FEAR: WILL CLIENTS PAY MORE

Updated: Sep 3


Summary




Transcript

Good afternoon. It is Tuesday. And I am pumping in today on this episode to talk to you about the fear behind charging more. Who is here with me, say hello in the comments. Let me know if you're catching this live or here on the replay. I'm just going to do a quick tech check here and make sure that I'm online and it looks like I am so hello. Hello. Hello. You know, one of my favorite things is dropping in every Tuesday to have this conversation with hybrid CEOs. What is a hybrid CEO? It is a business owner that is a service provider that wants to build their business locally, but also expand into the online space. You might be a coach or consultant.


You might be selling tangible products or services. You might be an expert in a specific industry or a niche like, you know, just like I do that in order for you to continue to grow your business and generate more leads, you've got to build a hybrid business model that allows you to go from local to online. One of my favorite things about having an online business is truly the flexibility to be anywhere everywhere, all at the same time. So if you're tuning in, say hi, Say hello in the comments. And let me know that you're here. While we're talking about this topic today, about the fear of charging more drop in the comments, why you think there's so much hesitation around charging more in your business.


Let me know in the comments, those that are showing up live, you get an opportunity here to get some tailored coaching. So don't be afraid to engage and drop those comments. Right. Why do you think there's so much fear about you charging more in your business? Right? Why do you think there's so much fear around charging more in your business? I get this all the time for my students and clients is my audience says it's too expensive. It's too expensive. It is too expensive. And if you hang in with me during this training, I'm going to share with you the number one way to really think about how you can start to charge more, see the Hybrid CEO knows.


And this is really where, you know, I'm talking to you today about whether you were going to start up in your business, or you already have a team and six to multiple six figures in your business and you're scaling how the employee mindset still shows up in your business. Okay. Like literally it still shows up in your business and I love it. I have someone here who says, Ka Youa, hi, I'm tuning in. Always learning. Love it. Love it. Right. Is the employee mindset will show up in your business and how you run your team and how you run your business. Okay. And this employee mindset is a blind spot for many of us. I know when I first started in my business, it was, and it continues to still pop up. Even when I'm scaling my business, looking at multiple six figures or above, it's still shows up. And it has everything to do with the fear that clients won't buy from us because the price point is too high. And I'm here to tell you right now that that objection is not a real objection. Okay. It's all in your head.


Okay. It's all in your head. The real objection. Is that your audience does not understand the value that you bring. So even though they're telling you it's a pricing objection or too expensive, it costs too much. What they're really saying is really the fact that it's a value objection. They don't understand the value that your product and service brings into their lives. So therefore, why do they need to charge? Why do they need to pay more for something that they can get around the corner for less? Does that make sense? And see, our employee mindset will show up in our business because what we start to think about when it comes to pricing is we don't think about value in terms of results, the fastest results.


We start to come to the table and think about value with our employee mindset based on price. Why? Take you back to your employee days? Just a little bit here, right? Because when we started our career, even if we went to college or not, right, everyone at some point had a job, right. I hope and what we were paid to was literally, we were paid to trade in our time for money. And if we wanted to make more money, we needed to either put in more time or try to find a job that would pay us more. Right. And if you can click on this StreamYard and link above this post, allow me to know who's tuning in and saying, hi, I see here, someone says, hello. Right? So we've been taught to trade in our time for money.


And so oftentimes I hear a lot from business owners who really want to grow a hybrid business, meaning they want to make a local impact, but built a business model that allows them to leverage the online space that gives them options and flexibility. Right. And they'll often think of pricing as really the trade-off the objection, really being about just simply money, right. That if I'm going to charge more. I have to somehow do more. You know what I mean? Like my product has to have more features or bells and whistles, right. Or if you're a service provider that if I'm going to charge more. I have to somehow work harder, like put in more hours or add in more coaching calls, or if I'm a course creator, I have to include more modules and more lessons and more homework.


Are you following what I'm saying? This is the employee mindset that comes and shows up in our business, whether you're in startup or scale up. And it shows up, especially at scale up when you have a team, it still shows up. So money objection happens at every level. I want you to write this down. Okay. Pricing objections happen at every level, even free. Write this down. Pricing objections happen at every level, even free. Here's why, if there was no pricing objections, even when it's free, would your free events not always be sold out? I mean, like it would always be sold out, right? Every single free workshop you would be maxed out. Right. Every free course would be sold out if truly pricing was the objection.


