Increasing your prices is one of the most overlooked ways of increasing your revenue. Doubling your prices, or even increasing them by 10-30%, can add a significant amount to the top and bottom line.

But, pricing is one of the most vexing topics for women with service businesses. You don’t want to charge so much that you spend your conversations justifying your price. But at the same time, you don’t want to price yourself so low that clients think that you aren’t valuing your services.

Not only that, if your business model shows you working one-on-one, then you need to be charging enough per client so that you can still stay in business and continue to do good in the world.

There are a few things to consider…

When you set your prices

Forget everything that you ever know about pricing based on comparison with your competition, your profit margin or your time. None of these things matter to your clients.

Your clients don’t care how much it costs you to service them. Or how much you have invested in learning and developing that skill set. They don’t even really care how much you are versus your competition.

They only care about the results that you are able to help them achieve. The more pressing the problem that they have, or the more incredible the result that they achieve, the higher they value your service. And the more they will pay.

You need to charge enough

Charging more helps both you and your clients.

Charging more helps your clients take the work seriously. They come to the table with ‘skin in the game’. They do the preparation work. They do the homework. They value their transformation and the investment they have made to make it happen.

Charging more also helps you because you earn fabulous money that gives you a sense of self-worth and confidence. It also helps you to step up and deliver a service that is worth that much.

I use a strategy with my clients to identify how much value they provide, and from there, figure out what their prices should be. If the prices end up being too low to support their income requirements, then I help my clients identify how to better add more value. And then, it’s time to raise your prices.

When is it time to raise your prices?

There are three major times when you should look at your prices.

  1. When price rarely comes up as an objection in a selling conversation. If your clients are buying your services without mentioning your prices, then you are on the low side. If you are in a business where you don’t have a formal price list, try raising your prices by 15% or more as an experiment. If the next 4 out of 5 clients accept the price rise, then this is your new price from that time forward.
  2. When you introduce a new service or add more value to your offering. Have a look at your current offering. How can you add further value? What could you do that would strengthen the results that your clients get? Note: it’s very rarely ‘work harder’ or ‘deliver more face-to-face time’. It might be a home study course, or being comp’d into a lower priced offering, or an annual checkup. Consider adding this to your offering, and shift your price to accommodate this.
  3. On a regular basis. If you haven’t raised your prices for 4 years, it’s time to have a close look now! Chances are the market has moved, and you are now on the lower end. Consider if you have the same client base, or if this has shifted. Are clients starting to consider you as a commodity, or are you still adding significant value?

If you look at these, and you believe that none of these situations will allow you to take a price increase, then have a good look at your business model. If you are seriously price challenged, then perhaps it’s time to shift to a business where you can be rewarded for the value you provide.

There are excellent strategies that help soften the introduction of a higher prices to your existing clients. You’ll want to choose one that makes sense for you and your business. Make sure that you transition the majority of your clients to the new price point, WITH the understanding of the change in value.

Remember, reviewing your price is one of the simplest ways of significantly changing your revenue. Make sure you stay close to it!

Image credit: Dave Fayram

 Abbie Widin

Abbie is the principal of One Extra Zero, and specialises in helping ambitious women service providers significantly grow their business by selling better. Abbie finds that these women are so busy that they start to drop some balls, but still put a lot of pressure on themselves to succeed. She helps them clarify their goals and growth strategies, how they market themselves and how they sell themselves, and how they can leverage themselves that they can focus on growing the business. She loves seeing her clients rewarded with rapid growth. Abbie has a marketing and management background in building 9-figure businesses with 8-figure marketing budgets, and brings an energetic feistiness to coaching her clients. She is working on her book about Mindsets of Million Dollar Businesswomen (released April 2014).


The mindset for success that I’m going to share with you today is going to give you very specific and valuable paradigms that you can use to help shape your reality for taking the next step in your business. It will help you to overcome fear and doubt and reach out to ask for those bigger clients.

