Hey, Lucky Bee! Today we’re talking about the number 1 pricing mistake that I see all the time.
It drives me crazy.
You’ve probably done it.
I’ve done it.
But it’s time for us to cut it out.
Prefer to listen? Click below.
Lucky Bitch Video Transcript – The Number 1 Pricing Mistake
The number one pricing mistake that I see female entrepreneurs do all the time is crowd-sourcing their pricing.
This drives me crazy. I see it in forums all the time when someone says,
“Hey, guys. I’m doing this kind of workshop and it’s got five videos and three PDFs and it’s got…
What do you think I should charge for it?”
“Hey, guys. I’m doing this workshop and it’s going to have this, this and this and they get a free chocolate. What do you think I should charge for it?”
Now, if you have listened to my How Men Sell/How Women Sell videos or any of my stuff around pricing, you probably know that this drives me absolutely crazy.
Every time you ask everyone else what you should charge, you are taking on all of their beliefs around money.
You have no idea if they’ve ever worked on their money blocks before, if they’ve got huge hang-ups around money, if they’ve got a lot of negative beliefs around their ability to charge well for what they do.
Just imagine you carry your money blocks around like a handbag. When you crowdsource your pricing, you’re not just carrying YOUR bag of blocks, you’re taking on everyone elses, like you’re carrying 50 handbags at once.
You are carrying around everyone else’s money blocks.
You’re running your business based on other people’s blocks and money beliefs.
The truth is, what you want to charge is completely personal.
The type of clients that you work with and what kind of results you offer for your clients, that is what you should be thinking of when you’re pricing your business.
Not what other people think.
The other mistake that women make around this is they ask people who are not their target clients what they should charge.
You might have done this, and I know I have as well, where you’ve spoken to your husband or your uncle or even a random stranger.
I remember talking to my chiropractor around pricing and he was like, “Wow. That sounds like you’re charging way too much.” I was like, “Yeah, I think you’re right.”
MY MALE 50 YEAR OLD CHIROPRACTOR. Completely the opposite of my target market.
Lots of people will have opinions on your business but before you take them on, ask yourself:
First of all, is that person your target audience?
- Is that somebody who you actually would want to sell your service to?
- Are they the right demographics?
- The right age/gender/stage of business?
That’s hugely important as well.
What’s appropriate for a beginner to pay is completely different for someone who’s hugely successful in business.
One, because it can be a marketing tool but, two, it really reflects the results you’re getting for your clients. Not to say that low prices are crap and you never get results and high prices are better.
There’s actually no morality attached to pricing at all.
Stop ascribing morality like, “This is better. This makes me a better person to charge and this makes me a horrible, greedy person.” It really has no bearing on that at all.
Let’s talk affordability and being too expensive.
I talk about this a lot because it seems to come up in business forums: should you be the most expensive in your industry and is it moral to be the most expensive?
Again, take morality out of it. It’s got nothing to do with it.
This is the truth: if you’re charging a dollar, they’ll always be someone who says it’s too expensive and it should be free. Always.
It doesn’t matter how much value you’re giving for that dollar and how much of yourself you’re giving for that dollar. They’ll always be someone who says, “That’s too expensive. That should be free.”
That is a truth.
If you’re charging $10,000 for what you do, there will always be someone who will go, “Oh, is that all?”
I’m not saying you can just sell a bag of poo for $10,000. But, if you’re really truly getting results for $10,000 and it’s appropriate for someone to pay that because they’ll get that return on investment from that $10,000, then yeah, charge that ten grand.
Then wait for somebody who then goes, “Oh, is that all? That’s totally fine.”
That is the truth about pricing.
They’ll always be someone who thinks it’s too expensive and they’ll always be someone who thinks it’s too cheap.
The problem with crowd-sourcing and let everyone else choose your pricing, first of all, it’s not going to be reflective of you and what you want to charge. But also, remember, you’re just taking on all their thoughts and feelings about money.
So… how do you actually figure out what to charge?
Well, my friend, don’t worry. I have a free resource for you. It’s my free pricing course. You can go through it very quickly. You can go through it today. I think it will really help you get okay in your heart around your pricing.
As women we need that.
We need to be okay in our heart and in our gut — well, our brain, our heart and our gut. We need to be totally energetically aligned with our pricing.
You can change it as many times as you like. What you charge today does not have to be what you charge for the rest of your career, so don’t stress about that.
If you just go to www.LuckyBitch.com/pricing, you’ll be able to start in a few minutes. You can get through it in the next hour. It will give you some real confidence in choosing your next price.
It will help you if you want to increase your prices this month and how to communicate that to your clients. I’ll give you some word by word scripts of what to say if you do want to increase your prices and how, actually, increasing your prices regularly is a brilliant marketing tool to get people off the fence and working with you.
It really could be your best month ever by increasing your prices and then giving people the opportunity to invest with you now. It’s an amazing process. Again, just get that at www.LuckyBitch.com/pricing and then comment below what this is bringing up for you. Have you been guilty of crowd-sourcing your pricing like I have and are you ready to take that pledge to give that up forever?
Just write, “Yep, Denise. I’m in. I’m not going to do it anymore.” If all of us agree to do it, we’re all going to have so much more confidence in what we’re charging.
It’s your time and you’re ready for the next step.
Did you miss last weeks video? It’s going crazy in the comments. Check it out here: The Evolution of a Million Dollar Course (From Budget Beginnings)