Your Price Is The Single Biggest Message Of Your Confidence About Your Results
I’ve borrowed this saying from my mentor David Neagle. It’s a really good one. Here’s why it’s true:
Low Prices, No Results
When I first started coaching, I noticed that a great majority of my clients were slackers. They didn’t care that they showed up each week without completing their commitments. They didn’t care about slow progress. I was more in pain for them than they were! When I raised my prices, my clients changed. They were more reactive, more fired up and of course, got results.
People Value What Costs More
In my fave neuroscientist Dr. Dispenza’s article this week, I read that researchers told participants to taste five different wines costing $5 to $90 a bottle. In truth, the subjects were given three different wines with two different prices. An MRI recorded their brain activity as they drank.
In their responses most of the participants said the expensive wine tasted better. This belief was substantiated by images from the MRI which showed the participants brains responded differently to the “expensive” wine, based on their expectations.
Competitive Pricing Anyone?
So when you price yourself according to the majority of the market out there, you are saying to your prospects that you deliver pretty much the same results. When you charge three or four times what they do, you elevate yourself to an elite level where only a handful have the confidence to operate. At least this has been my own experience.
What If People Don’t Buy?
Here’s what I found out: when I first started my business, even though my prices were very low, people weren’t buying from me anyway. In fact, my close rates went up when I quadrupled my prices. What was missing was in me and my mind and skillset to get over the objections in my own mind and in the prospect’s mind.
So please do me a favour and take a look at what your prices are saying to your prospects about you.
Want to find out if the market needs you? Follow me on Twitter, friend me on Facebook, watch me on YouTube or connect with me on LinkedIn –and let’s talk