7 Tips For Charging What You’re Worth
Sis, are you struggling with charging what you are worth? Remember, you are not in business if you give away services and products – you’re only in business when you sell products and services. It’s your job to sell. If you’re not selling, it’s a hobby. If profit isn’t a goal, then start a non-profit, become a philanthropist, or designate a structured program for donations within your revenue-generating business. Here are some tips for your sales calls and price negotiations.
1. Get comfortable walking away.
It will serve you well to remember that many of your prospects may not be ready to buy or they might not be a good fit for what you offer. Be clear on what problems you solve and what types of customers you are able and willing to help. When a prospect falls outside of those categories, don’t be afraid to wish them well and be on your way. This isn’t an excuse to avoid persistence and follow-up with customers who simply aren’t ready to buy and need more nurturing, though, so don’t confuse the two. There are some clients who have given you all of the information you need to know that they are not a good fit for your products and services, so don’t try to force the sale. This information has freed your time and energy to pursue other prospects and seek what I call the “cinderella fit”. The customer that needs, is excited to pay for and will benefit most from your offer.
Also, don’t be afraid to walk away from a person who is a great fit but who isn’t willing or able to afford your services. You can offer a cross-sell or downsell for sure, but have your cross-sells and downsells pre-planned, timed with intention, and structured in delivery. Don’t just give the homie hookup because someone is complaining about your price.
2. Know your terms.
Get clear and map out your product ladder – what you charge and what your discounts, down-sells, cross-sells, and upsells are. If you sell physical products and services, have a detailed inventory and pre-planned markdowns. If you sell professional services like coaching or accounting, map out your offer in template proposals and include all that you require of your customer. Having your product ladder planned out will help you continue to tweak your proposed offer as the sales conversation with a customer evolves.
3. Define your ideal customer.
Pay attention to patterns and do some market research to determine what the characteristics of your perfect customer are. Get specific about their demographics, psychographics, buying patterns, and pain points and write this all down for reference. Pick up my FREE ideal customer avatar kit to guide you through this process.
4. Stack up leads.
Keep a continuous pipeline of leads in your system. The more leads you have, the easier it is to keep moving until you find leads that are able and willing to pay you what you are worth. Don’t sit there in despair if a lead doesn’t work out. Network to meet new people, secure new prospects, and build a vibrant pipeline. Doing this also helps you get practice making your offer, communicating your value, and charging what you are worth.
5. Articulate your value.
Make sure your sales scripts and written proposals outline not just what you do or your product features, but also the value you provide, the problems you solve, and the outcomes you offer. In fact, make your product benefits a good portion of your sales pitch. Too often we focus on all of the features of our product and taskmaster deliverables and too little on the benefits and solutions. One tip though: listen and have a conversation with the client so you can really connect with them. Don’t just sell and talk about what you can do.
6. Know the market.
Be clear on what others are charging, and how their offers, features and benefits differ. Have a clear understanding of how easy or convenient it is for customers to go somewhere else for the same product or service. Don’t undersell yourself, but also don’t be afraid to get competitive and offer special bonuses, or add-on features. Consider exploring price matches. The entrepreneurs who are paid are the ones who are pricing strategically, charging for value, and making no apologies about it. Follow suit, Sistahs.
7. Believe in yourself.
Sis, the bottom line is this: you have to believe that you are worth it. I meet too many women that feel bad for charging even normal market rate for their services. You have to truly understand your value and articulate it effectively and passionately. You also have to know that customers are going to spend with someone. The question is: will they be spending with you? Stand in your power. Inspire people to work with you. Let them see your heart, your drive, your grind, your power. Then let them pay for it.