Bombshell Money Series: Pricing Psychology so you make MORE $$$

Welcome to Bombshell Pricing. So I'm not sure if you've seen Bombshell Money yet, but Bombshell Money on repeat and Bombshell Pricing, I would say, go really, really well hand in hand. Bombshell Pricing— I decided to create this course because I actually guest spoke on another coach's, uh, membership platform, and we talked all about pricing. And I realized this is a subject that's just not talked about enough. Excuse me. So pricing is not cut and dry, and it's also not just price wherever you want to price your product and oh, maybe I'll try this. There's a lot of psychological aspect to pricing that I think is so important and fascinating and can make a really big difference in how you sell your programs. So I am going to share screen so we can jump right in. And let's see, can you guys see my screen? Yes, I think you can. All right, let's jump in. Bombshell pricing, understanding the psychology of money so you can charge whatever the F you want to charge. And I truly believe that if you can get behind the psychology, you can charge whatever you want to charge. But it doesn't mean just like randomly pulling a number that has no meaning behind it. Okay? So depending on your learned biases around money, we all feel different about charging for our services. I, if you've worked with me in any capacity, my masterminds, one-on-one, you know I despise fluffy coaching. Now mindset work is different to me than fluffy coaching. So fluffy coaching is where I won't actually give you specifics. You're gonna get a ton of specifics today,. But if I don't start with some of these mindset shifts, none of that is going to matter. None of that you will be able to actually put into place. And so I feel like I have to go through this, and I hope you can really take the time to go through it with me so that everything else can land where it needs to, and you can truly get to a place where you can charge whatever it is you wanna charge. Okay? So these are some learned behavioral changes I chose to make as I became more and more confident in becoming a high-ticket coach. I say learned behavioral changes because we are all programmed, probably from our childhood and our parents and the way we grew up, to have certain feelings around money. That is all subconscious programming, and you can actually do quite a bit of work on subconscious reprogramming. There's some incredible, um, money manifestation coaches out there that can do this with you. The reason I say learn behavioral changes is because I had to consciously choose to make a change and to rewire your subconscious, it takes a lot of deep work. Right now, I want you to simply become aware of some of the things that could be going on in your brain. So number 1, I had to understand I do not know what's in my client's wallet. So when a client says or a prospect says, I cannot afford your program, I want you to understand that is not equal to them saying I, I have no money in my bank account. Okay. My husband and I are in a very good place in our life financially. However, I have said that I can't afford things, and let me tell you exactly what it means. What it means is that is not a priority to me, or I don't see that solving a need that I have, so I don't want to spend money on it. And so I will say I can't afford something, and I am not lying. I cannot afford something that I don't want, right? And neither can your clients. So when they say they can't afford it, I'm going to tell you right now what it actually means is they simply don't see the value and they're not going to spend money on something that they don't need, that isn't solving a big enough problem. The problem is not big enough that you are solving. Now, you might think the problem is big enough, so there's an issue with the way you're conveying the messaging. We're going to get into that. But the first piece is I do not know what's in my client's wallet, even if they tell me they can't afford something. Now, number 2, money must be in circulation to call in money. This is a tough one. Okay, how is money going to be in circulation? Well, one, I do believe in giving back, so I believe in giving aid or giving back or donating or supporting causes that I believe in. And I also believe I have to invest. So if you are anti-spending money, and I know that's not you because that's why you're here and you paid for this training, but I have to invest in my education, I have to invest in coaching in order to call in what I want for me. Now I'm not someone that says if you don't have a coach, no one's going to hire you. However, I do believe money has to be in circulation. So if you are hoarding the money you have and you refuse to spend it on expansion in your life, it is going to be tougher for you to call in money. Number 3, money is not finite. Money is truly infinite. So there is an unlimited amount of money in the world. You have to start believing this, and this one takes some time. There's probably some more subconscious reprogramming that has to happen to believe that one. Money is relative. So this is a little different than what I said in the first one, we cannot afford that. Uh, it's relative to my desire, right? So similar in that it's linked to desire, but we say that about things relative all the time. Let me explain what I mean. I might say I cannot afford this for $500. I can't afford these shoes for $500. But I don't mind spending $15,000 on a business coach, which I have literally done both. I have said I cannot afford $500 shoes and then turned around and spent $15,000 with this business coach. Does that make sense? Actually, it makes perfect sense to me. I didn't want the shoes for $500, so it would have been wasting $500, but I wanted the coach for $15,000. So it's relative to