There is 1 word you have to know and 1 mindset you have to adopt if you want to increase your prices.

Investments. 

But first, let’s define the personal edge.

Personal edge: You know that  price that you can pay no problem and not think twice about it? It’s a little past that number — anything over feels….funny. It feels like a big deal to you when you pay for it and you have that moment of doubt that it could be too big.

It’s that push. It’s that moment when it’s almost too much money and the mindset that comes with it. I am not just buying something, I am making an investment. 

 

“Investment” is the key to unlocking premium pricing. It’s why we spend a little more on our couch if we can afford it. It’s why we save up for the nicer computer.

 

You aren’t just selling a service, you are helping facilitate a promise that someone made to themselves at some point.

 

Money can act as the measuring stick of your commitment.

 

This is why expensive  mentorships are so successful. They aren’t successful because of the content. In fact, the content is usually pretty typical and most information can be learned for much cheaper.

People pay for  it because by dropping 10 grand on something,  it sends yourself a message. This is serious. They pay for the support and accountability to keep that commitment. 

 

And this works on both ends of the spectrum. As a creator, more money means more freedom. You get to over-deliver and still live the life you want to live. You can add even more awesome than ever before because you are meeting that energy upgrade with the price tag to match.  As the person providing the service, you end up showing up in a big way because you have to deliver. A person who doesn’t get their money worth? Very hard to deal with. It’s a risk.

If you want to provide average service, you should not use premium pricing. It’s not fair.

 

Remember, it’s an investment!

 

We have to stop thinking as price as a barrier but as the bridge that leads us to higher quality experiences for ourselves and the people that buy from us.

 

I used to believe that doing this I would leave people behind and I have made a conscious effort to make sure my business does give the person who can’t afford the class a lot of value. I have my mini-books and my blog to help them along.

Ready for a harsh reality check from someone who knows? My business model doesn’t work when I underprice. I give way too much for free and the additional strain of only making lower priced items makes it even harder to sustain yourself. You will get resentful. You will get sick and tired. You feel like you aren’t seeing the results.  This is for my business model. If you want to rely on big numbers, you don’t have to have higher prices. Just make sure it’s a conscious decision and not one made out of guilt or obligation. TRUST ME.

 

And here is the other thing about this: when you have premium prices, you have to be picky about who you work with. For every person who meets you at their personal edge another person will drop the money even though they aren’t ready for it. If you just want the cash money, that is cool but for me it’s a waste of energy. I put a lot of work and love in everything I do.  My business will have systems in place so that I make sure I don’t work with people who are better suited working with someone else. I am really defining what this looks like and I really encourage you to do it too.

 

The bottom line? I want you to save up. And when you are ready, come back.  Because branding SHOULD be a life-changing investment.

 

As a result, HBA has become a beast of epic awesomeness. The site has been redesigned. The structure has been revamped. We have Masterclasses! Brand Workshops! Guest speakers! Brandstars! I LITERALLY can’t wait for you to see it. I have made a conscious effort to play bigger and play smarter this time around so HBA will be going from $400 to $997. It will be changing from a class to an epic mastermind experience (that I actually hired someone to help me create).

 

And it will also be offered 3 times a year. So much yes. I feel so excited to embrace this new challenge. 

 

I am truly making sure that HBA isn’t just a class but it is the best investment you can ever make in your business.  You can’t get anywhere without effective branding. The page will be going up soon but in the meantime, make sure you sign up for updates here. 

 

4 steps to your new premium price

1. A good way to start is to think about your ideal client’s edge. I suggest doing an actual survey for this. Where do they feel a little uncomfortable? What is that moment that makes them a little afraid but excited at the same time.  Make sure you ASK. Guessing is bad for business.

2. Now reframe all your services. It’s not just a book, a 1-on-1 call or a class, it’s a life-changing investment. What changes? What are some ways you can talk about what you do to reflect that?  How would you change your copy? Play around with it and see how much more your service feels like it should cost.

