the key to unlocking premium prices + Why my prices are going up 150%
There is 1 word you have to know and 1 mindset you have to adopt if you want to increase your prices.
But first, let’s define the personal edge.
Personal edge: You know that price that you can pay no problem and not think twice about it? It’s a little past that number — anything over feels….funny. It feels like a big deal to you when you pay for it and you have that moment of doubt that it could be too big.
It’s that push. It’s that moment when it’s almost too much money and the mindset that comes with it. I am not just buying something, I am making an investment.
“Investment” is the key to unlocking premium pricing. It’s why we spend a little more on our couch if we can afford it. It’s why we save up for the nicer computer.
You aren’t just selling a service, you are helping facilitate a promise that someone made to themselves at some point.
Money can act as the measuring stick of your commitment.
This is why expensive mentorships are so successful. They aren’t successful because of the content. In fact, the content is usually pretty typical and most information can be learned for much cheaper.
People pay for it because by dropping 10 grand on something, it sends yourself a message. This is serious. They pay for the support and accountability to keep that commitment.
And this works on both ends of the spectrum. As a creator, more money means more freedom. You get to over-deliver and still live the life you want to live. You can add even more awesome than ever before because you are meeting that energy upgrade with the price tag to match. As the person providing the service, you end up showing up in a big way because you have to deliver. A person who doesn’t get their money worth? Very hard to deal with. It’s a risk.
If you want to provide average service, you should not use premium pricing. It’s not fair.
Remember, it’s an investment!
We have to stop thinking as price as a barrier but as the bridge that leads us to higher quality experiences for ourselves and the people that buy from us.
I used to believe that doing this I would leave people behind and I have made a conscious effort to make sure my business does give the person who can’t afford the class a lot of value. I have my mini-books and my blog to help them along.
Ready for a harsh reality check from someone who knows? My business model doesn’t work when I underprice. I give way too much for free and the additional strain of only making lower priced items makes it even harder to sustain yourself. You will get resentful. You will get sick and tired. You feel like you aren’t seeing the results. This is for my business model. If you want to rely on big numbers, you don’t have to have higher prices. Just make sure it’s a conscious decision and not one made out of guilt or obligation. TRUST ME.
And here is the other thing about this: when you have premium prices, you have to be picky about who you work with. For every person who meets you at their personal edge another person will drop the money even though they aren’t ready for it. If you just want the cash money, that is cool but for me it’s a waste of energy. I put a lot of work and love in everything I do. My business will have systems in place so that I make sure I don’t work with people who are better suited working with someone else. I am really defining what this looks like and I really encourage you to do it too.
The bottom line? I want you to save up. And when you are ready, come back. Because branding SHOULD be a life-changing investment.
As a result, HBA has become a beast of epic awesomeness. The site has been redesigned. The structure has been revamped. We have Masterclasses! Brand Workshops! Guest speakers! Brandstars! I LITERALLY can’t wait for you to see it. I have made a conscious effort to play bigger and play smarter this time around so HBA will be going from $400 to $997. It will be changing from a class to an epic mastermind experience (that I actually hired someone to help me create).
And it will also be offered 3 times a year. So much yes. I feel so excited to embrace this new challenge.
I am truly making sure that HBA isn’t just a class but it is the best investment you can ever make in your business. You can’t get anywhere without effective branding. The page will be going up soon but in the meantime, make sure you sign up for updates here.
4 steps to your new premium price
1. A good way to start is to think about your ideal client’s edge. I suggest doing an actual survey for this. Where do they feel a little uncomfortable? What is that moment that makes them a little afraid but excited at the same time. Make sure you ASK. Guessing is bad for business.
2. Now reframe all your services. It’s not just a book, a 1-on-1 call or a class, it’s a life-changing investment. What changes? What are some ways you can talk about what you do to reflect that? How would you change your copy? Play around with it and see how much more your service feels like it should cost.
3. Now that you sell investments and not just “services” push that edge a little more.
4. Change your price to that number and send it out to the universe. BOSS.
And I am not gonna lie: pricing is equal parts bravery and branding. If you can brand yourself as someone who commands the type of money you want, people will pay for it.
Remember, we teach people how to treat us.
What do you think about all this? Where do you struggle with your own pricing? What gets in the way? Now that you are in the business of selling life-changing investments, how does t change things?