Service-based business owners have an even harder time with pricing because of all the details and nuances that go into their offers! It’s not as simple as charging $15 for a t-shirt. When you finally come up with a price that FEELS right, the vulnerability of it all can really make it seem like you’re wearing your heart on your sleeve.
You’ve set your price, now you need to communicate it to your audience. Easier said than done right?
Coming up with my own pricing feels awkward sometimes. Especially as the rate increases as time passes (I’ve been in this business for 11 years now!). Thankfully, with a little bit of confidence, I realized the value of my work speaks for itself. Therefore, it’s up to ME to charge accordingly.
If potential clients don’t like the price …. they can decline. That’s perfectly okay. It’s important to get comfortable with hearing no. That way, you can easily allow the right clients to flow into your orbit. It’s kinda magical how that naturally tends to happen.
Here are some common pricing objections you’ve probably heard…
- “You are too expensive!”
- “This is more than I expected.”
- “Can you do something about the price??”
- “Other businesses are charging much less!”
These objections can be hard to stomach. I’m here to tell you that comments like these are part of being a badass entrepreneur; it comes with the territory. Own your pricing and STAND YOUR GROUND.
Let me tell you a personal story that happened to me…
A while ago, I had a free discovery call with a potential client who found me on Yelp. She was very excited about my services and seemed very game to work with me. So, I gathered the onboarding documents (including an invoice) and sent them her way.
Instead of replying to my email about her objections, she took to Yelp and wrote a scathing review of my pricing. She even had the audacity to screenshot the invoice to show the world. I was SHOOK! Not only did she NOT respond to my onboarding email to share her concerns with me… She felt the need to go off publicly on these internet streets. I swear I can’t make these things up. (Some people right..??)
If you’re curious you can read the review here.
This should have caused me to panic right? WRONG. The best part about her 1-star review was that it was beautifully immersed amongst a sea 5-star reviews from clients who had actually worked with me. The random 1-star review from a woman I had never worked with didn’t phase me at all. I was confident that my ideal client would see through the BS and understand my pricing is about RESULTS… not about being the low-cost leader.
Do I want to work with a client who would attack my reputation rather than bring pricing concerns directly to me? HECK NO!
So, how do you respond when this happens?
Stand your ground!
Your prices are what feels right for you! Not sure what feels right? Price based on the transformation, uniqueness, and value only you can provide.
In a world where everyone and their mama wants to call themselves, a tax professional or coach or <fill in the blank with your job title>, you are the ONLY one who offers these services in YOUR authentic way. That is your superpower. Don’t adjust your prices because of competition, fear, or negative feedback.
Here are 4 ways you can respond to price questioning…
- Start a conversation
When someone says you are charging too much, it doesn’t need to stop there. Have some responses built up for WHY you priced yourself that way.
Chances are, the potential client genuinely doesn’t understand the time and effort put into your service. There’s a reason they are looking to hire you in the first place! Keep it quick and simple, you ain’t begging anyone to work with you. The conversation can simply be sending them a link to your sales page that breaks down EVERYTHING they are receiving in the offer. Easy peasy.
- Focus on the result
Explain to your potential client WHY you are better than the rest. I know I’m willing to pay more if I know the result will be more valuable. Let clients know what they will be getting out of working with you that they cannot get from the cheaper option.
- Ask yourself if you even want this client
Is this your ideal client? Is this someone you want to work with long-term? Assess if the objections are something you think will continue after the conversation. Some people just aren’t right for you and that’s okay. On to the next!
- When a client is ideal, but genuinely cannot afford your services.
Let’s say you meet a client that you click with! There is a spark and you want to help them, but they simply do not have the money.
This is tricky. Be nice, but DO NOT adjust your prices. Offer a payment plan option for folks who may need to pay over the next 30, 60 or 90 days. If this ideal client truly can’t afford your prices, you can always keep in touch with them. Get them on your email list. Send them freebies and other resources! They might be able to afford you in the future. Trust that they will hit you up when that time comes.
Stand your ground, girl! Your business bank account and self-worth will thank you! Only you know the hard work and hustle that goes into your services. Do not let anyone deter you from what belief the value of those services cost.