Have you finally raised your prices and set a premium price for your signature service? And immediately after raising your rates received resistance from potential clients interested in working with you? Although tempting, diluting your services or offering discounts to get potential clients through the door does more harm than good.
Breaking your signature service into little bits and pieces may seem like a good idea. It does allow you to offer more products at lower price points. However, it’s not providing clients with the entire process to get the results they need. And the truth is: discounting your prices will destroy your sales in the long run.
In today’s episode, I’m going to be diving into the three reasons why discounting can cause you harm and what you should be focusing on instead.
Key Highlights of the Episode
This episode was extremely actionable and insightful. Here are a few key highlights:
- Conveying confidence – If you’re discounting prices then you need to consider the message you’re sending to potential clients. By cutting prices, you’re suggesting that you’re not 100% confident that you can deliver the results you’re promising.
- Cutting into profit – Your job as a business owner is to generate cash flow and discounting reduces profit. Furthermore, if you’re slashing prices then you may start to resent clients that are giving less than they’re getting.
- Help prospects understand your value – How do you communicate your value in a way that lets prospects know exactly what their return on investment will be? If they can’t see your true value then it’s your job to help them to see it.
- Enhance your positioning – If you’ve raised your rates then your positioning needs to be crystal clear. What makes you uniquely different from the competition? Your marketing needs to overcome the majority of sales objections before you get on a sales call.
- Believe in yourself – If there’s a part of you that lacks confidence then you have to stop making decisions based on fear and discomfort. If you’re selling a high-ticket service then you’re someone who knows the value you bring to the table… So start acting like it. Start believing in yourself!
- And lots more! Tune in now.
This episode is brought to you by ACUITY SCHEDULING:
Support for our show today came from Acuity Scheduling.
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