✨ Why your customers want you to raise your prices! ✨
Water-cooler Conversations!✨ Why your customers want you to raise your prices! ✨ ... say what?!?Posted by Jocelyn Mozak on Tuesday, May 22, 2018
Hey guys. It’s time for another Water Cooler Conversations, where us business owners get to gather around our virtual online water cooler and talk all things business. The nuts and bolts, and the emotion because Lord knows business would be a lot easier if we just get out of our own way. Today I wanna chat with you a little bit about pricing and why your customers actually want you to raise your prices. But before I launch into all of that, I should probably introduce myself. My name is Jocelyn Mozak. I am a Word Press website developer. I’m a Word Press agency owner and I also coach other freelancers and agency owners in getting unstuck in their business, because Lord knows in business it’s easy to get overwhelmed and sometimes that outside perspective is all you need to figure out what path you’re on and start marching forward.
So, where did this notion come from of why your customers want you to raise your prices? I mean usually pricing conversation has to do with pricing for your worth, pricing for your value, but this whole Facebook live is sparked from a conversation I had when I was in Atlanta. I had a nonprofit approach me and one of the first questions out of her mouth was, do you offer nonprofit discounts?
Now in the past, mind you I’ve been doing this for 10 years, but in the past, I might have said yes, or I might have thought to myself oh maybe I should, maybe I should have a nonprofit discount, and I get why she asked the question, especially as a nonprofit. But here was the answer I gave, and the power with which I gave it is why for me I realized I had made such a shift in my own business and I’d like you to consider doing the same.
I said, “You don’t want me to give you a nonprofit discount” and she kind of looked at me. I said, “If I give you a nonprofit discount, that means I don’t have the resources to come to conferences like this and to continue to grow and learn more so I can bring more to your business. If I give you a nonprofit discount, I don’t have the money and the resources to have a team, a specialist that can do what they do best. And so, if I give you a nonprofit discount, forget the fact that I’m hurting myself and shortchanging my own business, I’m shortchanging you, because I am not, if I give you a discount, able to show up and shine and do my work to the absolute best of my ability.”
And so, I remember that story, especially lately as I’ve been writing my estimates, when I have those moments where I’m just like, oh, and I wanna lower the number, because the bigger challenge I think we have in pricing is that we thing to ourselves, oh God, I wouldn’t wanna pay that much money, but that’s because we can do it ourselves. Think about the services you do pay for. Think about those, those you have absolutely no problem at all spending the money on because you value it and you’re so grateful that somebody else will get it done.
Well it’s the same thing with people that hire you. They are so thrilled that you’re getting it done that they have no probably spending what it costs. And not only that, they want you to charge them more because they want a service provider who loves what he or she does, who’s able to continue to grow their knowledge. To put themselves in masterminds, to go to conferences, to take classes, to continue to grow, to do all the things that allow this service provider they’re trusting to show up with their A game.
And if you’re doing it right, if you’re growing and growing your skills and continuing to get better and better and better, that incremental cost that your client is paying, that 10% more, the whatever you choose to add on to the number that first comes into your head, add 10%. Because that 10%, every client that pays that 10% put together, enable you to go out and learn so much and bring so much to all of them. And what they earn I return, they’re win is so much more than that 10%.
So, instead of carrying potentially the emotional guilt’s we can have with the, oh I feel bad charging this much, oh I enjoy what I do so much I shouldn’t be charging for it or oh I wouldn’t pay for it. Think about it as that income, what does that empower and enable you to do? Think about how what they’re paying you, what it allows you to do for them. And that by charging less, you are shortchanging your customer. We don’t wanna do that.
So, that’s kind of what I felt motivated to hop on today. As I said, a little bit of a difference spin on pricing. I should have asked in the beginning, but if you’re here, please do say hi. I love to know who’s here, and also if you’re on the replay, I do come back and answer questions, so do #replay, and I think that all I got for you today, so Jocelyn Mozak signing off with another Water Cooler Conversations. I will catch you all next week. I hope you found this valuable and if you have, just let me know in the comments. I really do appreciate all the hearts. Bye all.