That, oh, it's too expensive. What did your free stuff? Your free products, your free giveaways, your free workshops your free courses. Would that not be sold out? I mean think about it. So if you've been sitting there asking yourself, telling yourself, clients are not going to pay more for this because it's too expensive. And then what happens is you're looking at it through the lens of an employee mindset, which is training in time for dollars, the hybrid entrepreneur, right? The hybrid CEO entrepreneur mindset knows and I want you to write this down.


What premium customers pay for are the fastest results. Nobody wants to sit there. And have more coaching calls. Nobody wants to sit there and go through more modules and more homework to do. If you ask them, Hey, would you like more coaching calls with me? Of course, they're going to say yes. Why? Shoppers, consumers? We love a great deal. And the more the business owners can throw it in there. Whether or not, we actually use it all of course, we're going to say, yes, we love great deals. Don't we? But the truth is when you've had all those bonuses and extra sessions in there, didn't you really use them? Did you really complete that module and watch every single one of them from start to finish?


Did every single homework? Be honest. I know you didn't 90% of students never finished their courses. Okay. And if you did, you're the 10%, you're the 10%. Right? And so I want you to really think about that for a moment. Premium customers don't want more stuff to do. Everyone's busy. They want the fastest results. So the real objection is not money or pricing. The real objection is value. They do not see the value to what you do. And so how do you overcome this fear of charging more? Well, let me ask you this. How is it working for you charging less? How is it working for you? You could type that into the comments.


How is it working for you charging less? Are you hitting your sales goals? Are the seats in your program sold out? Are your free events like booked out, are they? If that's not working for you, don't you think it's time for you to focus on something different? Don't you think it's time for you to focus on something that's different? Now raising your prices is not as simple as just adding more zeros. You know, I hear a lot of talk about just own your worth. Just raise your prices, right. But it's not simply just adding zeros. Here's what you need. This is the solution to how you begin to overcome your fear. Right. And really start to realize that charging more really means.


That you have to start attracting your Most Valuable Paying Customer, your MVP or your premium clients. Right. And here's the number one thing you've got to understand. I don't care if you're a service provider or you're selling tangible goods or products. Okay. People pay more for fastest results, period. So you got to position yourself as the premium way, the best, because you have this experience, this unique background, this unique lens that you were bringing to the table that no one else can do, but you! You've got to value that lens, that point of view so much, so, so much so. That you value it more than what other people are doing, that you value it more than what the competition is doing when they're competing on price, you've got to dig in and compete on value, right?


Because if you're competing on price, then you are going to be so focused on lowering your prices to overcome objections. And here the hybrid CEO is all about charging more to work smarter, right? If your sales goal is $10,000 a month and you're selling something, that's a hundred dollars. How many units do you have to sell to hit that? When instead you can charge $5,000 or a thousand dollars and sell so many less units to hit your sales goal and still hit the same sales goal. The only difference is one requires courage and the other one doesn't the other one requires you, like live in fear and scarcity and price yourself to the point where you're overworking yourself because the employee mindset says if I just work more.


If I just put in more hours, if I just, you know, really just really was more committed or more disciplined. And if I just added more bells and whistles to my features, if I just threw in more freebies into this think, yeah, I'm going to get that sale versus courage where it's like, I'm going to be locked in on value because I know premium customers value their time. They want the fastest results. So how can I deliver the fastest results for them? And be a completely okay. If someone doesn't value what I bring to the table, if someone wants to buy the yoga program that has 700 modules in there, because it is a fraction of what you're charging.


Be okay with that, because that's time that they're willing to invest and figuring out on their own trial and error. Right. Doing some of it, but as you and I both know, not following through not finishing and literally, even though they're paying less, they're literally throwing dollars, hundreds of dollars away. Cause he never finished. So therefore they never see their results. Be okay with that. Be completely okay with that because you know, that premium customers, when they come to you, they get personalization. They get the shortest path there because you are here in it for results. You've gotta be okay with that.


