Competing on price, in other words being ‘cheap’ is the quickest way to work yourself to the ground and go bust!
If you think you’ll get more clients by charging less than your peers or competitors, you are in for a RUDE awakening!
No matter what service you offer and how much value you pack into it, there will always be someone who can do it way cheaper than you.
That’s why as coaches, consultants and service based business owners you NEVER EVER want to compete on price.
I know because in the early days of my coaching business, I was charging way less than my peers thinking that low prices would attract more people. I ended up attracting a bunch of freebie seekers and bargain hunters.
When I doubled my prices and got specific on my offering and who I wanted to serve, clients suddenly popped out of the wood work!
So here are 3 reasons why you NEVER EVER want to compete on price:
1. Competing on price attracts the discount seekers and bargain hunters crowd.
This group of people don’t usually follow through, they complain the most and hardly get results because they don’t have enough skin in the game.
Having enough skin in the game pushes your clients to follow through and get the results they came to you for.
Think about it this way, if you’ve paid $150 for a beautiful dress, you’ll take more care of it and carefully follow the washing instructions than the one you paid $20 for….right?
2. You actually undermine your credibility by charging less!
What message are you sending out to your ideal clients when you are charging less than you are worth?
Instead of motivating them to hire you, in reality, they are thinking….why is she so cheap? It must be that she’s new to the game and has no clue what she’s doing, or she’s not experienced enough or she’s just not that good!
People DO believe that you get what you pay for; so being cheap DOES NOT serve you in anyway at all.
Another way to think about it is this, if you needed to have surgery on your eyes, and you had to choose a bargain basement doctor or the expert who charges more, you would naturally wonder why the cheap doctor is so cheap and you’d probably conclude that the more expensive doctor is better.
3. You will attract people who don’t appreciate value no matter how much value you give them.
If you are competing on price, you will attract clients who don’t know or appreciate your value. You could put in 150% into this type of clients but they will drop you like hot coals the moment someone cheaper comes along.
These people do not care about value and no matter how much effort you put in, they won’t appreciate it. All they care about is getting the cheapest deal. Now tell me, do you really want to work with people like that?
If you are reading this and you are still being cheap, thinking that it will help you attract more clients, I hope I have been able to convince you to reconsider your prices and charge what you are worth!
You are totally worth it and deserve more!
Okay so now it’s your turn!
Let me take your hand and show you EXACTLY how to turn your existing skills, expertise and experiences into a coaching program that commands premium prices, and most importantly how to find this type of clients online.
Simply book in a call here and let’s have a conversation. I have limited spaces each week so reserve your spot now. It’s free!
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