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How To Charge What You Are Worth

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Hosted by
Simon Lovell

Featured on Forbes.com and Entrepreneur, Simon Lovell coaches and mentors top CEOS, entrepreneurs, and leaders on emotional intelligence, fulfillment, and happiness so they can reach the next level of impact. He is author of The Black Ball: Does Anybody Else Have A Secret & the host of Unshakeable Leaders Podcast.

His loving but NO BS approach and super strong accountability in his signature 6-week program The Super High-Performance Formula has been called 'profound' and 'life-changing'.

Here’s the truth. In order to charge what you’re worth and price yourself properly, you’re going to have to understand yourself at a deeper level. As your self worth increases, your revenue will go up. 

There’s a misconception in this area with rules and I want to get into that because there are multiple variables when it comes to increasing your prices and charging what you’re worth. 

Does the amount of money I make have an impact on my confidence? One hundred percent, yes, it does.

I’ve worked with hundreds of people and as I’ve helped them I’ve seen their growth. It’s not just about hitting the financial number, it’s how their evolution and their growth plays into how much money they make and also keeping – you can make money and then sabotage it. 

I spent a lot of my life making money. My ego really kicked in and wanted things I didn’t really need so I was overspending. When you make money, you want to look at what you’re investing in, what you’re entertaining yourself with, and any negative spending habits you have. Ask yourself if you let money pass you by because you don’t think you are good enough to receive it?

Get Confident

When you’re starting a business you need to build confidence. That can come from the results you get and being good at what you do. In the beginning, sometimes you need to offer free work to receive testimonials, especially if you don’t have the confidence to charge for your services.

That can be a really good way to jumpstart moving forward in your business – give away a few sessions, really focus on the people you start working with, get great results and use those results to be paid. It’s easy to self-sabotage not start to get your new business moving because you’re so afraid to ask for payment.

When you have case studies and results you feel the service you’re offering or the product you have is valuable.

That plays a massive role in you moving forward when it comes to having the confidence in asking for and making more money. 

Is There Demand For What You’re Offering?

How much demand is there for what you have? I work with entrepreneurs, coaches, and consultants, and I have a group program called the super high performance formula. Right now the investment for that program is $3,000, and in time, that price will go up. When it first came out in its beta stage I wanted to put people through it to get results and to fine-tune it so the investment was $1,500 and people wanted that. It was my job during that six week period to focus on those clients and get them amazing results.

Achieving amazing results helps me to take products to their price point. 

Super High Performance is designed for coaches, consultants, and entrepreneurs who want to become more emotionally and energetically intelligent so they make more money. 

The outcome for people going through that program is more business opportunities or reconnection with themselves or family members. If you want to go and check out the results, you can go to simonlovell.com/results. 

I scale the pricing by starting off with a beta, and then I go to go into the main program, and then it can move up from there. If I had a different audience for that program and it wasn’t entrepreneurs and business owners, then it wouldn’t be at that price point. People wouldn’t invest in it and it wouldn’t match the product.

When I created the Lunchbox Diet I was working with a very different audience of mainly women who wanted to lose weight; it was a different product that lead a different price point.

Are You Doing What You Love?

One thing I do because I really enjoy it, is personal branding. My current pricing for personal branding is $5,000 for consulting and $15,000 for the site brand. I also have the option of $20,000 for mentoring with me which includes an experience funnel. That could be a webinar or a podcast or something else. 

The clients that come into that are typically selling their own $5,000 packages, so it makes sense for them to invest that money to create an amazing brand.

I’m in my zone of genius in terms of how good I am at that so they’re paying for the quality. I could charge double, but I’m choosing not to because I feel for the type of clients that invest in that and what I’m charging, it’s fair.

It’s very time-intensive building a brand. I have to look at my time, my energy, the projects I’m trying to build, I’ve got joint ventures and things going on. 

I’ve got multiple streams of income in my business. 

It’s really sensible to have multiple streams of income – there are some things I’m really efficient at and I charge a premium for and I have other products for a different type of audience which are a lower investment. 

It’s good for you to have varying price points across your different products and services.

I have an online program on my website – Entrepreneur Evolution is now $97. I’ve just reduced the price because I introduced a new program on my website and wanted to allow people to experience a lower end entry program. 

Choosing what to make free, what to reduce, or what to increase varies. If I had a low level of confidence in myself and I was inexperienced in putting programs together, then it would have an impact on me even putting that product out there or being willing to say it was valuable. 

When it comes to charging what you’re worth, how you price is based upon the audience you’re working with. When someone implements it and it creates change for them what could it be worth to them?

Get Feedback

This might help you with your product development. Every week throughout the six weeks of the Super High-Performance Formula I send out a feedback form.

