I know that a lot of experts struggle with pricing. They may still be charging hourly or daily rates (which is the completely wrong way to do it – ask me if you would like to know more) or a fixed rate, but when you present your price as an expert you should never shift from it.
Reducing your price for your services completely ruins the chance of a good relationship with your client. It completely hampers your chance of getting the best results for your clients.
Here is why.
1. Price haranguing clients are the worst.
If a client beats you down on price they will continue to be your nightmare client throughout the relationship. They will demand more of you, expect you to return calls faster and demand that you ask ‘how high’ when they tell you to jump.
Clients who choose only on price will cost you in so many ways more than just the devaluing of your expertise.
2. You lose control of the relationship
The good thing about being an expert is just that. You are an expert. People come to you and choose you because of your expertise. They want you to use your skills to guide them through a process so that they come out of the other side of it with a better business or a better life.
However, if you allow them to beat you down on price something dreadful happens.
You lose control of the relationship to such an extent that your client will now challenge you on all of your advice.
Whereas your other clients who pay the proper price do as you advise them, the price basher is now in control so he or she won’t take your advice.
If they don’t take your advice, they won’t get the results you wanted and guess what; they will want some of their money back because what you told them to do didn’t work (because they didn’t do it).
This all happens because at the beginning of the Expert/Client relationship you let them beat you down on price.
You absolutely must hold onto the higher ground if you want your services to transform your clients’ businesses and their lives.
The starting point for holding onto this ground is to never reduce your price.
The good news is that if you are doing your marketing properly and only attracting hot prospects to you at the precise moment in time that they want to purchase your services, and you have positioned yourself as the ‘go to expert’ price will simply never be the issue.
(If you want to know how to do this, read my Expert Business Owners Marketing Plan.)
Clients will already know, like and trust you by the time they ask you to help them because they will have heard from you for many months through email marketing or found you at the precise time that they need you on your powerful and high converting expert website.
They will come to you as the only expert in a field of one, so price won’t be such an issue as they will not be comparing you to any other experts in your field.
I have been asked if I can do something about my price once in the last 15 years.
My answer to this question:
“I can increase it.”
The client proceeded as expected.
Being confident about your price is vital for you and for your clients.
Don’t be beaten down on price. It won’t work for you or for your client.