3. Now that you sell investments and not just “services” push that edge a little more.

4.  Change your price to that number and send it out to the universe.  BOSS.

 

And I am not gonna lie: pricing is equal parts bravery and branding. If you can brand yourself as someone who commands the type of money you want, people will pay for it.

Remember, we teach people how to treat us.


What do you think about all this? Where do you struggle with your own pricing? What gets in the way? Now that you are in the business of selling life-changing investments, how does t change things?

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15 thoughts on “the key to unlocking premium prices + Why my prices are going up 150%

  1. Awesome post, Shenee! I know this is a topic most of us struggle with. I think the hardest part is just what you touched on.. wanting to help everyone. I always put myself in that person’s shoes and literally try to guess what they would be comfortable with (mind you, I hardly know the person! It’s crazy!). Then I tell myself to stop it send a proposal that is true to what I’m worth. Every time I find that signed proposal and deposit in my inbox I feel like I’ve got away with murder 😉  I know I’m changing lives and that’s worth so much more than any monetary value. We’re worth it!  

    Posted on August 15, 2012 at 5:42 pm
  2. “We teach people how to treat us.”
     
    Ooh I like that!
     
    You made some really great points in this post. After dropping a fair amount of money on a business course recently, I can confirm that the content isn’t necessarily extra-special and exclusive. It could probably be found elsewhere at a much lower cost. But I chose to spend more money on this course because of the in-built community, the fact that I really resonated with the woman running it, and the professionalism that was evident throughout. I see it as an investment in my future, and I sure as hell won’t be letting all that money go to waste!
     
    Very excited to hear that you’ve decided to play bigger. It’s about going big or going home, after all! 🙂

    Posted on August 15, 2012 at 6:11 pm
  3. Great post! @KrissDidIt said how I feel. Feeling like you got away with murder. I think for me it comes from a place of thinking I wouldn’t pay someone this much to do what I do… but I wouldn’t hire someone to do what I do obviously. Its all about the dialogue we allow to be vocal in our heads. 

    Posted on August 15, 2012 at 6:13 pm
  4. Shenee, this is awesome, and very timely.  I needed to tell someone today that no, I wouldn’t lower my price for them, even though I think they are awesome and I am behind 100% what they are up to.  I read your post just as I was about to waiver and give in.  NO!!!  Instead, I am helping them find the help they need at a price they can afford, and NOT taking a client who I will ultimately resent for not paying me what I know I am worth.  thank you thank you thank you.  You rock!

    Posted on August 15, 2012 at 7:03 pm
    1.  @HannaCooper  You go girl! Just say no! 🙂 And YOU ROCK! 🙂

      Posted on August 17, 2012 at 2:04 am
  5. You’re dead on Shenee! It’s about how we show up, and how we ask our clients to show up… and step up! It’s about making a commitment, and a declaration of our intention. When we charge more, we step up our game, play bigger, and demand more of ourselves, and pour ourselves more enthusiastically into our work … because we are honoring and respecting our gifts and talents, and feel properly valued by our clients. If you charge less, you either hold back your genius or as you said, grow resentful, and lose that excitement you originally had when you started your business. Raising your rates is a win for all – you step up more, bring more value, and inspire bigger results from your client… and your client steps up more, plays bigger, and becomes more committed… resulting in better results. Our clients don’t deserve to be discounted! When we discount our price, we discount their potential! I’m totally behind your decision to raise your prices … and in fact, would encourage you to continuously do so as you move along your journey! You learn more every day, and you want to bring that learned value to your clients. 🙂 Those who say they can’t afford you… or accuse you of charging too much, etc. they are in essence saying “I’m not worth it” or “I can’t make that level of commitment” … or “I can’t expect that much of myself” – whether they realize it or not. (as long as they are clear on the benefits being offered to them.) It’s not about you and your pricing, it’s about them. All things in life are projections. I see you as one who wants to serve those who truly want to step up, and step out in their business … but just don’t know “how”. You fill that void by guiding them. It’s a beautiful thing! 

    Posted on August 15, 2012 at 7:19 pm
    1.  @JLeeGalanti I LOVE this idea of discounting their potiental. What a fantastic thought. And it is totally a great way to think of price. It’s not about YOU costing too much, It’s about them not thinking they can step it up and honor it. 

