30: What Are You Worth? How to Put a Price on It.
Let’s talk about pricing.
Do you get stressed out wondering whether you’re pricing your services right?
You’re not alone. This comes up time and time again. Putting a number on your services can seem really daunting, but it really comes down to beliefs.
In this episode, I am teaching you the three things that go into putting a price on your services and how those three things are what cause you to either feel stressed or at peace with your pricing.
If you’re not confident in these three things, you won’t be confident in your pricing, and I want to make sure that you are!
In Today’s Episode We Discuss:
- The three beliefs that go into pricing
- Price being just a number
- What causes drama when you’re trying to set a price
- The cause of conflicting beliefs about price
- How to deal with these beliefs
- How to start seeing your service as an undercharge and over-delivery
- The power of curiosity
- Believing in yourself and your clients
- Why you should talk to yourself the same way you talk to your kids
If you’re having trouble with pricing, take a look at these three beliefs, and things will start to fall into place.
If you have considered getting yourself some support on this kind of thinking, please feel free to reach out to me. Head over to my website, www.andrealiebross.com, to book a call. I have so many different ways that I coach my clients, so let’s figure out a way that will work for both you and your budget.
Don’t forget that the FREE 5 Days of Clear and Clean Thinking Challenge starts June 21st! Visit andrealiebross.com/challenge to enroll now!
I’d love for you to share this episode with someone you’ve been talking to about pricing recently so that we can help them too! Take a screenshot and send it over to them!
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Andrea Liebross |
Speaker1: [00:00:09] You are listening to the Time to level up podcast, I'm your host business life coach, Andrea Libros. I helped women in business commit to their own growth personally and professionally. Each week I'll bring you strategies to help you think clearly, gain confidence, make your time productive, turn every obstacle into an opportunity, and finally overcome the overwhelmed so that you can make money and manage life. Let's create a plan so you have a profitable business, successful career, and best of all, live with unapologetic ambition. Are you ready to drop the drama and figure out the how? In order to reach your goals, you're in the right place. It's time to level up.
[00:00:57] Let's do this.
Speaker1: [00:01:05] Hello, my friends, and welcome back to The Time to Level Up podcast, I am so happy to have you here. And today's topic, we are talking about pricing, putting a number on something. It is a topic that comes up often, often, often. And this might be one of those episodes where you want to take a screenshot right now and share it and tag someone who you've had this discussion with before, because it's going to be valuable. And I do want to give Juliana Garcia, who is a coach out there in the world, for these some of these ideas, because she was giving a little coaching on this and it really resonated with me. And so I wanted to share it with all of you. OK, but before we get started, I just want to remind you that if you have not had a chance yet to rate and review the podcast, I would so appreciate it, because it's how the rest of the world learns about some of this stuff. It's a sad but true metric that Apple Podcast's uses to share the podcast with the world. So I read all the reviews and about once a month I pick a lucky winner to have a free coaching session with me. So please figure out how to write a review. It's not hard, but you've got to press around a few buttons. And I have directions on my website too. OK, so let's let's dig in.
Speaker1: [00:02:32] So when we talk about pricing, really what it comes down to is beliefs. OK, although the price is a number, you actually have full control over the number. And in today's topic here, I'm going to use coaching as the best example for pricing. But I have used this with some clients over the past few weeks, the same thinking to help them think about how they might want to negotiate for a raise. I've also used it to help someone think about how they might want to bring on someone new to their team into a new business opportunity. We also used it to discuss how to navigate, how to price something if it's going to be work that's done in phases versus one lump sum. OK, so there's lots of ways to use this thinking. It's not just about selling coaching, although since coaching is near and dear to my heart, it's sometimes easiest for me to talk in those terms. All right, so price, it's a number that we have full control over, and really that number is made up of three different beliefs that you the person making the number has. OK, so first, it is the belief you have in yourself as the coach or the provider, the maturity of your coaching as how you see it. OK, the second is your belief in the maturity, the emotional maturity, the financial maturity, the mental maturity of your client or your customer.
