MBA2014 How to Demand Higher Prices

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Hey O welcome to the $100 MBA Show Business Truths delivered on the daily every single day with our daily 10 minute business lessons for the real world.

I'm your host, your coach, your teacher Omar Zenholm. I'm also the co founder of Webinar.

Ninja, an independent software company I started.

With my co founder back in 20.

And in today's lesson you will learn how to demand higher prices. Whether you deliver a coaching program, a product, a service, you might be wondering how can you be able to command the ability to raise your prices to charge more for what you do? Because if you're able to charge enough, you're able to actually have a business that moves smoothly, that's very profitable and helps you live a great lifestyle. And it's very hard when your prices are low and you're hungry and chasing down customers. So in today's lesson we're going to break down how you can be in the position to demand higher prices where you are attracting customers that are happy to pay you much more than you are charging now. And we'll make sure you leave today's episode with at least the first step to take to move down this path. So let's get into it. Let's get down to business.

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One of the things I had to learn when I became an entrepreneur about 20 years ago is how you actually can charge a lot of money for what you offer as fast. Fascinated by these coaches and consultants that can charge like $100,000 a year for their services and have their calendar filled to the brim with customers. Why are people paying all this money? Who are these people and how do they find them? What I learned were some simple principles and steps to get to that place. First of all, somebody who is charging the highest price in the marketplace didn't get there overnight. There's a process involved and I want to walk you through it. It starts with a principle, and that principle is the more valuable you are as a person and to the marketplace, the more you'll earn, the more you're able to charge. Now, on its surface, this sounds very simplistic and almost obvious, but our actions don't always align with that statement. Many of us, we think in order to raise prices, we have to do more or offer more. Like I need to put more training in my courses, or I need to offer more sessions of coaching or more bonuses or a community or whatever it is. Those things are great and all, but at the end of the day, people pay more because they perceive you to be more valuable than other people. They would prefer to go with you and pay you money because they have a belief that you will offer more value. You'll be able to get them where they need to go with more certainty. So the more you can convey that, again, the more you can convey your value, the more you can charge. For example, if I said to you, would you be willing to pay $10,000 to spend a few hours with Sarah Blakely, who's the founder of Spanx, a billion dollar company. In those few hours, she's going to learn about your business and help you improve your business and turn it around and give you a game plan for the next six months. Immediately you're thinking, Wow, I know $10,000 is a lot, but it's a great investment in My business, I'll probably see that come back to me tenfold because of the value that sa. She's valuable as a person. We perceive her as a successful entrepreneur and therefore you think she can help you, and therefore she can command that price and probably much more. But if I told you Joe Schmo over here that you never heard of is offering the same few hours of his time and is also charging $10,000, you're probably going to turn the other way and say, you know what, I'm going to pass, Joe. Because you don't see the value in Joe. So how do you do this? Well, in order for people to see value in you, they got to see what you can do, the results you can produce, and what you have done in terms of your track record. This is why it's incredibly important for you to gather the evidence of your value. Let me say that again. It's incredibly important for you to gather the evidence of your value as you move through your entrepreneurial career. Let me give you an example. Anytime I'm on somebody's podcast or on their interview show on YouTube, I'm happy to be a guest on an interview and give as much knowledge and value as I can. But in the back of my mind, I know as soon as this interview is over, I'm going to email this person and say, hey, if you thought what I provided, what I offered was valuable, would you mind giving me a testimonial of the experience you had with me during the conversation, what I offered your audience? This is something I just do as a habit. Meaning when I schedule the interview, I right after I have in my calendar as a task to email them for a testimonial. Why? Because I have a bank of all these testimonies of all these quotes, of all these pieces of valuable information so that I can use them when I need them. Maybe one day I want to get on a big podcast that has millions of listeners. One of the ways I can get my foot in the door is to offer some of the things that other people have said about the value I offer. Maybe I'm putting together a sales page on my website and I was speaking to a lot of well known entrepreneurs and I want to quote them on my sales page. This allows me again to be able to communicate my value to other people that may have not heard of me. So it's your job to cultivate your value. And of course, as you grow as an entrepreneur, the more business you do, the more clients you get, the more pieces of evidence you can gather to show your value. And guess what? As years go on, word of mouth happens. People start talking. People start understanding who you are. And when you offer something like a $10,000 coaching program, your potential customer will ask around and hear good things. Now, in the same vein that I would like you to set up today is asking for testimonials, asking for reviews from your current customers and clients. This is important. You need to find out are you getting results? Because if you are, people need to know about it because this is going to be the fuel that's going to be to power your value. So just create an autoresponder email in your email software that once somebody becomes a customer after three weeks, send them an automatic email. Say, hey, I hope you've been enjoying my product, my service, my coaching, whatever. Do you mind replying to this email? Answering three questions and these are very easy questions. Number one, what was your life or your situation like before you worked with me, before you took my course, before you did my training? What is life like now? And finally, what is your favorite thing about me or my product or working with me as a professional? These three questions and their answers make a powerful testimonial that you can use on your website, on your sales calls and your demos, on your slides. This stuff is gold, guys. And with this, you can command more value and command higher prices. There's a reason why the higher the price something is on a sales page, the more testimonials you'll see on there. You need social proof to justify the price, to convince the buyer that this is not a mistake, that you should buy this product. If you're buying a $10 ebook, you can read a few reviews on Amazon and feel content. But if you're buying a $2,000 course, you'll notice that on the page there's like over a dozen testimonials splattered all over the page.

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So we talked about the first step of creating your autoresponder to new customers, asking them those three questions to give you an amazing testimonial. This is my system. The next thing is you take the answers, you craft the testimonial and you ask the person that gave you those answers. Just reply to the customer, say, hey, thank you so much for those answers. Do you mind if I use this as a testimonial and you can just show them what you put together on some of my presentations or webpages? Of course I'll give you a shout out to you and your business. I then say, P.S. send me a photo you'd like me to use alongside the testimonial. This allows people to send their favorite photo themselves so that you can actually use this photo. And photos are powerful. Putting a face to the name is very powerful on testimonials. I then create a doc, literally a Google Doc with all these testimonials and photos. And then every quarter I update my website, I update my presentations, I update my sales pages with these testimonials. Either add them or I swap out old ones for new ones. I haven't seen people use these testimonials, one or two of them in the signature of their emails, so that when they're dealing with clients back and forth, they always see positive things. Their value, their worth, what results they get at the end of the email. Now, these exercises are going to take a little discipline. You got to actually follow through and do this. But this is gold because it could be the difference between charging $1,000 for a product or service and 10,000. Heck, even 20 or 30,000. And that's why it's well worth the practice. Now here's the exciting part. What I found is, as I have been doing this exercise, when I look at my testimonials, the names, they get bigger and bigger. Yep, I get my tried and true customers that everybody can resonate with. But then I find that over the years, I start to work with people that become well known or are already well known. And those names, those faces command real authority on your website and make your prices unquestionable. Thanks so much for listening to the $100 NBA show. Hope today's episode helped. If it did leave us a rating and review, we'd love to hear what you think of the show. Also, smash that subscribe or Follow button on your favorite podcast app so you.

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Before I go, I want to leave you with this. As we see inflation go up, we have to be mindful that our prices can't stay the same. We need to start commanding more and more money. We need to be able to demand higher prices. So get this process started so that you can start to do that on your website. Thanks so much for listening and I'll check you in tomorrow's episode Q and A Wednesday. I'll see you then. Take care.

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