Open Up for Higher Pricing!
By Talmar Anderson
There are a lot of the ways that a business owner can effect change to raise their rates (accessibility, highly responsive customer service, for more READ this). Today I wanted to talk about where the idea of demand driven rate, fee or price increases are rooted. Stay with me because this will work for you whether you are in a service industry or own a product driven company.
Do you know that person you see and they instantly make you feel relaxed, you smile and feel like you could tell them anything without judgment? I just saw one of my favorite people. Truthfully we have not worked together simply because I have yet to need her services and products (thankfully). I have immense respect for her expertise and achievements. I recognize her success and potential (sometimes better than her!). I refer her to anyone that may even possibly have a need for her services. She is worth her weight in gold and I can look the referral in the eye and know, whatever she is charging, the value will always be there. How does she do it?
Brilliance + kindness + listener = High Value (set your own fee / price)
Open your big beautiful mind.
Open your warm friendly heart.
Open up space in the moment to hear.
If your market can consistently receive exactly what they expect from your company as a deliverable AND you apply these 3 extra pieces…You are a leader in your industry. Look in the mirror! “Hi Awesome!” These extra pieces will draw the ideal client. And that client WANTS not just what you sell but what is sold by YOUR company!
Brilliance, your expertise, is why you are so damn good! Own it. You DO know your product or service better than others. You understand the customers’ problem and offer a solution that is helpful to your target market. Do others offer it? Maybe yes. But not as well as you. Walking in that expertise let’s a prospect believe in you and happily pay your increased pricing.
Kindness, friendly customer-centric services, operational processes and personalities can draw a cult following and raving fans. This is where word of mouth will outshine the marketing efforts for an industry leader. Well treated clients that can feel the kindness before, during and after every sale will refer over, and over again. If they can feel that just by seeing you out networking or entering your office or store, they will not be leaving to save a few dollars with a different company. Kindness is priceless!
Listener. The root of all success. Let your customers not just be heard but feel like they have been heard. Make sure your company communicates not just to them but with them! Listening is critical if you want to know what problems your market is experiencing. Focus and presence of mind are the hallmarks of caring and consideration. Really hear not just what they are saying but how they feel about the problem. This will give your company the opportunity to respond both in communications as well as product and service offerings. Delivering the right solution instead of selling what you already have is always going to allow for higher fees!
If your clients want what YOUR FIRM offers, not just what is available on the open market, then the value of your offering has increased. Ask Starbucks about that. Let your customers set the value of what your company sells. Sell to your market for high value items. Not your competitors market.
Certainly if you sell to low income families, you can absolutely price yourself out of the market’s capacity to pay. Then we look for other ways for your company to generate revenue and build on the strong connection of your high value market position.
However, too often I see the opposite. Business owners set middle of the road pricing because they fear “the market won’t bear it”. Maybe it is your own fear of rejection or even fear of success. Often, convincing ourselves of the high value is a huge self-esteem exercise.
I challenge you to price your services and products off of what YOUR CLIENT value! As I told my rockstar-basketball playing niece, “Of course, you should be missing a basket once in a while! If you never miss a shot, you are not pushing yourself to be the best. Your team needs the best of you”. Higher fees allow us to build and deliver better products and services. Your business and customers need the best of you.
Not coincidentally, these 3 distinguishers truly are the mark of great leaders too. Use them to lead you to higher profits.
Now Go! Grow!
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