Speaker1: [00:04:15] And the third thing is the value of your offer. OK, so a belief is really just made up of multiple thoughts around those three areas in all of your thoughts, all of your beliefs show up as that? No. That price that you put on your offer or product or service, and when we have drama about what the number should be, that drama is really created when there is conflict about your beliefs, about the maturity of you as a coach or the maturity of your client's financial, mental and emotional development or the value of your offer. Those thoughts all around those three are conflicting. OK, so the more dissonance you have, the more drama you have about the price and to eliminate that drama. You have to examine what are all the thoughts I am having. OK, what are the thoughts about that number? But really what you're thinking about or what are your thoughts around the maturity of your client, the maturity of you and the value? So when I start to question my price, I really am starting to question my clients and me and my offer. And this, again, creates that cognitive dissonance, conflicting beliefs and those conflicting beliefs. That's what creates the pain, because the drama then leads to the pain. And the drama comes from having too many thoughts about the fact that what I sell is not an undercharge, but from the thought that what I sell is too much for the client to handle OK, or for what I deliver or it's too much for who I am as a person.
Speaker1: [00:06:15] OK, so think about that. Drama comes from having too many thoughts that what I sell or the service I give is not an undercharge. But from the thought that what I saw in the service I give is too much money or too much for the maturity of the client or too much for me as a person or the value isn't there. OK, so how do I clean this up? The way to clean up the drama is to get out of your client's wallet. OK, stop asking. About price, stop asking yourself about the price. OK, because what I'm doing then is projecting my insecurities onto my clients, and that's kind of selfish, OK? Price is really about the lifetime value I deliver to my clients lives, not just in the six months I'm working with them, but that price is really about lifetime value of working with me. OK, so if you start to have drama about your pricing or what you asking for in terms of a salary increase, OK, what's happening there is you are kind of getting in your own way. But I want you to take yourself to the place where you can see the lifetime value you are offering. Stop thinking about yourself, about your clients bills, about their families, about the vacations, about the broken water heater, and start thinking about the value that you're delivering over the course of a lifetime, not just in the upcoming six months, the lifetime value.
Speaker1: [00:08:10] And you can start realizing that your package or your service is really an undercharge and an overnight delivery. Think about that, what you're putting out there in the world is an undercharge and an over delivery, OK, which then takes the focus off of me and on the offer in the value I'm giving. So in order to counter all of those thoughts that are creating the drama, I have to be curious. Curiosity is what is going to counter those thoughts. OK, start looking as your price and I think this is so brilliant, start looking at your price as a transformation. It's really like a portal or an invitation for transformation. And I like to picture this big wide door and I am inviting my clients in through this big, huge door. I am opening it for them. That's what the price is about. I'm inviting them to change, to transform. And if I don't open that door wide enough. OK, with all of my energy and competence and abundant thinking, then really what I am doing is taking away some of the power of my clients, because if I don't believe in my price than what I'm kind of saying is I don't believe in my clients and I don't believe in the value that I'm giving.
Speaker1: [00:09:48] OK, I'm not holding the client's vision of themselves as transforming, as amazing. There is a value of transformation and I am shrinking the invitation if I shrink the price. OK, so remember, this again is not about me, are not about you as the provider. OK, it's about them, and I can help them transform, and if you shrink that price, then you're not letting them decide for themselves how big a transformation they want to occur. You're letting them shrink. And if you don't open that door in full confidence, you are saying you don't have full confidence in them. Right, you're not letting them have the feelings and thoughts that support their vision. Pretty interesting, isn't it? OK, and here's one more thing, one more thing to think about when you are considering what your price should be or when you start to under charge and over deliver. I want you to think about three things, I want you to think about time, OK? Think about how much time they are saving, how you are collapsing the time line. For them, you are in a coaching relationship, for example, you are saving them time from trying to do this alone and not getting the result they want. OK, number two is I want you to think about money, the money you are helping them save, not just now, but for a lifetime.