I find out how people are or aren’t enjoying going through the program. When the feedback starts to come in and start rating the program I see where I can improve it. At the end of the program, I ask people to put a price on how much the program is worth to them. 

A price of $10,000 was put in my product.

That feedback helped me realize what I’m charging for that program is definitely a good investment to the people I’m serving.

If the response was to come back and it was to be less than I’m charging I would need to look at why that was happening. I would review whether it was the type of person I was bringing in to the program or if the information in the program was bringing tangible results to a business or personal life? They are the mini-steps you can put in place. 

Start Fine Tuning

it doesn’t make sense to keep paying for something that doesn’t bring you leads or clients. You need to put our focus on getting the best results you can.

Tighten up your processes and fine-tune to improve to create the best program you can so when you receive amazing consistent results they are beyond your expectations.

That’s going to bring you more business, but when you do the opposite and minimum amount of work for what you’re being paid you may get a quick win, but the longterm impact is negative. 

There’s No Value In Free

Some people will always want free. The truth is that people who have that mentality will stay broke.

There are a lot of people who want things for free. The challenge is the impact of giving something away for free and what people actually do with it.

When you give something away for free, people don’t associate value with it so they don’t take it seriously and they don’t action the information. I have a problem with that because there’s a lot of effort that goes into creating products and working on building systems and processes. 

I put a lot of time and energy into creating programs that work for people so when they go through them they get results. I don’t want people to finish my programs I want them to finish them well.

In one of my programs, I implemented a locking system, which forces people to be locked out if they don’t take action. They are kicked out of the program within a period of time if they go into a super lock. Enforcing that system changes behavior – it stops them from starting, self-sabotaging, and quitting. Then they go into another program and the same cycle repeats itself. 

It’s often not the fault of the product creator, it’s the fault of the client if they don’t get great results because they didn’t implement information

People create programs without any experience; they read a chapter in a book and put together a program without any idea of what they’re talking about. 

What’s Your Zone Of Genius?

Early on in my entrepreneurial journey I launched the company Fitpreneurs and created a program called FitPro Mastery.

I implemented a sales process I had personally used and applied it to personal trainers. As soon as I gave people that system and process, they started to get amazing results.

Focus on creating a really good process and system.

If you’re in the space of offering products and services, you’ve got to nail down on the one thing you know or do well. When a company buys into your service and implements that one thing, then they’ll get amazing results with it. That one micro strategy is really important. 

It’s really important to know what your zone of genius is and what you’re really great at.  

I know when I coach one particular thing with entrepreneurial coaches or consultants it will make a change for them.

Once you know what your one thing is, you can offer it to the people who need it. You can confidently talk about it from a knowing place within you because you know it works.

When it comes to charging what you’re worth, pricing, and positioning – you’ve got to internally feel you know what you have is valuable. It’s bang up to date. It works. And if someone actually has the right mentality, if they’re in the right place, with the right business and they take action with your product, they’re going to get results.

What Are You Worth?

You can project your own financial position onto somebody else. If you’re struggling financially you assume other people are. It’s a mental trap you can get into.

As your self worth and your self-esteem and confidence grows, it will affect how much you charge.

If you have a product or service, which is valuable, gave good results and you want to start to be paid more, you can start speaking about it. You’re never going to be paid more than you are currently unless you talk about the figures you feel you are worth or want.

Start having conversations is start speaking the number that you want to be paid, even if it’s not an option right now. You might currently be speaking one number, but if you start speaking about two numbers you can give people options. Have another higher price option for another package. 

Focus on results and I guarantee it will build your confidence. When you start sharing your results, you’re going to get more business. You’ll be able to start speaking a higher price because you will start to feel more valuable. Businesses will come back to you and say how amazing your product and service is and the impact it had on them. 

That will create a new mental association with your product and what it did for that person in their life.

Produce something, which is higher quality to a certain audience, and you’re going to be able to charge more and understand that some people don’t buy things if they’re too cheap. It can raise red flags with people – if I’m buying something that’s priced too low, I’m going to question it. 

Different buying decisions are made by the different demographics of people and where they are financially.

When it comes to charging what you’re worth and pricing, there’s no one rule. The truth is that there are multiple variables happening.

The person that decides the value of a product and service is the customer. Don’t listen to people telling you what you should or shouldn’t charge because they want it as cheaply as possible or for free; if you do that when someone finds your product incredibly valuable you will realize you should have charged more for it.

You can have authentic conversations with your clients to ask how much more they would have paid. If people repeatedly come back with an extra couple of $1000 you may be able to increase your prices. 

What action step are you going to take to have confidence in charging what you’re worth?

If you’re finally ready to grow your confidence and charge what you’re worth head to www.simonlovell.com/shp

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