We’ve talked about raising your prices as a prime way that you can make more money in your business, but the #1 fear that I hear is that prospects will say no to the higher price. So when I saw this tweet from Chris Do I had to share it with you.
So when my wife threw her back out last week she was willing to pay anything if someone could loosen the muscle spasm. She had an urgent and important problem that made price a non-issue.
When my client was being sued by the IRS for filing his tax returns incorrectly for a couple of years, and then not at all for a couple of years he found a tax accountant who only works with people who are being sued by the IRS and he paid whatever that accountant wanted to charge. He needed special expertise that not every accountant had!
So, if you want to get paid more for what you do you need to find people who have bigger scarier problems.
That can mean one of two things:
- You either help your current prospects see how big and scary their problems are. What my old boss would call educate and elevate.
- Or you can change your target market to find folks who know that they have more significant, scarier, problems.
If most prospects say yes now without objection to the price, would all of them say no at a price 20% higher? I doubt it! Is your price the only reason buyers say yes? No, of course not! They buy because they need what you are selling. They will still need it when you price it higher so long as the problem is important to them and they perceive you as substantially different from and better than your cheaper competitors.
So how do you position yourself as the “costs more but worth it” provider? Well, I’m glad you asked! In my new “Raising Prices without Losing Clients” resource there’s a whole section on positioning yourself as the costs more but worth it provider. Check it out!
Which problem do you think you come up against more often: Problems that aren’t significant enough, or you are viewed as a commodity? Hit reply and let me know!