The price battle going on in your head is a race to the bottom.
I see more often than not, women small business owners and coaches have a wave of self-doubt when it comes to pricing their services.
You see a few competitors offer their services much lower than yours, and the worry and self-doubt begin to creep in—you ask yourself if you are charging too much for your services, you start the spiral of comparison, and begin brainstorming discounts to get more people in the door.
Guess what, friend, there will always be competitors who can do it cheaper. BUT that doesn’t attest to the quality of work they provide.
When was the last time you heard one of your clients say that the competitor down the street/online is the best because they’re cheaper? They don’t. Your client will not say someone is great because they’re cheap, but they will mention the quality of work done (your value).
That’s what you have to believe in: The quality of the work you are providing, your expertise, and your ability to deliver are rock solid.
You don’t need a discount or sale to entice your target client. The right client will pay the value for the quality of work you do.
Look at it like this… A potential client focused on paying less versus appreciating your value and singing your praises will only refer clients just like them. Now ask yourself—are these the type of clients you want? Speaking from experience, they aren’t the type of clients that will make your business profitable.
Now, let’s look at the competitors who are charging a little less than you.
I’m using medspas as an example here since you can find them close to one another in any given city. One medspa is charging a few dollars more for Botox, and the other is charging a few dollars less. (This is beginning to sound like a math equation)
How is the medspa charging less affording these prices?
In all likelihood, if they’re cheap enough, there is one area where they may be lacking, such as their customer service, their technique, ongoing training, or overall customer experience.
When all of these business components are combined, the medspa charging more is leading with value, not price. Did you follow that?!
REMEMBER: you sell solutions for an investment at a great value. When you change your mindset about pricing your services even beyond the profitability it will yield, it will bring you a level of confidence that you are worth every penny.