subject: Pricing Strategies - 3 Reasons Your Market Will Pay More For Your Services [print this page] Pricing Strategies - 3 Reasons Your Market Will Pay More For Your Services
The first reaction most of us have when we hear a "no" from a prospect is that we have to lower our prices. The fact of the matter is that price is rarely the real reason someone doesn't buy. If we are faced with a viable prospect then we know that they are interested in making changes in their business or personal life. The problem is that we often fail to demonstrate the value we can deliver if they work with us.
Here are three reasons your market will pay what you're worth for your services.
1. Increased Level of Desire
No two people will have the exact same desire for a product or service. There are simply too many variables at play. This is good news for you because once you recognize what your market desires most you can communicate this in your marketing.
Think of it like trying to sell bottled water to someone who isn't thirsty. The fact is that we can't survive without water, but if you try selling water to someone who just isn't thirsty, you are going to have a tough time staying in business. Now, how about someone who just finished running 3 miles in 90 degree weather? You probably won't have a difficult time selling the water at all. Imagine if the person is walking in the middle of the desert. Is there a limit to what you could charge for that same bottle of water now?
2. Scarcity
This is a controllable element that can easily add to the level of desire. If you have an unlimited supply of anything you will have a difficult time selling it for top dollar. This is why as a service professional you have to limit your availability if you want to be able to charge what you deserve and get it. Limiting the number of private clients you work with at any given time is one of the easiest ways to create scarcity. The fact is that you ARE limited, but you have to remember to let your marketplace know this.
3. Increased Commitment
The more somebody has committed their time and money to something, the more likely they will continue to invest if they want to achieve the results they set out for initially. On a scale of 1-5, 1 being the lowest, someone who is just thinking about starting a business is probably about a 1 regarding their level of commitment to the new business. After all, it's just a dream at this point. Once they have invested in training, a business license, a new computer, etc they are far more committed and willing to invest in order to succeed. Now they are probably around 3 out of 5.
Imagine this person's spouse just lost his or her job. You get the picture.
If you want to charge what you deserve and get it then be sure to consi
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