The 10 Commandments of Million Dollar Pricing
If you’ve ever wished you could charge higher fees but just didn’t know how, this article could change everything for you.
Let’s do a quick exercise…
How much do you think a car like this should cost?
Put a specific number in your mind.
Rumor has it that the buyer dropped about $30 million for this particular Rolls-Royce Boat Tail.
That may seem crazy. But when you think about it the right way, you’ll realize the car is priced perfectly.
You can apply the same thinking to your own business. Here are 10 Commandments to raising your fees until they’re perfectly priced (just like a rose gold Rolls-Royce).
1. Thou shalt claim your genius.
In my experience, the biggest reason Black entrepreneurs feel stuck is they undervalue their brilliance. You will always struggle to ask for premium fees if you see your gifts and expertise as common.
Here’s the truth: the results you produce with ease may be hard or even impossible for others to accomplish. Your unique genius is rare. Own it!
Rolls-Royce isn’t for everyone, and that’s okay. They don’t spend any time worrying about what Toyota buyers want or what they’re willing to pay.
Your ideal clients desperately need your unique skills and they’ll pay accordingly.
Shift your mindset from “I’ll be lucky if she signs this contract” to “She will be SO lucky to have the chance to work with me on this project.”
How much is it worth to fix a million-dollar business problem? Repair a marriage? Prevent a heart attack? Tie your fees directly to the value of those solutions – not how many hours you spent working on the problem.
Stop charging by the hour/day/month. A program isn’t more valuable because it’s longer. In fact, if you can achieve a result in 1 week instead of 6, the 1-week program is more valuable!
More buy-in gets more commitment to taking action and by default, better results.
They’re not YOU. The specific value you bring to your specific ideal client warrants a totally different pricing approach. Your peers are irrelevant. Plus, they’re probably stuck with fear-based pricing themselves!
This helps make competition obsolete. Gain a deep understanding of your ideal clients’ struggles, dreams, doubts, and frustrations. Use those insights to craft messages that resonate emotionally and demonstrate you’re the right person for the job.
People pay more (with less resistance and hesitation) to relieve pain than they will to obtain pleasure. Don’t shy away from that.
Live and work in a way that’s aligned with your fees.
Rolls-Royce doesn’t apologize for charging 1,000 times more than Toyota. Or for the fact that most people will never be able to drive their vehicles.
Again, own your genius. Understand the immense value your ideal client gets if you decide to bless them with the chance to work with you.
And know if this one says “no,” it’s on to the next one! Understanding your value requires pushing through the no’s to get to the yeses and then getting paid appropriately for all that you have to share with the world.