So could you be charging a lot more for your services?
I could be wrong, but I’m pretty sure you’re undercharging for what you do.
Actually, let me put that another way.
I’m almost certain there are things you could do in your business that would mean people are happy to pay far more for your services than you’re charging right now.
When it comes to pricing your services, there are two factors that control how high you can go - and there’s one stopping you from getting there.
Let’s address that one thing first. It’s the dreaded imposter syndrome.
Get over yourself
If you’re running your own business, you know exactly what I’m talking about, right? You don’t see yourself as a proper <insert your own job title here>. You feel like you’re faking, and you’re just waiting for someone to call you out on it.
As a result, you think you’re unworthy of the higher rates those real <job title again> are getting.
There’s a simple answer to that problem: get over it. Seriously. Everyone doubts themselves at some point – even the people charging the big bucks. So why should they get all the green and not you?
The other thing to remember – and I wrote these exact same words in my free guide to ‘raising your prices with confidence’ - is that your perception of your price is NOT the same thing as your clients’ perception of your value.
That’s important because value is one of the crucial factors I mentioned earlier.
Wrap yourself up in value
The more layers of value you can wrap your services in, the more unique and sought-after your offer becomes. Consequently, the more you can charge for it.
I don’t know what value looks like for your business, but I do know what it feels like from a client’s perspective. So here’s an example.
I used to own a Mazda. Whenever it went in for a service, the garage would email me a video of the mechanic inspecting the car. If any extra work was required, he’d point it out and explain what was wrong, right there in the video, so I could see it myself.
For me, that opened up so much trust that I didn’t mind what the service cost. And I certainly didn’t care that their labour charge was probably double that of the local garage down the road.
Just by creating a simple video – which probably only added an extra couple of minutes to the time they spent on my car – the garage made me feel as though they were looking out for me and were on my side.
And feel is the key word here. Because when it comes to adding value, creating the right emotions in your clients is where that extra money is at.
I undoubtedly paid more for my service and parts than I could have elsewhere. But I never once felt that I was being duped or ripped off. I was happy to do it because of the extra care and attention I felt I’d received. That’s value for you.
Now, would that same video approach be as effective on every customer? Of course not.
But that just highlights the power of the other factor in charging more for your services: Niche.
Play to your niche
If you’re not sure what I’m talking about, your niche is a small part of your market where you can specialise. Maybe that’s because you have particular experience or insight in that area, or maybe it’s just because you see some untapped potential and you’d like a piece of it.
I’ve previously written on Forbes about the importance of having a niche.
The long and short of that article, is that when you focus your attention on just a small portion of your potential audience, you can begin to speak to them on a more personal level. You can shape your offer to become more relevant to their needs, and add the kind of meaningful value that makes your relationship feel less transactional. They’ll start to love you for that. More importantly, they’ll also start to pay you for it.
In my garage example above, I’m the niche, and I’m fine with that - as long as I getting something I value in return.
So here’s my question to you.
Where can you add value in your business that will allow you to up your prices? And if you can see the potential to do it, what’s stopping you?
If you need help with a guide and a script to let your clients know your prices are going up, grab the free guide here.