your desire. The more I value my time more than money, the more money I make. This was the probably one of the biggest shifts I ever had in my life. When I started to value my time more than money, I started to make a lot more money. If you don't value your own time, you're not going to make more money. You're gonna sell your time for very little and you're going to be unhappy. And I know you don't want that. That's why you're here. When you're willing to let a client go is when you'll start calling in more clients. This is another really tough one because we want to help everyone. We want to serve., and there have been times where someone will say, I can't afford that. You have to be okay letting someone go and not feeling like I need to change my pricing or I need to offer something else so that nobody leaves. When you're willing to let a client go is when you'll start calling in more clients. Number 7, in order for me to help more people, I must charge for my services. I have had folks in the past say to me, I just wanna help more people. I don't wanna charge. And I'm going to— this is a bit of a tough love one. If you don't charge, you're actually not going to help more people. I actually have helped more people because I charge, because I'm able to not focus on other work and I can actually help my clients because I'm charging. If I was doing this for free, I would have to have another job and I would not be able to help my clients at the level I am today. So because I charge, I can help more people. Money will come to me. Money loves to come to me. There's actually a song that my husband plays for our kids, and it's money, money, money, money loves to come to me. And I really believe you have to have this happy vibe around money. Money loves to come to me. There are times when I will say it, and I am not someone that just believes you put it out in the universe and it just happens, but I do believe how we think of money affects how we act, and then our actions end up bringing more money to us. And so more on this in just a bit. Okay, we're gonna talk about Grey Goose vodka. Aren't you guys excited? You didn't know we're gonna hop on this call and talk about vodka today, but Grey Goose vodka, uh, was created with money and pricing psychology in mind. Back at the time when Grey Goose first— Sidney Frank first decided to come up with a vodka, at the time the highest-end vodka on the shelf was Absolut, and it was selling for about $14, $15 a bottle. And it wasn't flying off the shelves. People really did consider it kind of higher end, and it was like, oh, that's kind of a bit— that's a bit steep, right? And so when he came in, he thought, I really want a higher-end vodka. What's interesting is many marketers would have come in and said, let's undercut Absolut. Let's come in at like $12 a bottle because Absolut is $13, $14, $15, and it's not really flying off the shelf. So let's create another high-end vodka, but we'll make it right under.. And Sidney Frank said, no, I actually wanna make it double the price, which is crazy cuz the other one wasn't even selling. And he says, no, I wanna make it double the price. And he thought about the pricing before he created the vodka. And he said, in order to justify that price, we're gonna need a really compelling story. We need to create a luxury vodka. And This luxury vodka has to be really special. It's gotta have a story attached to it. So he said, I want to create a vodka from France, from France, cuz France feels like luxury. And so he sent folks to France to find a distillery. But interestingly enough, France didn't distill vodka. They didn't have a single vodka distillery in all of France. And so they ended up buying a cognac distillery and producing Grey Goose. And selling it for $30 a bottle. And it did so well that he ended up selling the company. And I think this was 1997. So put that in perspective for $2 billion to Bacardi. And it just teaches us so much about pricing psychology. Why was the bottle at $14, $15 on the shelf not flying off the shelves, but Grey Goose at double the price was? We're gonna talk about that. So there's 2 things I want you to think about. Number 1, irrational value assessment. This is a marketing term. This isn't a me term, not a Zee term. It says that people don't value project products objectively. Instead, we figure out how much something should cost based on context cues and how they make us feel. So that's why that story was so important. It created this feeling of luxury. It's a French distilled vodka. It feels luxurious. It feels special. It feels higher end than the Absolut. So they could— they— consumers, people like me and you, were actually more convinced to spend $30 for a bottle than we were for $15. Why? The $15 bottle for Absolut, we weren't sure why we were paying more, but the $30 for Grey Goose, we were. The second reason he was able to pull this off is because something called the price-quality effect— also not a Z term, this is an actual marketing term— it says that for certain types of products, people often assume a higher-priced product is higher quality than a cheaper one. Now, if I find a coach who I am very excited to work with and I find out they charge $500 for a month of coaching, something's off. It doesn't feel right. Something is weird about this. Are they taking on like 100 clients? There's no way they can give me the attention I want. Something feels off. And so remember this price-quality effect says that for certain types of products, this does not mean across the board, but certain types of products, people often assume a higher price product is higher quality than a cheaper one. Okay, so I want to talk about what price confidence is. Okay. A lot of times I'll have clients that say price confidence is I feel really confident, I feel