What is a mindset?

Your mindset drives everything. It shows up by helping shape what you believe is possible in the world. What you believe is fixed in the world. And what your reality looks like today.

You can choose to be a victim to your circumstances.

But I believe that you are hugely powerful. I believe that whilst we can’t always control what happens to us, we can control our reactions to that particular circumstance.

We have to take responsibility for our own stories. These are the stories in your mind that aren’t real. They are driven by patterns that were formed long ago. These patterns define our possibilities and were started in us years ago, back when we were children and weren’t able to decide what we wanted to hear.

Overcoming Fear and Doubt to Get Next Level Clients

The mindset for success that I want to share with you is a simple phrase that lets you overcome fear and doubt, and ask for those bigger clients.

Before I jump right in and share this valuable mindset, I’m going to assume that everyone has a good idea of who their ideal client is today. But I’m also going to ask if you’ve got a good idea of who your client would be if you decided to level up and stop playing safe. That’s who we’re talking about today – your Next Level-up Clients.

Why don’t we get those bigger clients?

Now this is a fascinating question! Sometimes it’s because we don’t know who those clients are who will step-change our business. That’s a limitation in itself, because we should know who can step-change our business.

But sometimes we know exactly who they are, and we still don’t go after these clients. We think that we’re too small or we don’t have enough experience, so we don’t approach them, and we stay small. Or we do approach them almost on impulse, without having done the proper background work on what motivates them, what they’re trying to achieve.

If you don’t get these bigger clients, it’s a problem because the growth of your business is constrained. You’ll continue to work with your current client base, and you won’t feel stretched to deliver more. For some people, this is great and it works for a few years, but for women who know they are running a business and they know that they want to grow their business to a size bigger than it is today – this is not going to be enough.

When you get bigger clients

When you work with these clients, you also step up. You start to deliver more value (not always more time or complexity). You continue to invest in your own development. And this beautiful virtuous cycle comes into play.

The mindset for success

When I decide that I want to take myself up another notch, and I want to work with my ideal clients on a different level. There’s going to be a moment of, ‘oh, I haven’t been in business long enough”, or “What on earth could I possibly have of value”. It’s the little voice who says “Who do you think you are?” It’s the fear of being judged. As soon as I feel the fear, I recognise it because I can feel a bit of adrenalin in my fingers. I make myself stop, and get a bit calm, and then ask myself the question:

“What would it take for that Next Level Client to say yes to me?”

When you ask this question, your mind has to stop judging yourself as not being experienced or big enough. And your mind starts to answer the question.

Fear makes you feel constrained, to feel constricted, and keeps you stuck Asking “What would it take for that Next Level Client to say yes to me?” allows you to feel expansive, to find solutions, and give you a way forward. Because, you know it and I know it, that next level client is saying “yes” to other suppliers and vendors right now. And those people are not made of anything more super-human than you are.

For me, “What would it take for that Next Level Client to say yes to me?” means that I would need to be seen as a credible source, I would need to be able to provide a solution to a specific and pressing problem and to be seen as offering awesome value.

Now, that gives me something to work with. I can come up with a phone call, a meeting and a proposal out of that. I’m a lot closer to a Yes than if I never make that first phone call.

What would it take for that Next Level Client to say “yes” to you?

Image credit : Celestine Chua

 

Abbie Widin

Abbie is the principal of One Extra Zero, and specialises in helping ambitious women coaches, consultants and trainers significantly grow their business and their own leadership. Abbie finds that these women are being pulled in multiple directions whilst putting a lot of pressure on themselves to succeed. She helps them clarify their client strategy, their team and their marketing so that they can focus on building the business. She loves seeing her clients rewarded with rapid growth.  Abbie has a marketing and management background in building 9-figure businesses with 8-figure marketing budgets, and brings an energetic feistiness to coaching her clients. She is working on her book about Mindsets of Million Dollar Businesswomen.