When working with my mastermind women or clients, the topic of PRICING always comes up. When we are looking to brand ourselves and our business, yes we want to be approachable or have the girl-next-door vibes, but we also want to be a high-end service or something that our ideal client wants to invest money in.
Many of the women that I work with, their goal is to typically work less and make more, so pricing is usually a hot topic. I have become a bit of a pricing advocate with clients (and maybe people who aren’t even my clients), trying to get them to raise their prices, raise their prices, raise their prices! Inevitably, when this conversation happens, someone usually comes back to me within a few weeks to let me know that they just found out that the photographer down the street is doing the exact same thing they are doing, but for half the price. “What do I do?!” is typically the panicked question I get.
Pricing is hard! I won’t pretend that it’s not. It’s also such a head game. But what to do in that situation (when someone is doing the exact same thing as you but for half the price) has less to do with what you’re charging (and what they’re charging, honestly) and more to do with how you handle it. This is what sets you up for success in the future.
And this is an ongoing exercise! And being a better business owner and better leader comes into play too. This is such an important topic, one that I get really excited talking about, so I am pumped to be chatting about it today.
I know you’ve probably asked yourself these questions: Am I good enough to charge what I charge? Should I lower my prices? How will I keep my business open? How will I (and my competitor) have enough clients? These are all real and reasonable questions, so let’s dive in!
Here are some of the things I talk about in today’s episode:
- Shifting your mindset (to an abundance mindset!)
- Evaluating the experience you are offering your clients
- Making changes to really make your business stand out
- Solving your clients’ problems before they happen
- Paying it forward and educating others
A few highlights from this episode:
[3:19] If you’re competing on price, you’re fighting a losing battle because someone will always be cheaper. Competing on something other than price sets you up for long-term stability, AKA a business that will still be here a year from now.
[8:31] The issue that people run into when they have higher prices and no one is buying is typically a lack of high quality service or product, or a lack of branding around their high quality service or product.
[9:08] If it’s hard for you to determine what makes your business stand out, you need to change something.
[15:23] It does not matter what someone else is charging. It matters how you handle it.
Pricing can be a tough topic in business, but it’s an important one. As you go about pricing your services, try to do what you can to make your client experience truly worth as much as you are charging. Remember not to compare your business and prices with others and to then pay it forward by helping other business owners or photographers understand pricing their services.
Some of the best conversations happen after the show in my private Facebook group, Take It Personally Podcast. Click here to join in!