The biggest thing I hear from people is, “you need to price your offer high. You need to go bigger. You’re undervaluing yourself. You’re not giving yourself enough credit for the knowledge that you have and you need to be charging more.” I actually don’t agree with this. You may disagree but you can’t start out by going bigger.
You need to first establish credibility before you increase your prices.
When I first started my business model, I charged $15 for my first workshop. I had 30 people in that first workshop and I made a total of $450. You might be reading this and thinking if I charged $100 I would have made $3,000 but that is not true. If I would have charged that much I would not have had that many people sign up. I had no credibility as a coach or loyal customer base yet, I was brand new. When you are starting out, people will be taking a risk on you and your product or service. You can’t charge an arm and a leg as a beginner.
Your clients should be more comfortable spending money on you.
I also believe that people need to get used to you. They need to get used to spending money with you and you can build from there. I’m not saying that you should have a low rate forever. What I am saying is as you grow then so should your rate. When you’re new and you’re building your audience, you don’t have the numbers to justify high rates. You want to build a relationship and have those people who do interact with you and your brand create positive testimonials. When you are starting out you need testimonials, referrals, and success stories being shared.
People need to be engaged and interested in you in order to establish authority.
Before launching your product or service, you will be growing your audience and social presence. You can’t suddenly launch something without first posting about yourself and your company. You need several hundred actively engaged people in your network to ensure your launch will be a success.
Be patient, you will experience growth
The great thing about having a lower price point is you can set the rate at an exclusive founders rate when you release your course or product. They are going to get to build the program at a discounted rate and will be apart of the initial release. You can also give them a date of when your prices will go up! This will encourage them to grab it now in order to grab the opportunity at a low rate. I don’t know about you, but I have absolutely bought things because the price was going up and I didn’t wanna spend more. I wanted to be able to save and get that deal. Start small and work your way up, it’s a marathon not a race.
Prioritize in creating success stories then you can raise your prices.
First off, you can never go back. If you price something too high then it will be more work to figure out a creative way to lower it. You can always raise the price! Be patient with this whole process. Build up your credibility and authority first. Create success stories with the people that are working with you, and then you can attract more. Don’t think short term, that will only leave you with more issues. Think long term and watch success come into your life.
Start small Goal Diggers, and let’s #getlit.
If you enjoyed this post and want to consume it in video form, check out my Youtube Training How to Price Your Offer Right…it’s not what you think.
Check out last week’s article now to learn how to scale strategically and implement recurring revenue into your business.
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