In this post I want to focus on helping you do two things – charge more and attract more clients who will happily pay your higher prices.
When you charge more, you:
- Need fewer clients to hit your revenue goals
- Get clients who actually APPRECIATE working with you
- Stress a lot less and are actually excited to go to the office
It’s really simple maths…
- Business A charges $500 per month for their service
- Business B charges $5,000 per month for their service
If both businesses wanted to add $100,000 in new monthly revenue, then their numbers would look like this:
- Business A needs 200 new clients
- Business B needs 20 new clients
It doesn’t matter what you sell – it’s way easier to get 20 new clients than it is to get 200 new clients, isn’t it?
But here’s the thing – before you can go out and increase your prices and get a bunch of new clients, you need to deal with your “inner voice”.
Your inner voice is a rude SOB. It’s always saying things like:
- “Who would pay that much for what you sell?”
- “Who are YOU to charge that much?”
- “You’re a fraud — wait ’til people find out!”
If you have these thoughts for long enough, you start to believe them.
… and those inner thoughts start to impact your outer world too — specifically the hopes, dreams and ambitions you have for growing your business.
I’ve struggled with self-doubt ever since I became an entrepreneur in 2001. Over the years I’ve battled with General Anxiety Disorder and depression.
While I’ve had a few successes, I’ve also lost millions of dollars (both my own and from investors) on failed business attempts.
In fact, 5 of my businesses have failed over the last 15 years.
When I reflect back on why those businesses failed, it was because I fell prey to the limiting beliefs I started believing.
Those limiting beliefs made me feel like I couldn’t (and shouldn’t) charge premium prices for my products — even though they were great.
The same limiting beliefs robbed me of my confidence. I was scared to bring on high paying clients, because I felt like I didn’t deserve them.
Over the last few years I’ve realized there are six limiting beliefs that can hold us back as entrepreneurs when we want to charge more, attract better clients and grow our businesses faster.
Here they are:
- Credibility → I need credibility or a brand to get high paying clients
- Experience → I don’t have enough experience to charge more
- Rankings → I need a #1 ranking at the top of Google
- Market → There aren’t enough clients to pay what I want to charge
- Budget → My potential client’s budget is too low to work with me
- Stress → There’s more pressure to perform if I have premium clients
When you overcome these 6 limiting beliefs, you experience true freedom in your business and in your life.
- You can charge more — increasing your prices by 2 to 10x
- You can get all the clients you want, without selling
- You can stop relying on referrals and cold outreach
- Your business will grow consistently, month on month
- You generate more profit, which you can invest in building out your team, taking your family on vacations or helping your favorite charities
Overcoming Your Limiting Beliefs
What I’d like to do now is give you some advice to overcome each of the 6 limiting beliefs I’ve shared above. This advice is based on my own experience shifting from low-priced products and services to premium-priced products and services, specifically at BigCommerce and Insane Growth.
“I Need Credibility or a Brand to Get High Paying Clients”
Let’s start by understanding what credibility really is. Put simply, it’s proof you can get your clients from where they were (pain) to where they want to be (outcome).
Most businesses earn credibility in one of three ways:
- Testimonials and case studies (most common)
- Attending big fancy trade shows and events
- Speaking at industry events / being on a panel
… but what’s more powerful than all of these combined? Moving someone away from pain and towards their ideal outcome.
Let’s pretend you’re the CEO of a digital marketing agency.
Your potential clients need more leads and it’s so hard to choose an agency, because they all say the same thing and their web sites look identical.
To engineer credibility, you create a 5 week course that teaches prospects the EXACT system you use to generate leads for your clients. And you give that course away for free to anyone who wants it.
In fact, you spend your ENTIRE paid marketing budget to give away your free course – in exchange for someone’s email address or Messenger access.
You don’t care if they implement what you teach (they won’t). Your only goal here is to show them that YOU understand their problem, that you can articulate that problem and that you can solve it for them.
This will give you more credibility than testimonials, sponsoring an event, or giving a keynote speech. Why? Because the best way to get credibility is to prove you can deliver results. That’s it.