      Posted on August 17, 2012 at 2:03 am
  6. WOW.  Rock me back, hard!  I repriced my services upwards during B-School this year, but was afraid of leaving people behind . . . I was in sort of a “wait and see” mode, and a little nervous because I’m getting a lot less traffic and REALLY concerned with what you mentioned, leaving people behind.  But this post really validated that I have done all of the right things, done my due diligence and LOVE that I am “teaching people how to treat me.”  I am totally bookmarking this to refer back to when I get nervous about pricing! 

    Posted on August 15, 2012 at 8:24 pm
    1.  @mindycrary  Fantastic! I am so glad resonated! And it’s totally true, we teach people how to treat us and we don’t want to shrink to fit other’s expectations, we gotta grow into our own awesomeness and hope the right people come along for the ride! 🙂

      Posted on August 17, 2012 at 2:01 am
  7. Wow, loving this post.
     
    I noticed when my charges were lower; I found it difficult to get people to show up and do the work.
    By increasing my price I’ve managed to step up my game, add more value and command the respect of other businesses and attract high paying clients.
     
    After reading your post, I’ve increased the price of my VIP day by 40%. It’s at a price that I feel good about but never thought. I believe that the clients that would be taking me on this offer are going to step up their game, be fully engage and implement for results.
    I myself have just invested in a 12 month mastermind. I’ve never spent this amount on myself but I realize that investing in this program is going to give me the result I wanted and because I’ve invested a lot of money, I’m going to show up, implement the strategies taught and try and achieve my goals even quicker. I expect a return on investment.
     
    Loved your program when I was on it, can’t wait to see what’s coming up in your new program, It seems it’s going to be HOTTER.
     
    Can l also say you are such a kick ass lady and I fancy that!

    Posted on August 16, 2012 at 4:06 pm
    1.  @OladipoJoyce 
       
      Totally true! And can I quote you on that 40% increase? That is awesome! 🙂 
       
      I am SO excited that you have made such a huge investment in yourself and your business! SO AWESOME!

      Posted on August 17, 2012 at 2:00 am
  8. Wow, this is such a timely post, Shenee! My new program starts on Monday and I’ve had a couple people tell me they think the price is too low. Since this is the first time I’m offering it, it seemed like a good idea to start with a lower price, but now I’m not so sure! I will definitely be taking these ideas into consideration when it comes to pricing the next round of The Book Within. Thanks!

    Posted on August 16, 2012 at 5:07 pm
    1.  @editorAmyLScott  Yeah! Especially for what you do — I mean, a book! That is a huge investment of time and energy that most people can’t do on their own and that is worth a lot! 

      Posted on August 17, 2012 at 1:59 am
      1.  @heyshenee Good point! I might have to come to you for a pep talk when it’s time to decide on next year’s rates. 🙂

        Posted on August 17, 2012 at 9:44 pm
  9. Hey Shenee!
    I just wanted to thank you for this post. I read it awhile back and came back to it a few times. I have a bit of a problem with being a serial discounter. I have a rate. It’s not a necessarily a premium rate but it’s one that I can live with. The problem is, that I rarely charge it, I’m always offering discounts and packages that cut my hourly rate to one that I’m not super happy with.

    I have a client who I worked with in the Spring. We did some good work together but I had discounted my rate way too much. I was trying to take care of her and that’s not good for anyone.

    She wants to work together again this fall and I made a different proposal. I came up with a three month program tailored just for her. I sent a detailed list of what in included and how I could help. I account for all of my time and support and charged my FULL rate for each and every hour and included costs for travel time.

    I didn’t hear back from her for awhile and I assumed that what I had asked for was too much. Today I got an email saying that my proposal was totally reasonable. Her husband even wrote this “The offer of a fixed monthly cost and the value of that cost is reasonable.”

    This is HUGE for me. Big, big, big! I just wanted to share. I learned a big lesson today.

    Posted on October 3, 2012 at 5:31 pm