Should you be the most expensive person in your industry? Is that okay?
This is a really juicy topic. Let’s have an honest conversation around pricing and some of the stories that you might be telling yourself about your self-worth.
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So this question comes up so much in our industry. It also comes up a lot with the women on my Lucky Bitch Money Bootcamp.
Is it okay to be the most expensive person in your industry?
Is it okay to be more expensive than everyone else?
Because seriously, you have to stop linking your own personal self-worth as a human being and the price that you charge your clients, because there really is no correlation.
If you’ve done any marketing study, like I have—I’ve got a marketing degree. Trust me, I didn’t learn anything in it. I’ve learned so much more working for myself—but you’ll learn that price is just one of the Ps of Marketing. And there’s 4 Ps or 7 Ps or 50 Ps depending on which marketing book you read.
Pricing low is not better than pricing high. Pricing high is not better than pricing low. And you don’t want to just price in the middle as to not piss off anybody.
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It all depends on what target market you’re going for. And again it’s okay to choose a particular target market. One is not better than the other and it’s not more moral to work with one than the other.
Now, let me give you an example.
I met someone once who was a space clearing kind of consultant. She would come in, she’d help people declutter their house and arrange their furniture according to different Chinese principles. And she was feeling really guilty about working with richer clients rather than clients who couldn’t afford her as much.
She made a lot of stories about what that meant, and honestly I told her the same thing:
It’s okay to choose a particular target market, because then you can pitch everything you do to that target market.
If you want to go for a lower-end client, everything in your business has to appeal to a lower-end client. If you want to go for higher-priced clients and maybe very wealthy people, that’s okay as well, but you have to pitch everything particularly to that client.
Now, for example, me and my business—I don’t pitch myself as a very expensive, high-end business and brand. My business is positioned very, very clearly in a space that’s very down-to-earth and friendly and accessible and attainable for a lot of people.
It’s not super cheap but it’s not high-end. If it were high-end, I think I’d be dressing differently. Maybe I’d have some shoulder pads or my imagery would be different.
I’ve seen people who attract very, very high-end clients. Maybe their imagery is very corporate or business-like and there’s pictures of them in front of a corporate jet or a private jet or wearing very high-end leather goods.
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So, again, it’s okay for you to choose where you are in the market and give yourself permission to be exactly who you are in that market. No apologies, no feeling like you should serve everybody, and just being very clear in yourself—being very grounded in yourself and who you want to serve.
And remember, your pricing is not a literal translation of your self-worth as a human being.
Now, I’ve actually got a free course on this. If you’re interested, it’s at luckybitch.com/pricing and I give you some really cool tips and tricks on how to set your price, but also how to increase your prices and how to make that part of your marketing campaign to increase your prices regularly.
Again, make sure you grab that today at luckybitch.com/pricing and for everyone else, I want to hear from you in the comments.
What has been your aha around pricing after listening to this video? Where are you positioned in the market and are you clear on that and do you feel okay about it?
So, for more tips on making more money and having way more fun in your business, because business should be fun, come over to luckybitch.com and have yourself a lucky day.
Did you miss last weeks video? Check it out here: How to Talk to Kids About Money.
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