really good about my price. That's not actually the kind of price confidence I need you to have right now in your pricing. I mean, yes, that's important, but price confidence is being able to walk away from less. Let me explain. Let's say your one-on-one is $997 a month, which is relatively low for where you want to be. And let's say you want to raise it and you decide, I'm going to raise it to $4,000 a month. You get on a call and you talk to someone about the one-on-one and they're a perfect fit and they really want to do it. And you tell them it's $4,000 a month and they say, oh, I'm sorry, that's not going to work for me. Are you going to regret not making it $2,000 a month? Are you going to regret not making it $3,000 a month? Or are you at the point where you're like, I wouldn't do it for a penny less? If you wouldn't do it for a penny less, then you've nailed the price and you have price confidence. But if you're thinking, gosh, I really would have taken this client for $3,000 a month, then you should make your price $3,000 a month. Your price needs to be at that one spot where I would not do it for less. It. You need to have that feeling around it. So for me, with my one-on-one, I just gradually kept increasing, increasing. We're going to talk about how to do that increase until I refuse to do it for less. I don't care if you don't book it because I don't want to do it for less. That is true price confidence. Okay, so what do you do? I always hear this: my audience is very price sensitive. So first thing I want you to know is you— I don't recommend looking for an audience that has more money. That is not the issue. Your audience needs to have two things. They need to, one, absolutely feel that you can solve their biggest problem. You are the solution. When my clients hire me, they don't all have more money. They simply know that the money that they have, they want to invest in working with me because they know I can help them with two specific things. I can help you make more money as a coach, with better messaging and better offers. They know this. And so they don't necessarily have more money, but they truly know that when they do allocate part of their money to me, they're going to get those results. So for you, if your audience is price sensitive, it's not that they have less money. They are either A, not convinced that you can help them solve their greatest need, which that's messaging, or two, you have trained your audience to devalue your offers. So we're gonna talk about how you can train your audience to do the opposite. Whoops, hold on. Okay, so let's talk about how to— I want to give you guys some examples of how to actually train your audience. Number 1, you should be saying in your content, it is an investment to work with me. So it is an act. Yes, it's an investment. One-on-one is high proximity. This is the greatest investment to work with me. Um, when I talk about my mastermind, I'll say elevate. This is a, this is an investment. This is a high proximity mastermind. Is it is an investment to be in the space because there's only 10 spots. So I'm not just saying the word investment, I'm also showing exclusivity. Another way that you can train your audience is you can share your own investing if you're investing. So when I spent $15,000 with a business coach, guess what I did? I shared that I spent $15,000 with a business coach because I don't charge that much. And so for different programs, and so when I was able to say that, it makes my prices look even better. Right? And so one of the things is you can share that it's an investment to work with you. And number two, you can share what you're investing. Okay, I want you to really think about this too though, because the third part of this entire Bombshell program is Bombshell Messaging. And it's specifically going to get into that messaging that gets folks— it doesn't matter if they have more money or not, it's not just attracting a wealthier client. It's going to get folks from thinking about working with you to, I will a way to work with her, and the money doesn't stop me. It's not going to stop me because I want to work with you so badly. So that's the third part. If you don't already have bombshell messaging, that's where it brings bombshell pricing and money on repeat altogether, because most likely if your audience is telling you you're too expensive, that's the final missing piece is the messaging. Okay, so when should you raise your prices? General rule is when you're selling over 50% paid in full. I actually even look for 20%, and if you took Bombshell Money on repeat, the number I use in there is 20. Now 50 is when it's like, oh my God, yes, your prices are way too low. But for me, even if I get more than 20% paid in full, I'm like, okay, I can definitely raise them. And why is that? I want to talk about this. It's because if that many people can afford pay in full, then why not raise the prices and offer a payment plan? Then it tells me I can actually make more money at a higher price point and more people will just do the payment plan. I know you're leaving money on the table if you have too many paid in fulls. Okay, another time that you should raise your prices is when you're no longer excited to sell your program because the workload is not worth the payback. The juice is not worth the squeeze. When I first launched years and years ago as a coach, I was charging $2,000 a month for one-on-one coaching, and I would do a call every single week., and I started getting a lot of clients. And so I raised it to $8,000, and then I raised it to $12,000, and then I raised it to $15,000. And then now it is $8,000 for one month. It used to be $2,000 for one month. And that's the time of recording, that could change. But I didn't just do it because I just feel like charging