How man times have you tried to increase your prices only to hear crickets? Or lets take a step back to when you first started your business, let's say you started it on your own (so not like a MLM ie - no set pricing to start as your baseline), how did you determine your prices?
Me, I know I started on what I thought others could afford, most definitely NOT MY WORTH! And for that, I attracted the wrong type of people, people who no matter what I did or how much value I gave, IT WAS NEVER ENOUGH! Not the reason I went into business and I'm guessing you didn't either, right?!
So what did I do? I put my prices up, slowly at first because I was still in that, uhh no one will ever be able to afford this, but I was so wrong. Then I decided to take a look at everything I have been through, and probably just like you, it's a S*** Tonne of the good and the bad that has got you to where you are. Take a look at the results you have achieved, the results you have created for others.
For example, if you're a coach, how many times have you worked with your clients and given them clarity or a result that they wouldn't have been able to do alone, or at least in a faster time? If you are products based, what do your products give your clients? If you sell flowers, how many times have you helped a husband connect with his wife, brought joy on a wedding day and provided beauty, or brightened a day at a funeral? What are your clients getting each and every time they purchase your bouquets? And what makes your bouquets, what makes you the person worth investing in rather then someone else? I know personally I'll drive 40 minutes away to get to one of the most amazing florists I have ever came across (Sage Botanical Artistry if you're wondering).
Before my daughter was born, I used to travel interstate to get my hair done by a person who not only did I trust, but they gave me an entire experience when I would visit (even if I paid NYC pricing for it).
People will pay you but it's not about just putting your prices up, it's about demonstrating to your audience and KNOWING within yourself, that you are worth it!
You see, it's a funny thing that happens when you begin to know your worth and charge accordingly. You see, I realised that my customers aren't just paying for how long I have been in this business, they are paying for the results, the transformation and the 14+ years experience that I bring with me.
Now while it's true that your ideal client will ALWAYS be willing to pay you what you charge, but the biggest set back so many business owners struggle with, and I know because that used to be me, is with actually determining their worth.
Most people look at what they can charge to make a quick buck, what price will meet the middle to lower end of their market because then they won't be excluding anyone, they won't lose anyone and everyone can afford them. That seems like a winning strategy right? Wrong!
I am yet to be convinced that the low end is the place to sit.
It's all relative right! If you sell custom soaps that the market might sit at a median price of $20, when you look to raise your prices, you might struggle to push your prices up to reflect your latest decision you made about that penthouse that you want. So charging $800 for a bar of soap might not be possible, but who says right, put some gold in that baby and connect with that market!
So how can you set your pricing? And, yes, you are the one who sets your worth!
If you are pricing yourself as a premium brand, and set your pricing as high end/boutique. This is great but if you are doing this only to get your penthouse (without that gold bar soap line), or if you don't change your brand from the $20 soap manufacturer to the $800 soap manufacturer, if you aren't making it clear to your audience that you are WORTH that price, then you might struggle to find those ideal clients. On the flip side, if you are offering $10,000 services or packages but your pricing yourself as $1000 or less then I guarantee that you are turning away valuable clients, because your dream clients, they just aren't going to see the value, not in what you do but your pricing is too low. A friend of mine always says 'the transformation is in the transaction' and you can have the greatest results for your clients, but if they aren't paying for it, are they really understanding just how impactful your work has been....