Fallen victim to these pricing perils?
As a solopreneur you’re passionate about what you do and the people you support, but the thought of having that ‘selling’ and ‘pricing’ discussion with a prospective customer is enough to send shivers down your spine.
Sound familiar? You’re certainly not alone.
If you’re happy to run a hobby business, or you can afford to keep offering your services for free, that’s fine. There’s no need to read on.
However, if you want to build a 6-figure (or more) business, then getting comfortable with ‘that selling/pricing conversation’ is something you’ll have to get used to.
So what are the important things you need to know?
If you’re a coach, consultant or trainer (or other service-based professional) it’s critical to remember that you’re NOT selling your time.
You’re selling your expertise; your knowledge; your years of training. And, more importantly the results and outcome your client will achieve through investing in your services. That’s the real value you offer.
Many service-based solopreneurs forget this and find themselves justifying their prices, or caving into discounts. Or they end up offering way too much in comparison to what they’re getting paid, which only devalues their services and the expertise they offer. Not to mention the major withdrawal it makes to their self-esteem (and self-worth account).
If you find yourself justifying your prices, getting into a pricing war with a competitor or having to discount your services, just to sign up a client – you haven’t yet convinced your prospect of the true value you offer.
So how do you create value in the minds of a prospective client? Believe it or not, it’s way before you even get to the stage of having ‘that’ sales conversation.
Here are 5 areas you should review to ensure you’re building your credibility and reputation as an authority in your field. Then, when you finally do speak to a prospect, you can avoid having to defend your prices or that awkward conversation about why you are better than your competitors.
They’ll already know (and sense) the real value you offer because you have these 5 things in place.
1. Design a well-structured program – Your Signature System
For a prospective client, often coaching and consulting can seem quite intangible. Therefore developing a Signature System with a specific outline and process you take clients through, will present what you do in a far more tangible way.
- What will be covered in your program?
- How will the program be structured and over what time frame?
- Are you including worksheets, recordings and done-for-you templates, etc to build additional value for your clients?
2. Promote the benefits of your Signature System – not just the features
Now that you’ve designed your Signature System, not only is it important to tell prospective clients about what’s included in your program (the features), it’s even more important to showcase the benefits and outcomes a client can expect to achieve through investing in you. This is a MUST.
Remember, features tell and benefits sell.
- What are the benefits your clients can expect to achieve?
- Is the benefit you’ve listed specific and relevant to the needs of your client, or is it too broad and uninspiring?
- Is your benefit statement concise and free of confusing jargon? Or does it contain too many concepts, which could overwhelm your prospect.
3. Identify and build a powerful, authentic Signature Brand
As a coach or consultant, identifying and defining an authentic Signature Brand is one of the most important things you can do in your business if you want to build your credibility as an expert in your field.
With so many other coaches and consultants out in the market place who are trying to seize the attention of YOUR ideal client, how are you going to distinguish yourself from everyone else and continue to build amazing value in their eyes?
- Can you bring unique strengths and talents to your programs that accelerate your clients’ success?
- Can you tap into a wealth and depth knowledge and expertise that none of your competitors can offer?
- When someone thinks about you and your business, what words, thoughts and feelings do you want to evoke? Are you exuding these qualities in everything you do?
4. Ensure your Brand Voice is authentic and your core Brand Message is consistent
It can be tempting to look at what your competitors are doing and trying to emulate what seems to be working for them.
Or, in the case of one of my clients, having someone else ‘tell’ you what your brand voice and brand message should be.
Are you kidding me?
Being told ‘how’ you should act or ‘what’ you should be just won’t work. Nor will trying to be someone you are not. It’s exhausting, uncomfortable and very hard to maintain. And, will soon become obvious to a prospective client.
Take the time to do some self-exploration to identify YOUR unique brand voice and core brand message. Give yourself permission to just be you! After all you’re pretty special, right?!
- List your core values and select the ones you want your brand to emulate.
- How do you want your brand to make people feel?
- What unique (or quirky) characteristics can you weave into your brand voice, so that the essence of ‘you’ shows up in everything you do and say?
5. Make sure you have the right mindset (and money mindset)
You can have the most amazing Signature System, backed up with a powerful, authentic Signature Brand, however if you don’t have the right mindset (self –belief) and money mindset, it will be very difficult to build value in the eyes of a prospective client.
Why? Because they will sense this through how you are portraying yourself.
Remember, the first sale you make is to yourself. If you don’t believe in the amazing level of value you offer, it’ll be very difficult to confidently portray this to your prospects.
- Do you doubt that you have the skills, strengths and talents to make a difference in the lives of your clients?
- Do you think it’s impossible for you to charge a certain fee?
- Do you struggle with speaking about your services and programs confidently?
If you’ve answered ‘yes’ to any of the above questions, make sure you spend some time building and nurturing your self-confidence. Don’t remain stuck and unable to build a 6-figure business because of self-doubt or any other unhelpful self-beliefs.
By having all of these five things in place will certainly go along way to building value in the eyes of a prospect. That way, when you start speaking to them about investment levels, they’re already assured that you are an authority in your field and can help them reach their goals.
Still struggling with your pricing? Access our: Get Paid What You’re Worth – Practical Pricing Strategies for Heart-Centred Solopreneurs homestudy program today!
HAVE YOUR SAY!
So, what do you think? Do you have all five things in place? Or do you need to do some more work on one (or more) of these key areas.
Here’s to your success and till we meet again…
Stay inspired and brilliant!
It is important to have a Signature service and defining it will make you stand out from the crowd. It’s definitely something that grows over time, and is only refined once you have gone through a few clients. The content on your web page needs to have this type of persuasion, since you can’t be on your website answering questions from each visitor, the key is to anticipate these questions and make your content convincing enough to want to make others take the action to contact/hire you.
Having a FAQs page is something that many people take advantage of, especially if they find they get asked the same questions over and over. And, if you include your social media buttons on your website people can certainly reach out to you that way. There are lots of different options to choose from, as to the best you are going to serve/help your visitors. Yesterday I was perusing a website and they had a screen pop-out with someone saying “Hi, welcome, can I help or answer any questions for you?” I found it quite obtrusive, and clicked out of that site immediately. It reminded me of a sales person pouncing on you the minute you walk into their store.
Thanks my friend great post! 🙂
It’s so true what you write here and I like the part when you talk about self esteem, “the first sale you make is to yourself”. Your business will never be more enchanting that you are right now, so you need to work on your own mindset.
Thanks Mattias, glad you enjoyed it. Yes, absolutely – mindset is everything as it very much impacts how you show up in the world!! As always, thanks for stopping by!
I was just on google and i ended up here, but i had to leave a comment to tell you i really enjoyed your article.
Thanks Monilyn, glad you stumbled across the article and that you enjoyed it!
I must say, some of this was a little over my head, but all in all, i enjoyed reading your post.
Wonderful, all these areas are very important for service based businesses and something we help them build if they need support in that area. If you’re interested you can find out more here: https://annemariecross.com/coaching1/group-coaching/6-figure-success-blueprint
Great points Annemarie! I certainly agree that having a effective Signature system with a successful signature brand needs your full self belief and mindset over money. The way you portray yourself can affect the building of value to your target customers. The more you believe on yourself with focus mindset, the more your signature system reap success.
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Interesting points Annemarie! Designing a well structured program is the most important these days. One thing I miss from those points is the feedback system. At some points you should be able to check on performance.
A feedback system is very important for sure Sophie. Having one in place will allow you to monitor and tweak what you are doing so that you’re always getting the best possible results.
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