5 Elements You Need to Charge Premium Prices
Do you sometimes wish you could charge more than you do?
Maybe… a LOT more?
The truth is, there are people in every industry who charge premium prices. Why not you?
I’m assuming, since you’re reading this, that you can create great results for clients. You have gifts, and skills, that are worth more than you’re getting paid right now.
What you need are 5 elements that communicate that value to the world.
Element #1. System.
If you’re selling sessions (or months), you’re selling time, not transformation.
Instead, creating a Signature System suggests some very important beliefs to your potential client.
These include a) this is your work, your genius, it has your ‘signature’ on it, and b) that it’s a system.
That means that you’ve thought it out, and you’re the expert in this area.
Systems create a sense of reassurance, making your services easier to sell, and are a MUST for charging premium prices.
Element #2. Support/Nurture.
Support and nurture must be a part of your offer, in order to charge premium prices.
This doesn’t mean that you have to be available 24/7 by text for your high-paying clients!
Instead, it means that you clearly communicate how your clients can interact with you, ask questions and be served.
When your clients know that they will be taken care of, they are more likely to see the value behind the premium pricing.
Element #3. Confidence.
This is the 2nd most difficult element.
You must have confidence in yourself, in your offer, in your value, and in the transformation you provide.
Whew! That’s a lot of confidence.
However, if you’re doing your own sales, your confidence level will determine how may people say ‘yes’ to you.
There’s a saying ‘the most confident person closes the sale’.
That means that if your potential client is more confident about the difficulty of her challenge than you are about all four things mentioned above, you will not book her as a client.
Your confidence is one of the best transformational tools you can have, both in the sales process and in supporting your client.
Element #4. Outcome.
What can the potential client expect to receive from working with you? This outcome is the most challenging for most transformational entrepreneurs to nail down.
Here are some that don’t work:
- Getting unstuck.
- Living into any possibility.
- Solving any problem you want.
An outcome is specific.
Here are some that do work:
- Grow your business.
- Find your soulmate.
- Lose weight/get healthy.
Premium prices almost always come with an outcome. (See the exception below!)
Element #5. Value Lever.
The ‘value lever’ is the most challenging element to understand. It’s the element that communicates the emotional feeling of value behind your premium-priced offer. There are three ways this value lever can be delivered.
Most of the time, for results-based brands, your ‘value lever’ will be the message you use to describe the challenge, and the outcome your system provides. A clear message can create that emotion.
However, there are two others:
When you’re charismatic, people tend to follow your lead even if the message isn’t crystal clear. If you know that’s a strength of yours, use it.
Celebrities are usually subconsciously selling ‘you will be like me’ when you do this thing or buy this product. They are actually selling an outcome, but it’s an outcome called ‘identity’.
The safest, most reliable value lever is message. Even if you have one of the other two, you’ll be most successful when you have a strong, clear message.