A Compassionate Approach To Pricing Your Products And Services In 13 Steps
Tell me if you can relate to this?
You tell a client your price and the response is:
“That’s too much” or
“You’re too expensive” or
“Your price is too high”.
What do you say?
Well, whatever your response has been, I feel your struggle with this because it's not an easy issue to navigate, especially if you operate in the creative or spiritual space.
So, here’s what we’re gonna do ~
We're going to break down some main points into bite-sized chunks so we can steam through this but still retain the core message, which is this:
You are a one-off lifetime event. Never has there been and nor will there ever be another you in the Universe. You have skills, experience, insights and gifts that are unique, original, personal and of value.
So, dear reader, if that's all you take from this and you find those words enough to validate your products and services and empower you to stand by your prices then my job here is done!
Go on with your bad self and I’ll catch you here, same time, same place next week!
But, if you’d like to know a little more about compassionate pricing, then stick around ~ This is: How To Charge What You Are Worth And Feel Good About It
1. It’s Not About You
Firstly, it’s important to realise that when a potential client or customer tells you that your prices are too high or that you are too expensive that it’s not actually about you.
What they are saying is, they can’t afford to buy your products or services right now.
The idea of something being expensive is subjective.
What’s expensive to me may seem reasonable to you.
Everyone’s lives and relationship with money is different so it’s important to be understanding of other people’s situation.
2. The Conscious And Compassionate Marketer
The goal of compassionate marketers is to be socially conscious creatures.
To understand the social and global situation and meet our customers where they are as much as possible.
Do I want to lower my prices?
Can I afford to lower my prices? (look at your financial objectives and make an educated decision)
Can I offer a new product or service at a lower price point?
Can I create a free piece of content, such as a guide or training series, that will add immense value and keep moving the needle forward for the customers who are unable to buy your premium products at this time?
3. They’re Not Your Ideal Client...Yet
The truth is, now might not be the right time for you to work together.
It’s important to trust the vibrations in the Universe and if now’s not the right time then it’s important to respect that and let it go.
Your paths may cross again in the future so trust the process.
Keep serving them with valuable content regularly, check in with them and let them know that whether they buy from you or not you care about their progress.
4. Too Expensive, Compared To What?
It’s a good idea to enquire further if you feel comfortable doing so. It might be helpful to you both to understand:
Who or what are they comparing your prices to?
Are they comparing it to something they’ve already tried (that didn’t work)?
Are they comparing it to something else on the market?
Chances are, they may not have a clear reference point and may only realise this when given the chance to consider these questions.
If your clients have tried to solve their problems for a long time without noticeable improvements they will be scared to invest in you. This is a valid fear so compassion is needed. Be curious, not pushy.
5. The Behind-The-Scenes Work That Gets Forgotten
If you’re a coach, therapist, consultant or expert in your field and you work one-on-one with clients then you will understand this point first hand.
When we are committed to helping our clients see results, we do a lot of work behind the scenes before the one-on-one calls. Sometimes this can be forgotten by us as well as by our clients and customers.
But it’s important to factor in the fact that your knowledge and experience have enabled you to create systems, processes, methods and techniques to make the journey for your clients easier.
Think of all the additional training, supportive documents, guides, and resources you put together to enhance their experience or expedite their progress.
Think of the hours of self-study, training, and courses you invest in to improve your skills so you can serve your customers with a deeper understanding and at a higher level.
These are valuable assets in your business and should be considered when setting your prices.
6. Why You Shouldn’t Cut Your Prices
I know it’s tempting to cut your prices especially when you meet resistance from a potential client, but try
not to - here’s why:
You’ve allowed another person to question your worth
You’ve allowed them to disrespect your boundaries
You’ve cheapened yourself, your products and services
You’ve operated from a scarcity mindset
You’ve devalued your industry, marketplace and field of expertise
I know, when I say this that I sound hard like Vin Diesel but it's the truth.