more. One, my clients were getting really incredible results and still are. My success stories are incredible, and ROI is just huge. And then number two, because I was overbooking. I was exhausted. I don't want 10 one-on-one clients at $2,000 a month. I would rather have 5 one-on-one clients at $8,000 a month, which makes so much more sense, not just for me but also for my clients. They are so much happier because they're getting a happy Zee that is able to give them so much more time and attention. And then the third reason, reason is when the demand for your program is higher than your supply. So exactly what I just said, I have more people that want to work with me, then I have space. Same thing with the Elevate Mastermind. I filled up all the seats in that program and I opened up— it's only 10 seats per call. I opened up another spot and then I filled all of those up and I thought, I actually don't want a third call time. So, but I had people that wanted in, so I raised the rate slightly. It reduces the number of people in the program, which was fine cuz now I'm able to give the people who are in there more attention. So this is when I would raise my rates. When should you lower your prices? Almost never, unless it's part of your strategy. So I am talking about high-ticket coaching here. I'm not talking about this, a low-ticket course like what you purchased here, right? I am talking about your high-ticket programs. I actually don't believe in lowering your prices almost ever because 99% of the time if somebody says no, it is not actually due to price. Okay, now when I say it's part of your strategy, maybe you've got some thought-out strategic plan of why you're lowering to build back up, but for the most part, it all it does is devalue your offer. If you even want to run a promotion, like let's say I have my Rich and Relaxed Mastermind and I want to run a promo, I would add something to it. Add like a closer proximity mini mastermind or add a lower proximity challenge. Add something to it, but I would not lower my pricing. Okay, so let's talk about should you share your pricing on your page? This is really important, you guys. If you do not have a large hot audience, then no, I would not. And I know there's a lot of mixed opinions on there on this, but if you are currently not selling your offers where you want to be, I would get on a call like this, a Zoom call, and book clarity calls. I, I highly believe in clarity calls if you don't have a ton of leads coming in. If you have 5 leads coming in, you need to nurture those 5 leads. So I'm a big fan of getting on a Zoom call and actually talking to the people that want to join you. And I would talk about the pricing after you've already determined that they're a good fit and there's a vibe and they're just dying to work with you. Now, if you're at the point where you're like, I have tons of people on my page, my DMs are exploding, I have— if I did a clarity call, I'd book way too many, then no, you probably don't want to do that. You want to have some other system. You can either sell in DMs, you can create a video sales letter, you can send them to a website, you can just put a link in your stories. When you have more leads, you can take more freedom. Like for me right now, Rich and Relaxed, you can click below and actually sign up to join my 12-month mastermind. And that's because I have quite a few people who I talk to that want in. And so I'm not going to I'm not going to make the process slower, but if I only had 5 people that want to work with me, you can sure as hell bet I am getting on a call with every single one of them. Now with Rich and Relaxed, you can see the pricing. As soon as you click the link, you'll see the pricing. If I was not getting enough people in my program, I would hold that process and probably put an application instead, get on a call, get to know you, and then sell the program. Okay. Okay, so how do you actually pitch the price in calls or in the DMs? This is really important. A lot of times I hear folks that will say, and this is the pricing, and you're gonna get all this and all of this. Anything that you say after you say the price is an apology. You're apologizing. You feel bad about the price or you feel nervous about the price, and so you're apologizing. If someone says, well, how much is it? You're gonna say, before you say the price, this is what it includes. Access to this. There's this many calls. This is what we're going to work on in the data, whatever your elevator pitch is. And this is assuming after you've already talked to them and determined that there's a need and all that, after all that, you're going to say, and the pricing is— if this was Rich and Relax, I would say it's $1,111,111. Yeah, it's $1,111 per month. Or $12K paid in full. That's it. I wouldn't say anything afterwards. One other way that you can say it, you could say it's $1,111 or there's a discount if you pay in full, or there's a bonus, a promo if you pay in full. You don't have to say the paid in full price if you don't want to. You do need to say the monthly. The monthly is more important than the paid in full. And here's why. People think with a monthly budget. So if you say the paid in full and you don't say the monthly, their brain is going to simply think about their monthly budget. So if I were to say it's $12,000 for the year or there's a payment plan, I just killed it because our brain is like, oh my gosh. And payment plan sounds like a punishment. It's like, yeah, there's a payment plan. You have to pay more. It sounds like I'm punishing you rather than saying it's $1,111 per month or 15% off if you pay in full. Now there's an extra reward to pay in full, but the $1,111 doesn't sound like a punishment. That's just the way the program is built. There's a monthly $1,111. Do you