideal clients, not yours. Your money mindset is something different, and actually, you might be scared to charge more.
Have a think about what is right and there will be the perfect price for you. And if you’re struggling to find that, definitely give me a shout. You definitely need to have help to make sure you get it right. It’s like the Goldilocks and the Three Bears – it has to be just right for you and for them, and everything then lines up. They see the value, they have the right money, they have the right mindset. You give them the right service, they get the right outcome. You feel valued, they feel like they’ve had value. Everybody is fabulous and it’s a win-win. So I want to help you win-win!