You gotta be okay with that. Does that make sense? If that makes sense type makes sense in the comments here. Okay. So let's talk about. What you can do, right? Because when you start to focus on your premium positioning, right? Everything shifts for you, your energy shifts, your pricing clearly shifts up your marketing, your messaging, all shift. Okay? This is what marketing and messaging is all about. It is how you intentionally on purpose purposefully, position yourself in the marketplace. You're about working smarter, not harder. You're charging more because you want to attract premium clients that really want results. Right? That's okay. You've got to be over okay with that. So again, how do you overcome this fear? Well, first of all, the first step is to acknowledge the fact the money objections. It's not a real objection. If someone had told you that you were too expensive, it's not because of the price point. It's because you did not communicate the value.


It is a value objection. Okay. And it is your employee mindset that is showing up in your business saying if I can just show them that there's more features, there's more calls, there's more bells and whistles. There's more, you know, freebies. I'm throwing in here at this price point. If I can just show them this, then therefore understand the value. No, they're not because premium customers want the fastest results. I don't want to do more homework. I don't want to do more courses. I don't want to do more coaching calls unless I have to. I'm busy. So are you, so are you premium clients? Right. So recognize that there's a pricing objection at every level, even free acknowledge this right.


And focus on premium pricing. Excuse me. Premium positioning. Right. Focus on premium positioning because when you focus on premium positioning, everything shifts your energy, your marketing, your messaging, right. And focus on your messaging, being really focused on communicating why you're different, why you're different. And one of the best ways I have my notes here is that I want you to start thinking about, well, okay, Elizabeth, I hear you. Talk about premium positioning, but how do I do that? Well, students, this is why I work with my students for a whole entire year instead of The Customer YES! Lab, because it really takes, you know, that long for them to really work on their leadership pathway, their positioning, and really doesn't take them a whole year, but it takes them to fine tune their marketing, their messaging, to clarify, to get clarity around who is my MVP, who is my Most Valuable Paying Customers.


Right? But here's something that you can do really quickly, as you think about positioning in your market with your marketing. I want you to take a look at maybe the last post or last several posts on your public social media feed, whether that's Facebook or Instagram. And I want you to ask yourself in that post, did I communicate what I believe.


Is it clear? Is it obvious? Does it communicate what I believe in my industry, in my niche and my expertise is truly different? Be honest with yourself, go through knowing that maybe, you know, I don't know how often you're posting. I post every day. But this isn't, this is an audit that I do for myself. And this is something I want you to do in your last post and then go back your whole entire week. How many of those posts did you communicate?


What you believe in? And this works. If you are a service provider, it works. If you are selling tangible goods and products, it works. And I don't want you to say it like this when I'm talking about what you believe in, this is not what I mean. I believe that if you buy this product, you will lose 10 pounds. I believe if you buy this product, your skin will be flawless. No, that's not what I'm talking about at all, because you're just promoting your products and your services. What I'm talking about. Like what you believe in with why you started this in the first place? Why you want this so badly for all your customers? Because no one else is doing it. Why you're doing this because you believe this is what your customers need, and this is what you're fighting for.


Right? It's belief. It's your values. Is that clear in your marketing and your messaging, or are your last several posts just quotes to inspire? Do you have a point of view in your marketing, your messaging? That's really the first place that I want you to look at, because if you're getting money objections. What it really means is it's value objection. They don't understand the value behind what you do. You know, oftentimes the marketing people come and they're like, Elizabeth, how do I just attract the right customer? How do I just attract the right customer? Right? Or they'll say things like Elizabeth, my customers are saying it's too expensive.


How do we attract, you know, customers who are willing to pay. Right, but I'm telling you right now, even though I sell a high ticket program, there have been students or clients who are not even working that still worked with me. So, you know, if you're thinking, oh, I can't work with Elizabeth because I don't have a job or I don't have income right now. Yeah. You're right, you don't. And maybe, you know, I'm not saying that it's the right decision for you. Everyone's different, but because you don't have a job right now, or you don't have income, consistent income in your business, do you really have time to trial and error and watch a hundred courses and modules and read, you know, 10 to 20 books in order to start getting sales in your business?


No, you don't. You don't have time for that because you don't have consistent income coming in and you no longer have that nine to five job. So you need someone who can help you get to your results. Which for me, my results are all about sales, high ticket sales as quickly as possible. So let's just cut through the chase. Let's cut through the trial and error. Let's cut through the BS and let's just get to the point. Like that's what, where I'm at. What's your one clear conversion path. So that's what I'm saying to you is that it's not real. It is not real when it comes