“I Don’t Have Enough Experience To Charge More”
People don’t pay for your experience. They pay you for results. If you can deliver the outcome your clients want, then how many years of experience you have DOES NOT matter.
Why? Because you want to use a “no-brainer” guarantee that demonstrates your confidence in delivering an outcome.
If you were a fitness coach, you might use a “no-brainer” guarantee like this:
“My program works, full stop. If you go through the program, do the work and don’t lose at least 20 pounds in your first 60 days, just email me and I’ll give you a full refund. No questions asked.”
The conversation you want to create in the prospect’s head sounds exactly like this:
“This is a no-lose deal for us. There’s huge upside and they’ve mitigated the downside risk of working with them. Let’s do it!”
“I Need a #1 Ranking at the Top of Google”
You don’t want to (and honestly, you can’t) compete on Google for new clients – either organically or paid.
Why? Pay Per Click is prohibitively expensive ($10 – $50 per click) and ranking at the top of organic results will take you 12-18 months minimum.
Remember that our goal is to TRANSFORM your business QUICKLY. Anything that slows us down should be avoided.
“There Aren’t Enough Clients to Pay What I Want to Charge”
Yes there are. You just haven’t been show how to reach them and demonstrate value in a way that resonates with them.
People pay for speed. If you can move them from pain to outcome faster, they will happily pay what you’re asking.
We reach your dream clients using advanced targeting and self-selecting ad copy that STOPS prospects who can’t afford to work with you from even engaging with you.
If you were an accountant in Los Angeles, you would call out your ideal prospect in the first sentence of your ad, like this:
“Are you running a business that made more than $1,000,000 last year? Would you like to learn how to…”
You can then use Facebook and Instagram’s advanced targeting features to put your ad in front of 15,000 accountants within 10 miles of your office:
We then demonstrate we understand their problem in extreme detail, which displays empathy and allows us to build a bond with them. Once this bond is formed, we give them the roadmap to get from problem to outcome.
They then decide we are qualified to help them – with zero selling and zero friction.
“My Potential Client’s Budget is Too Low to Work With Me”
That really just means one of three things:
- Bad/no targeting in your marketing, or
- Poor qualification of inbound leads, or
- Your inability to communicate the value of the outcome you provide
For bad or no targeting in your marketing, you want to “call out” your dream clients directly in your ad copy, which stops prospects with low/no budget from clicking or even engaging with your ad.
Here’s an example of how I do it:
For poor qualification of inbound leads, you need to make prospects apply to speak with you and you ask questions which assess their ability to afford your product or services.
One of the qualification questions you ask should literally be “We charge $X,000 per month for our services. Is this a price point you can currently afford?”. Sure it’s direct, but it will massively improve your close rate when you speak with prospects who have the budget to work with you.
Finally, if you can’t communicate the value of your product or service then always remember – sell the sizzle (their ideal outcome) not the steak (how you get them there).
If you’re a marketing agency, no one cares HOW you get them leads. All they care about is how much easier THEIR LIFE will be when they no longer have to rely on referrals to grow their business.
“There’s More Pressure to Perform if I Have Premium Clients”
Incorrect. Clients who can pay for high-ticket products or services aren’t “penny pinching”. They have realistic expectations when working with you and understand they must also work to be successful.
With high-ticket clients, we always set clear expectations up front before engaging. They must agree to those expectations before we take them on as a client or sell them our product.
You dictate how often they meet with you, how they can contact you, when they can expect results and what kind of results they can expect. Not them.
You mitigate risk for them with your “no-brainer guarantee”. So you either get them the outcome you promised, or your guarantee kicks in.
Before We Go…
If you can overcome these six limiting beliefs, then the actual mechanics of “how” to increase your prices and find high-paying clients are easy. But after speaking with hundreds of entrepreneurs over the years, it’s always the battle in the mind that keeps them stuck, not the actual “tactical stuff” (running ads, qualifying clients, etc).