How do some people manage to charge high prices, while others struggle to sell even at discounted prices?
Why do some people walk away from potential clients, while others cling on desperate to make a sale?
It all comes down to pricing confidence.
Recently, I had a conversation on Zoom with a potential client. She wanted new branding for her new business, and she wasn’t sure if spending $7,000 with me was what she wanted to do or whether she even needed branding yet.
She had so many questions and doubts. Was now the right time to brand? Maybe she should wait? How would professional branding help her, or could she go the DIY route?
She even asked if I could reduce the price if we took some deliverables out of the package.
After our Zoom conversation and a couple of email discussions later, she paid me the full $7,000 for the full branding package. Happily and with confidence.
What did I do?
Did I convince her with magic words? Did I pressurise her with scare tactics? Did I give her lots of free extras to sweeten the deal?
None of the above.
I listened to her. I was honest with her in my replies. I approached her queries and doubts with a neutral objectivity. I let her walk away and decide without the pressure of being on the Zoom call with me.
But most of all, I was confident in my pricing.
I know that my prices reflect the results I deliver and are positioned perfectly for the type of clients I enjoy working with most. Haggling or discounting my prices doesn’t even cross my mind. I knew that if she decided not to work with me, I was OK with that and it would be the right decision for both of us.
So how do you create pricing confidence for yourself?
⭐ Learn how to set prices that feel good to you.
A price that feels good to you allows you to pay yourself properly, cover your costs and deliver a profit. Understanding different ways to package and price your work will also give you pricing confidence. Know your pricing landscape; prices in your profession sit on a spectrum & you should know where you are positioned on it. Having a clear strategy behind your prices will make you feel good about them. Learn more here.
⭐ No knee-jerk reactions to price push back.
If a client hesitates about your price or wants to negotiate, take a metaphorical step back, breathe and think slowly. Do not instantly volunteer a price reduction or try to justify your prices. You don’t need to go into defensive mode or try to convince anyone to pay your prices. Remain calm and explain that you appreciate that this is a big decision, and that you understand that every dollar counts.
⭐ Be prepared to walk away and let them go.
This is a tough one, especially when you really need the mone. I’ve been there 🙁 Any client is better than no client, right? But that’s desparation talking. Neither of you wants to get into a situation where you regret working together. If you reduce your price, you might feel resentful or taken advantage of. If they buy under pressure, they might feel buyer’s remorse. That’s not a great starting point for a working relationship, and cracks will appear down the track.
Ultimately, pricing confidence comes down to experience. But we all have to start somewhere. And now is as good a time as any to start creating structure around your pricing and your sales conversations.
Last thought on pricing confidence – always approach conversations on price with a genuine desire for the person to make the right decision for THEM. Give them space to think. Tell them how much you’d love to work with them, but if they decide not to, there’s no hard feelings.
That makes everyone feel good, and you’ll be pleasantly surprised how many people will happily pay your price and become a delighted client. And a raving fan who refers you to others!
If you want help with your pricing, I have a $47 micro-course called How To Price Your Work. For more info, click the button below.
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