You are strong and you know your self-worth so set healthy boundaries around your pricing. Be committed to creating the best possible product or service on the market and stand by your price.
7. Stand By Your Price
If you are committed to life-long learning, never-ending growth, the daily pursuit of excellence and expansion of yourself and experience in your field, you can stand by your price because you know you have the goods to back it up.
8. The Power of Fair Pricing
When we stand firm in our pricing we do more than just make more money:
We know our worth and respect our boundaries
We become an aspirational person to work with
We attract clients who are more committed, more respectful and who have skin in the game
We have an abundant mindset
We maintain the value of our marketplace, industry and field of expertise
Never price yourself out of the market. Do your research and stay competitive but know your worth.
9. But, Nat, I’m Just Getting Started And Need Clients! Can I Charge Less Or Offer My Services For Free?
The answer is, of course, you can and it's your choice. And I get it, in fact…
...When I was starting out, I offered my services at a lower rate because I wanted to have clients. So I understand this dilemma all too well.
But here’s what I learnt.
It might be "OK" in the beginning but when you choose to raise your price - to the price it always should’ve been - you might face resistance, both internally and externally, meaning your clients may resist the increase and you may feel guilty increasing it.
But it’s worth mentioning this ~ and here’s where compassionate pricing comes in again ~
It’s not your client’s fault that you feel uncomfortable increasing your price and neither should you be surprised if they choose not to continue working with you.
But, it is a personal decision.
10. Keep The Day Job
If you have a full-time job that pays the bills or contributes to your household income then - if your schedule allows - start your business on the side so you can charge competitive prices when you launch (if you wish) without worry and stress.
11. The Abundant Approach
An abundant mindset is one that believes there’s enough of everything for all of us to live and thrive.
A compassionate marketer with an abundant outlook believes there are enough clients, opportunities, luck, fortune and time for everyone to be happy.
An abundance mindset creates a winning attitude.
An abundant person believes that they will make money and make enough of it because their products and services deliver on their promise to transform people’s lives. They communicate effectively in the marketplace and treat their customers with love and respect.
12. People Pay For Transformation
It’s important that we realise that people pay for transformation.
You might believe you have the best product on the market but if you have no proof of the fact - no glowing testimonial or raving fan praising you - then why will people buy?
Get crystal clear who your dream customer is and on the transformation they will experience and they will be more willing to buy.
When you think of your pricing, factor in the transformation you create in people’s lives.
Here are some examples from my business:
Pain Point: I want to create a website but don’t know where to start
Transformation: I will help you create a website using a proven step-by-step system that you can follow with ease so you can attract your dream customers and make money doing what you love.
Pain Point: I don’t feel confident writing emails. They always sound stiff and nothing like me
Transformation: You will understand copywriting techniques that will make writing naturally a breeze when you put pen to paper. By the end, you will be able to craft words that connect and are a pleasure to read.
Caveat! Your transformation needs to be rooted in integrity. Only say you can deliver on something if you have done so in the past, either for yourself or someone else.
Compassionate marketing is rooted in integrity and laced with understanding.
13. Love Your Clients
We all have clients that are an absolute dream to work with.
They are positive, motivated, respectful and a pleasure to see every week.
These clients pay what you’re worth, without question, and do so on time.
They read your emails and watch your videos.
They are committed to learning and growing and trust you implicitly.
They leave you glowing testimonials and stay in touch after your time working together has passed.
Your dream clients are the reason why you are in business. They make every late night and early morning worthwhile. Always go above and beyond for them.
Let me leave you with this food for thought:
When someone questions your prices or the energy between you seems off in some way, trust the current of those cosmic vibrations.
The Universe has your back and is creating space for your dream client to appear.
Alight, my angel, that’s all for today: How To Charge What You’re Worth And Feel Good About It
Now, I’d love to hear from you -
Has a client or customer ever told you that your prices were too high?
What did you say?
I'm super curious about this!
Tell me in the comments below.
Love Nat x