Soooo it’s time to raise your prices and you’re terrified. All of these questions start flooding into your head. What if everyone says no now? What if everyone thinks I’m just a money hungry monster? Do I have to add a ton of new features to my program? Will I have to work 24/7 to justify my price raise? WOOF. With all those questions and self induced stress freakouts, it sounds better to just NOT raise your prices, right? WRONG! You are doing yourself and your future (and current!) clients a disservice by not raising the bar for your coaching. To achieve long-term entrepreneurial success and make six figures online, you’re eventually going to HAVE to raise your prices if you don’t want to burnout! In this blog I’ll share three easy to implement tips to take to increase your prices with confidence.
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How to Confidently Raise Your Prices for Entrepreneurial Success Tip #1: Collect Testimonials
One of the first things that pops into our heads when we’re wanting to raise our prices is…”who the heck am I to do this?!” And the mantra you should shout right back at yourself should be…”Who am I NOT to do this?!” Seriously though, if you’ve had clients that you’ve helped transform, you have proven the value of your coaching. And one of the best ways to be reminded of this is to have your client testimonials handy, for both you AND your audience.
A couple tips when it comes to testimonials:
Take screenshots of EVERYTHING. Any text/picture/etc your clients send you, screenshot and save and put it either in an album on your phone titled “Testimonials” or a Google Drive folder. Either way, start organizing it in a way that you won’t lose them!
To take it a step further, create an Instagram Highlight and/or Facebook Photo Album on your profile titled “RESULTS” where you can share these screenshots. Note with Testimonials: If you’re sharing specific pictures as a health and fitness coach you MUST ask for permission to share. If you’re sharing #’s and want to feature someone’s name as a biz coach you MUST ask for permission to share! I still recommend highlighting out there name unless it’s for your sales page when sharing testimonials! When in doubt, ALWAYS ask your clients if you can share.
When you start feeling a little down on yourself, or question your ability as a coach (hello imposter syndrome—check out my blog here to help you get through this), go back to these albums and read through your testimonials. You’ll be like…”Oh yeah, that’s right, I rock at this and help my clients get kick-ass results.” It’ll massively boost your confidence!
How to Ask For Testimonials From Clients:
Ask your clients to phrase their testimonial like this:
“Before starting Meg’s XYZ program, I felt or I was XYZ (insert their pain/struggle/problem they wanted solved.” After going through Meg’s XYZ Program, I felt and experienced XYZ (insert their TANGIBLE result).
Tangible meaning specific metrics. If it’s fitness, weight loss, inches lost, confidence gained, pant size down, muscle gained, strength gained, etc. If it’s business coaching, it could be followers gained, engagement increased, sales closed, clients gained, $ earned, etc).
You can check out some testimonials in this format on my free challenge course sales page here.
How to Confidently Raise Your Prices for Entrepreneurial Success Tip #2: Stop Being Selfish
Oh yes my friend, I said it. If you are worrying solely about what other people will think about you when you raise your prices and all your thoughts revolve around “but what will people think about me?!?!” then you are being S-E-L-F-I-S-H.
You’re making it about YOU, when it should be about your CLIENT.
Make it about THEM, not YOU.
It’s so easy to ask “Am I worthy?” Or “Is this coaching worth that price?” But what we should REALLY be asking is “What’s their transformation worth?” If I make them up-level and invest in themselves more fully, what will their return on investment be? If I make them play big like I’m playing, how much more impact will they be able to make? How much BIGGER and FASTER of a transformation can they have if they step into this more fully?
I invested in a $20K mastermind in January, and you bet I showed up MASSIVELY in February, and had over a $30K month in February. Coincidence? I think not 😉
(cuz your girl ain’t gonna throw that kinda dough around to twiddle her thumbs and not take action)
By being challenged to step up and invest a shit scary amount, I stepped UP.
You’re doing your clients a disservice if you don’t challenge them to do the same.
Some questions to journal about and ask yourself to help you get out of the “me” thinking and into the “them” thinking…
How will my client raise their bar if their prices raise?
How have I raised my bar when my prices were raised? Example: when I invested more did I also show up more fully? Write down specific, tangible examples
What will them playing small (or staying at the same investment level) limit them from doing in their life? How are you enabling them by keeping them at this small playing field level?
What’s the absolute WORST thing that can happen if you raise your prices?
What’s the absolute BEST thing that can happen if you raise your prices?
How to Confidently Raise Your Prices for Entrepreneurial Success Tip #3: Get Good at Sales
Practice makes perfect with sales calls. For reals though, the more you do them, the easier they’ll get.
And a rule of thumb: if you’re closing more than half of your calls, you should raise your prices
A few tips to rock your sales calls (and feel more confident when pitching your higher prices): SPEAK TO THE SOLUTION/BENEFITS and not the FEATURES/STUFF!
A lot of times people talk about the ‘stuff/features’ their programs come with, like “customized workouts, meal plans, zoom calls, sales scripts, etc.” And while that stuff IS important at some point in the conversation, it should be an afterthought.
What’s the main problem you’re going to solve for your client? What’s the benefit they’re going to receive from the workout, meal plan, zoom call, sales script, etc? What’s the tangible RESULT. Always focus on THAT in the sales call. People don’t care HOW you get them there, just that you do.
In my Client Attraction University program (click here to get on the waitlist–we launch the next round at the end of April), we give you the tools and strategies to confidently hop on sales calls and close like a boss so you never dread sales again. You’ll leave feeling like a sales QUEEN and actually start to LOOK FORWARD to sales.
Improve Your Money Mindset:
All this being said, intentionally reading and listening to books and audios on money mindset will be KEY when trying to increase your prices confidently.
If your money mindset limiting beliefs (like “money doesn’t grow on trees” or “i have to work really really hard to make the $ I want to”) are running around like CRAZY in your head right now, check out my latest blog on how to improve your $ mindset by clicking here. I promise it’ll help you bust through these negative thought so you can start having the success you deserve!
Tell me about you! Do you struggle with raising your prices? Which of these tips will you implement?