Speaker1: [00:11:36] OK, they're going to go searching for answers, spending money, not earning enough money or as much as they could. You are saving them money in the long run. And I think the most impactful thing to think about as you think about price is energy. What would be the internal or emotional impact if they fail or if they didn't try to create this transformation, they would be left feeling defeated. And that internal impact, that lifetime internal impact on their emotions, what false beliefs would they be then walking around with? What will they develop if they don't have a chance to achieve and transform the result? So what are the false beliefs that we develop as a result of not engaging or buying the product? Right. So the the value of whatever service you're providing has value monetarily in terms of time and in terms of energy. And Juliana shared this example, and I'm going to share it here because I thought it was pretty impactful. OK, there are coaches out there who coach men on relationships. All right. So I want you to picture a man who is looking for the love of his life and he engages in a coach or he is considering engaging a coach to help him figure this out. Think of all the money he will spend. If he has to get divorced, if he finds the wrong person, if he doesn't even know who he's looking for money.
Speaker1: [00:13:21] So having this coach help him is saving him money. Think about all the time he's saving, going out on the wrong dates or marrying the wrong person. And then also think about the energy that he is saving versus spending it on dating sites. OK, so think about that man who eventually got divorced, who didn't engage in a relationship coach. Think about all the time money and energy he spent. That is way more than the cost of engaging a coach. So to wrap up, I want you to think about again, your price is just a number and what it really is, is a compilation of your beliefs about the maturity of yourself. You have your belief about the maturity of you as the provider or service provider, about your client's maturity and their emotional, financial and mental capacities, and about the value of your offer. OK, in any drama you have about that is really you just having conflicting thoughts, you are sometimes getting in their wallet. And not allowing them the opportunity to transform, so when you create your price, what you're creating your price on is the thought that I am now going to be undercharging in over delivering, because what I'm going to give them through providing the service, I'm opening up a huge door of transformation. And if I make the door smaller that I am actually not holding space for them, holding belief that they can transform.
Speaker1: [00:15:09] I am not having confidence that they can create whatever they're wanting to create. I'm doing them a huge disservice if I do have the right pricing that I have belief in myself, in them and in my offer. And I also recognize that I am saving them so much time, money and energy in the long run. OK, I hope that was helpful. Think about it as it pertains to you, if you're negotiating a salary, how much time, energy and money are you saving your company? If you are creating a price on your own offering, how much time, energy and money are you saving your clients? What do you believe about them? Do you believe that they are short sighted and can't see that? Or do you believe that they are smart and mature enough to see it? And then what do you believe about, you know, another thing that's really kind of fun is to think about what do you tell your kids? You tell your kids to believe in themselves. Right. Would you ever tell them they're not worth whatever? You would never say that they are worth everything. How much are you worth? OK, my friends, that is it for today, it was kind of a short episode, but I hope it was impactful. Listen, if you have considered getting yourself some support on this kind of decision making, this kind of thinking, I encourage you to reach out to head over to my Web site to book a call.
Speaker1: [00:16:38] Let's talk let's figure out what is best for you. I have so many different ways I coach my clients that there is a way that will work for both you and your budget. OK, there's multiple offerings in there in my coaching offerings. And if you are wanting to have a speaker come into your organization or your workplace and not just be all like rah rah, but be real and have your audience leaving, thinking that was the best 60 minutes they ever spent and you impressing the rest of the organization on who you brought in, I would love to be that person and help you craft and create. And I could deliver whatever is going to work best for you. Whatever message we need to get across, let's get it across. All right, remember to share this episode, please write a review, I would so appreciate it. I look forward to talking to you all next week and do some deep thinking about your price. I'm here to help. All right, have a great day. Thanks for tuning in to today's show. If you're ready to commit to personal and professional growth, move forward, make money and manage life. Head to Andrea Libros Dotcom. That's a ndr a l i e b r o. S s dot com. To find out about the ways we can work together until next time, go level on.
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