How do you raise your rates without turning off potential clients?
Tonya gives wisdom and insight into the steps you must take showcase your worth as you raise your rates and continue to highlight your value to potential clients.
IN THIS EPISODE
0:22 Tonya shares a story about outsourcing because outsourcing is all the buzz. If we want to leverage our resources and grow our business, we need to outsource.
1:28 But what happens when you raise your prices too fast and you outprice your perceived value. Your greatest business resource is your network and getting referrals from your network.
1:39 Your reputation is at stake when you refer someone. Your greatest business resource is your network.
2:49 It’s really important to think of what people will say about you when you set your prices. If you’re too low, people might question your knowledge, your quality of work and expertise status. But if you charge too much and don’t deliver, your reputation is going to go down because you don’t meet expectations.
4:03 How do you make sure your reputation and perceived value is right on for what your charging?
- Make sure you have a great client onboarding process. Take the right clients and the ones who are the perfect fit for you.
- Make sure your perceived value is higher than what it is that your charging.
5:55 Be as good of an educator as you are a sales person. If you’re educating them and opening the lines of communication and if you match, then it’s a match.
6:48 Common issues that a possible client might have before they hire you. You can educate to meet those fears or issues and you are showing them that you can meet those needs. You are making them feel really comfortable.
7:48 You are taking potential clients on an awareness journey. If you invest in the process, and educate them, even if they aren’t the right fit, they will share you with others. The investment in the education process will pay off in the end.
9:00 If they get to the end of the awareness scale with you, it will show them how valuable it is to work with you.
9:27 In order to allow for potential and new clients to understand your value, you have to know what your ideal client values. And then ask them what they are thinking and how they are feeling after every interaction with you.
10:30 At the end of your time working with a client, follow up with them on how you met what they value.
14:00 What can happen when you get too big and the value isn’t perceived.
14:50 What does it look like for you to have those referrals from previous clients and you move forward? Tonya gives scenarios on raising your rates and allowing for you to coming below your perceived value.
17:13 Have a plan in place for raising your rates.
17:33 Increasing your value and growing instead of lowering rates. This might be necessary if you get people telling you that your prices are too high.
- In order to allow for an understanding of your value, you know what your ideal client values.
- It’s really important to think of what people will say about you when you set your prices.
- Your greatest business resource is your network and how you use it.
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