How to Charge What You’re Worth
Have you ever wondered how others in your industry charge thousands for the same services you provide?
There’s no secret formula to applying a dollar amount to your product or service. If you look at others in your industry, you’ll see some priced at pennies and some charging well above average. Some of it comes down to level of expertise, but that’s only part of the equation. The real distinction comes down to understanding your unique value, increasing your clients’ commitment, and believing your product/service is worth it.
How to Find Your Unique Value
If you want to increase your rates to charge what you’re worth, you must understand what makes you unique and why that’s valuable to your clients. Maybe you offer a different perspective, provide a new solution, or go above and beyond to serve your clients. Whatever it is, your unique value is why your clients come to you over other businesses.
Answer the following questions to understand your unique value:
What do you offer that’s different from others?
How do you go above and beyond for your clients?
What do your clients specifically compliment you on?
What benefit do you provide for your clients?
Need more help? The first step to charging more is changing your mindset. In THIS blog post we cover how to reframe your thoughts around money.
Increase Your Client’s Commitment
Why does your client need your product/service? Those who need your product the most are very willing to pay a premium for it. It’s all about increasing their level of commitment. By charging a low price, you get little commitment, but by charging a high price, you get high commitment.
Charging a higher price means your clients are truly investing in themselves. If you look at those who charge the highest prices, they’re also the ones making the biggest promises. Your clients are not just putting a few bucks in to see if you’re worth it, they’re sold, they’re buying in, and they’re committed to getting as much out of their investment as possible.
Charging a premium price does two things for your business:
You position yourself as a premium brand or service
Your clients give a higher level of commitment to your product or service, and that improves their results
Believe You Are Worth It
Once you understand your unique value and know your clientele is willing to commit and pay for it, the only thing stopping you is your own belief system. We’ve learned that the only way to successfully sell something is if you actually believe in it.
You have to believe in the value you offer and what that is worth to your clients before you can sell it. If you don’t believe you’re worth it, no one else will.
The truth is, if others are charging those prices, there’s no reason you can’t too. However, until you believe in yourself and your value, you won’t be able to sell it to your clients.
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