Do you struggle with charging what you’re worth?
If you think the pandemic is a reason you shouldn’t charge more, then think again. Statistics show that retail sales are higher than ever, and people are spending more on essential products and services. Entrepreneurs need to understand where they fit in that landscape. This episode is all about making yourself incomparable. In other words, make sure that your customers can’t compare you to the competition. That’s how amazing your products and services should stand out. Tune in as I talk about bundling your services, the importance of finding your customer’s pain point, and why you should start investing in yourself.
Make Yourself Incomparable…Be a Mango!
I remember when I started this business, which is my third business—one of my coaches said to me, make yourself incomparable, and I say that to my clients all the time. People are going to price shop, people are going to compare, so make yourself incomparable. What does that mean? It means we’ve to get away from trading time for dollars. If you charge an hourly rate, it’s really easy for me to compare against what others are charging and if they’re charging more or less.
But in a world full of apples, I like to say, make yourself a mango. Make it so that I can’t compare you and price shop you against other things or other people. How do you make yourself a mango? You look at:
- Bundling your services
- Adding bonuses
- Really charging what you’re worth in a way where people can truly see the value
Learn what it means to be a mango in a world full of apples in this week’s ILTV episode.
In your business, you may feel that you have to trade time for dollars, but I encourage you to fight that model. If you’re a personal trainer, for example, sell monthly packages, sell nutrition plans instead of just trading an hour of personal training for a specific amount. This is where you get to stand out and become that category of one because you’re not worrying about what everyone else is doing. Instead, you’re focused on your clients’ needs, and that helps you look at how to set yourself apart…and how you can market yourself differently.
How to Package Your Products and Services
It’s good to be creative with how you’re packaging your products and services so people really see the value in your offer and are excited to work with you. Now the truth is, people are spending money. But they’re spending it on essential products and services. That means you have to fill the gap. You have to alleviate a pain point for me, and if it hurts bad enough, I don’t care what it costs—I’m going to pay it.
Jill of all trades, master of none? Watch the video to learn how to move from generalist to specialist. Believe me, you want to move from a generalist to a specialist. Stop trying to be the go-to person for everyone and learn how to be the go-to person for the one. I’m going to pay more if I know that you are an expert in something. Plain and simple. I’m going to pay more if you are a specialist helping people get a result around one thing instead of trying to get a result around many things.
Here’s how to position yourself as a mango. Look at how you can position yourself differently in the marketplace. Go back to that personal trainer example—instead of just being a fitness expert, be someone who specializes in intermittent fasting, or be someone who specializes in menopause and women in middle age and beyond. Really get clear on how you can help someone. And remember this…people will invest in possibility, but they will pay right away to alleviate a pain. So I want you to think about what you can offer that quickly remedies my pain.
How Do You Charge What You’re Worth?
I also want you to think about what you’re charging. Are you charging what you’re worth? This might be difficult to answer because so many of us don’t feel our worth. Maybe we suffer from imposter syndrome. We think, “who am I to be doing this?” I believe the one way to neutralize imposter syndrome and stop it in its tracks, is to invest in yourself.
What allows you to increase your pricing?
The simple answer? Increasing the investment in yourself.
I am constantly investing in myself, in coaches, in my team, in personal development. And I feel like every dollar I put into me is another dollar I can increase on our pricing sheet. So the things that I offer now are not what I offered when I started out.
I encourage you to take a good look inward and ask yourself, “When was the last time I invested in myself?” Because you can’t expect people to invest in you if you’re not willing to make that investment in yourself.
How are you going to stand in confidence saying, “I’m worth $5K,” when you’ve never invested that amount in yourself? For me, every time I’ve invested in myself, my confidence has gone up, my skill set has gone up, my net worth has gone up, and that gets reflected in my brand and in our prices.
Really Know Your Ideal Client
The last tip I want to give you is to really know your brand and your ideal client. You need to understand your shopper and you need to know things like…where they’re shopping. You need to intimately know their psychographics and demographics. You need to deeply understand these things about your customer inside and out before you throw a sticker price on something. You don’t price or discount your products and services simply because you see someone else doing it. Know your client, know your value, know your brand proposition—and then you can figure out pricing.
You are incredibly worthy of increasing your prices and charging what your value, but it’s a much bigger picture than just guessing what people are going to pay. And the more you discount, sometimes, the lower value people perceive. It’s important that they easily see and understand the value that you truly bring to them.
Depending on the client and the service, you want to take a step back and ask these questions…
- Am I charging what I’m worth?
- Am I alleviating an essential pain?
- Am I helping people step into possibility?
- And what sort of brand am I showing up as?
All wonderful questions to answer today and help you move from the sea of apples to the tree of mangos.
I also want to extend an invitation to you to join my “Ignite Your ‘IT’ Factor” group on Facebook. It’s filled with passionate, soulful entrepreneurs who want to make an impact in the world as well as in their bank account. If you’re not in this private community yet, what are you waiting for? If you’re there, share this invitation with your accountability partner.
I hope you’ve been inspired and are on the path to truly knowing your self-worth and the value you bring into this world and to others. Please take a moment and share this blog with someone else—because when you’re inspired, you inspire others…and we all need to raise the vibration in the world right now. Let’s step into the value that we bring.
For inspiration on how to start charging what you’re worth, Listen to the podcast here:
In This Episode:
- [00:50] How to make yourself incomparable.
- [02:45] The reason you need to find your ideal customer’s pain point.
- [04:45] Why you should start investing in yourself.
- [06:35] The importance of knowing your ideal client.
Here are a few of my favorite takeaways:
- People are going to compare, so make yourself incomparable.
- You need to stop charging time for dollars – that way, people won’t be able to price shop you for other things.
- Don’t worry about what everyone else is doing. Instead, think about how you can market yourself differently.
- Put together packages rather than charging for one product.
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