What to Say When They Don’t Like Your Price
So why does a potential client push back on price like this?
- Wants it but can’t afford it.
- Doesn’t really want it and is curious to know what else is available
- Wants to see how you’ll react and if you’ll lower the price
- Add your “People are a Mystery” reason here.
How Do You Go From Commodity To Brand?
- Know and Express Your Value. I love a “value statement” using this structure: “[Your business] helps [this target audience] with [this problem] to [achieve these benefits.] For example, Fit In Fitness helps busy moms with small children Fit In time for Fitness, so they can Fit In the clothes they love. I made that one up, but you can use the formula to make your own.
- Differentiate Yourself from Alternatives. Have a polite and specific response to “Why should I work with you instead of that other coach?” Yes, you’ll need to study your competitors to do this, which can be enlightening!
- Deliver an Experience. A brand is the unique identity for your business, and it’s all the thoughts, feelings and expectations that are associated with that identity as well. This total perception, living in the heart and mind of your client, is your brand.
What can you do to make working with you memorable? Multi-sensory?
How can you stand out in ways that no one else is doing? If soda pop can take someone back to childhood, imagine what you do when helping your clients change their business or lives!
FAQ about standing up for your price
Samantha, I don’t have enough clients now! I have to take whatever I can get.
OK, take whatever you want. But just know you’re creating a pattern that will be hard to change later. If you teach people now what your value is (by clearly articulating your brand), then you’ll have fewer of these difficult conversations about price. (There are better ways to get more clients.)
Is there any way to avoid the situation Madeleine got in with her fees?
Some consultants find that offering a range of options makes it clearer to the client what they’re getting for their fees. You could offer Options A, B and C, but I’ve still had clients ask for the value of Option C at the price of Option A. Sooner or later, you will have to stand up for yourself and your value.
This sounds like a pricing issue. Why did you say it’s about brand?
Three reasons: building a strong brand hinges on the value proposition – what people get for their money. If your value proposition is weak or unclear, you’ll struggle here. Second, your brand is most appreciated (valued) by your perfect clients. Pushback on price often means the prospect is not a good fit and won’t ever truly “get” your brand value. Third, brand value has to be communicated. If you can’t make a case for your brand and why it’s worth what you’re asking for it, you need to improve your messaging.