see the difference there? Okay. You are going to get people that tell you that's too expensive. It's just going to happen, or that's out of my budget. You're going to hear it. And so you need to be really confident here. And I simply say, I get it. It's an investment. And I want you to feel really good about this when you do say yes. Besides price, is there anything else holding you back from giving this a wholehearted yes, I'm in? Okay. This is important because there's almost always something else going on in their brain. They're thinking, I don't know if this is really what I want, I don't know if this could, you know, satisfy what I'm looking for. They might not tell you though. I'm hoping they do because you always want to better understand your business and you want to find out why someone doesn't see value in what you provide. They may or may not choose to tell you. Okay, another way that you can do this is you can actually ask this question before price. So if someone says, how much is it, you could say, I'll go over pricing in a moment. Before I do, if the pricing was perfect, is there anything else holding you back from saying yes today? Now, if you ask before price, they are more likely to tell you what it is. If you ask before, they are more likely to tell you if anything else is holding them back. Once you give someone the pricing, it's harder to get that information. Just going to warn you, and there's a reason for it. Once they already have the price, they got— they have what they want. Now they feel like they can make a decision and they don't want to tell you if something else is holding them back. Because they may be reluctant to share for fear that you might try to handle the objection. Right. So you could do this if someone says the price is too steep or whatever it is. You can also ask that question ahead of giving the price. Okay. But I think the most important thing I want you to get is I don't want you to deliver this as a canned response. The most important thing I want you to get is that you're not fighting them. Right? If someone says something's too expensive, I just say, I get it, it's an investment, and I really want you to feel good about this when you do say yes. If someone says, I want to speak to my husband, it's a lot of money for us, I encourage that. Yes, you should, absolutely. I want this to feel really good for you. So I'm not fighting someone when they tell me it's a big investment. It is a big investment, and I want it to feel good. That is so important because it immediately lowers their anxiety, and it makes selling really easy for me where I don't have to feel anxious on my end. I want them to feel good and I want that energy. Whether they're going to say yes or no, I want it to feel good. Okay. What do you do when your dream client says no due to price? That's okay. It's going to happen. Now, one thing I want you guys to know, though, I've had quite a few people say no and then they come back around. So when someone says no to price, I still get in my content and talk to that person because they're still my dream client and I still feel really confident I can help them. So if I know that her, her issue is that she doesn't have recurring revenue and her messaging is just not landing 'cause she's a small account and she thinks she needs more followers, but she really doesn't, she just needs more conversion content. I'm like, that's my superpower. I'm still gonna get in my stories and talk about all of these things that I know I'm really, really good at because she's still watching. I have had so many clients that say no and then they keep watching my content content, and then guess what happens? They message me and say, okay, well, I just saw you post XYZ and I felt like you were speaking directly to me and I'm ready to move forward. So don't, don't give yourself— or don't stop sharing what you know you're really good at because someone said no to price. I actually would say share even harder. They're still watching you. Okay, the 2+ method for price increases. This is really simple, uh, bring on 2 people, raise the price. Bring on 2 people, raise the price. Instead of doing— let's say you're at $1,000 a month for your mastermind and you really want to be at $3,000. To go from $1,000 to $3,000 is a big jump mentally, and so I don't recommend massive jumps. I— the way I built it in my business is I just signed on 2 people, small jump, 2 people, small increase, 2 people, small increase, until I landed where I really wanted to be, and then I stayed there for a while. All right, you guys, I hope you loved Bombshell Pricing. And if you have not yet, you have some options right now. You will see a couple options to grab the entire Bombshell Bundle, which really goes beautifully together. Bombshell Pricing, Bombshell Messaging, and Bombshell Money on Repeat. And so it doesn't matter which order you watch them in, they just all really work well together. Uh, the other thing is, if you are loving what I'm showing you and you want my live coaching, you want that closer proximity, for sure, Rich and Relaxed is the place you want to be. It doesn't matter where you're at in your coaching business. I have coaches all across the board in there, but it's all of this with my actual eyes on your stuff. So that's going to be the biggest difference. And I am one of the few coaches that even at that level, I am a very hands-on coach. So if all of this feels right, but you know you want actual coaching and you want me getting into your business, Rich and Relax is the space you want to be in, and you do have the opportunity— you'll see down below— to— there's a promo price since you purchased this to apply what you paid towards jumping into, uh, the Mastermind. All right, so I hope to see you in another course or in Rich and Relax.