The Serving Mindset by Farnoosh Brock

Author:Farnoosh Brock
Language: eng
Format: epub
Publisher: Skyhorse Publishing
Published: 2018-03-20T16:00:00+00:00

MINDSET FOUR: CHARGE APPROPRIATELY FOR YOUR SERVICES.

MOST BUSINESS OWNERS COME from a place of generosity, humility, and goodwill by pricing their services or products “affordably,” which is often way lower than their competitors. They want their prospective buyers to see how unselfishly they are running their business and how much of a “better deal” they are getting by working with them versus someone else.

Except it doesn’t work that way. Your underpricing yourself does nobody a favor—not you, not your prospects, not even your competitors. This is the beginning of confusion for most business owners because it’s another paradox. It doesn’t make much logical sense.

My mastermind group was just as keen to explore and research this Abundant Sales Mindset as was I. Our research around this led us to new discoveries every time and left us surprised as to the counterintuitive nature of them. When we started out as coaches, for example, we priced ourselves as low as possible. We wanted to be kind and generous. We wanted to be affordable and accessible to everybody. We wanted to make money at any cost. And we struggled selling our tiny $250 or $375 packages. We struggled to convince our prospects that the value of such a package could be as much as 100 times the investment. Why? Because they didn’t believe us. We were priced way too low. They could not believe that $250 could possibly get them a $10,000 raise in salary or a $20,000 signing bonus or a $30,000 client contract.

The Ultimate Punishment for Your Low Prices

I met up with one of my favorite yoga teachers in Los Angeles a while ago, and when she shared this particular client story, my jaw dropped, so I begged her to let me put it in my book. “As long as it’s anonymous,” she agreed. So, here it is:

A client took a couple of private sessions with her for his shoulder pain. He did not know how much she charged, nor did he care. He felt incredible afterwards. The sessions had an immediate positive impact on his body. Later, he had his assistant call in to pay the invoice. (Yep, he was that kind of well-to-do client with his own PA to do his bidding! Nice, right?)

The assistant inquired about additional ongoing private sessions, which the boss wanted to do, but after my friend quoted her rates, she came back with this shocking statement: “He doesn’t want to do any more sessions. He doesn’t believe you can be that good if your prices are that low. Sorry!”

It’s a true story, and what a favor he did her by telling her this brutal truth, one that very few dare to share. It’s not the nicest comeback my friend had hoped for, to say the least, but it was necessary for her to have this painful experience when she already felt conflicted about her rates so she could begin to understand the psychology of pricing and its many paradoxes.

Low prices hurt you. Low prices are like cancer to a business.

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