Charge What You’re Worth!

thumbs downI’ve made up my mind!

I’m just not going to sell my programs for peanuts ever again.

This isn’t about little eBooks that solve small problems. It isn’t about freebies that help to build your email list.

What I’m talking about here is selling your best stuff, knowledge that you have acquired over the years by study and experience.

Don’t let people buy it for a few dollars.

I know, you want to be giving and generous. You want to help other people. You have the best motives in the world.

But guess what? It will backfire on you.

People don’t value things that they can have very inexpensively. They figure that you get what you pay for.not interested

The generalist/specialist attitude applies here:

If you need cardiac surgery, you don’t shop for the lowest price.

Of course not! You want the best quality you can find. You certainly don’t want to risk your life to save money.

It’s the same with other things that can be life changing.

If people understand that a program can actually propel their businesses to the next level, they are more inclined to buy it. Except for the people who prefer to stay stuck where they are.

I have to admit that when I offered a program that I price in the thousands to a group of people to whom I wanted to give a break, it didn’t work very well. I charged peanuts.

I marketed it as a “lite” version and left out usual features such as live Q&A calls. Very few people enrolled and fewer gave it much attention. Consequently, I didn’t post as much training as usual. When people were luke-warm about responding, I ended the sections quicker than usual.

250xpeanutsI’m not happy about this and I won’t repeat it.

It’s not fun to have to admit to mistakes.

Hopefully others can learn from mine though. Which is why I wrote about it.

I will be writing more about this topic in coming weeks.

How do you feel about investing in high-ticket as opposed to low-ticket items?

 

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Comments

  1. I’ve been guilty of this too, Beth. I think we all have. My editorial business is expensive. Over the years, I’ve thought of giving a scholarship. But when I’ve even dabbled in it, the recipients didn’t appreciate it.
    I’ve loved your “lite” program, but haven’t had the time to invest in it. I’ve saved it all, however, and plan to dig back in when I stop to catch my breath.
    I can absolutely vouch for the quality and value! You are marvelous at what you do.

  2. I think so many of us undervalue what our skills and experience have to offer Beth, and if we undervalue those things, so will others. People believe they get what they pay for and if they want the best, they will be prepared to pay for it. I also think you work harder on providing quality when you are not under-charging.

  3. I am restructuring my pricing because I realized that I am working twice as hard for, as my mom used to say, peanuts. I think too much when it comes to pricing. And, I don’t value all that I do for customers. I think about the customer, I guess, like a boss, and what they can afford before I think of what I can offer them. I am starting to change this thought pattern, though. Thanks for the reminder.

  4. Teresa Salhi says:

    I hear our words….and I feel your words. These are the concerns I have asked myself and working on personally. I have done the same as you talk about too. I don’t believe my answers are black and white – and I do know there is a way to make it work. I like that you are writing about it as it gives it expression and healing and so much more. Thank you for setting the stage for others to reflect on this and come to deeper clarity on why or how or what next?

    • I’m glad you feel this way, Teresa. I’ve been mulling it over for some time and have done some research and am close to having it figured out.

  5. I think the unfortunate part of the online world is that there is so much available all the time for…free. People seem to undervalue everything these days. I’ve continued to experience this in almost everything I’ve done. When I designed recycled watch jewelry, I found out very quickly that people just won’t pay for the hours of work behind the design.

    I remember Brendon Burchard telling an anecdotal story about not wanting anymore clients for one of his programs, so he priced it at $10,000 for an hour of his time. He thought that no one would be interested, as it was just too expensive. Sure enough he was quickly turning people away as he created a demand for his expertise.

    I personally would not buy a high priced group program, and have quickly learned that online courses are not my way of learning. I loved the content of your lite program and know how much time and expertise went into it. What was missing was possibly that it was structured to be done on our own and there wasn’t much interaction among the group members. It would be interesting to see what others in the group say.

    Overall I see that for me at least, I am so used to offering my experience and knowledge for free, that it has become a bit challenging to ask to be compensated for what I am used to doing for free. Thanks for the reminder to honour ourselves and value ourselves.

    • Beverley, You’re right; the program was set up to do the work on your own because at the price I charged I couldn’t justify live time with me. Lucky you that you don’t need the income from a business and just do it for your own enjoyment.

  6. Over the years I bought programs that cost more than I could afford at the time and inexpensive ones as well. The price did not affect my participation or implementation. My time did. What I’m seeing in the online world, especially in groups, are many small businesses struggling to grow & not having an abundance of clients. People are offering great sounding programs that a struggling person cannot afford.
    We just experienced a surprise result in that we got very few new subscribers thru our giveaway. A gal had a great health program & offered it $1 for 1 month & out of 1k who took the freebie, only 22 signed up.
    So something unrelated to free or cost is going on. This will be a good discussion.

    • Roslyn, I think that you are unusual in not going by the price. I agree that this will make for a good discussion.

      • A FREE lovely necklace for your email & a $1 for 1 month to continue a 1 week free program on healthy eating – neither did well and both had professionally done targeted FB ads, all the right factors, so I don’t see price as the issue.

  7. Ughhhh, was this because of me!? lol I know I should have charged more for the course… but it seems like it’s too late now. I’ve even blogged about it… so do I go back through my sales page and my blogs where I mention it and change the price? Do I wait 3 months and do it then… like that was the intro price? Or do I stop promoting it for a month, then start again with the changed price?

  8. Pricing is always a tough call, especially when you’re starting out. I think you should stay close to pricing competitive products and services. Too low makes you look like you’re a newbie. If you price competitively but want to make a great offer then add valued bonuses. Many times I’ll buy because of the great content and the great value.

  9. Oh my. Yes, you are singing my song, Beth. It’s just a fine dance between what people are willing to pay and what you, as a business person, are willing to accept. One thing I know for sure: People are willing to pay extra to get exactly what they want. It’s our job as business owners to figure out what that is! P.S. I’m still looking for the magic formula.

    • Jackie, I have been doing a lot of research on this and am close to offering a new FB group where we can discuss this dimlemma and others.

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