My 3-year-old daughter loves to wear my shoes (I promise, this is related to pricing – just stick with me for a moment here).
I wear a size 9.5 shoe on a good day, a size 10 on most days – and my daughter loves putting them on. The routine is always the same: she climbs into my closet and picks a pair of clogs that are much too big, slides her feet in and gets about as far as the doorway before scooping them up, tucking them under her arms and running down the hall.
I love watching her do this.
It also occurs to me that this analogy is perfect when we talk about setting our coaching rates: if the shoes don’t fit, you’re not even going to get through the doorway.
Your Rates Must Feel Right to You
Years ago when I was offering a group program in my other business, the Thriving Artist Circle, I had a lot of fears about people thinking my course wasn’t worth the price tag. I was worried people wouldn’t be able to afford it, I wouldn’t be able to follow through, they’d all ask for refunds and I would be forced to live out of my car.
So, with all those fears bouncing around inside, here’s how things would go: I would present a really good intro class, and when it came time to invite students to join the full course, I turned into a weirdo. A total freak.
I over-explained, apologized, rushed through the details, and didn’t create any urgency at all. Occasionally, someone would register for the class, but in general, my intro talks did not help me fill my course.
The breakthrough for me came when I realized that the energy in my pitch was riding on, “Oh gosh, I hope they’ll believe this. I hope it’s worth it.”
Picture me standing in from of the room wearing a pair of shoes that were 22 sizes too big.
Though I followed the advice of my mentor and charged a large fee for the program, the truth is that I didn’t believe in my pricing yet. Blame my scarcity mindset, inexperience, or overall lack of trust. Right or wrong, I just couldn’t stand behind it. And if I couldn’t stand behind the price, how could I expect anyone to pay for my course?
You Have to Believe in Your Prices
Here’s the deal: forget about all the “charge what you’re worth” hubbub out there and get real about your pricing shoe size. When you do, selling is so much more service-based and graceful.
Just like my daughter’s feet grow every day, you’ll grow into higher pricing as well. But it’s a process. you will be able to charge the higher rates, but you have to believe in your prices. These days, I say my prices and I’m like, “You’re welcome. I know, it’s awesome, right?”
You’ll grow into higher pricing, but it’s a process.
For me to grow into my pricing shoes, I had to do two things. First, I lowered the price. I ignored my mentors’ advice and listened to my gut to find a price point that I could actually say out loud without cringing.
The other thing I did was write down all the valuable aspects of the program. I really crystallized for myself the benefit that I offered my prospective clients. And I made those benefits as concrete as possible.
The result? At the next intro class, 45% of the room signed up. From that point on, it consistently delivered a 35-75% conversion rate.
So even though I was charging $500 less for the class, I was generating more money. And since it was a group program, the work on my end was the same whether I was teaching one person or 100 – so I knew that I might as well make it less expensive.
The Real Pricing Magic
The most important part of the story I just shared is that I gave myself an opportunity to build my confidence around my pricing. Feeling better about my ability to deliver, three months later I raised the price of my course by $250, and three months after that I raised it another $250, and then again three months later… you get the idea.
In a year, I was charging more than my coach had told me to charge in the first place – my feet grew. And my pricing shoes fit like a glove.
The day is going to come when my daughter borrows my shoes for real (or maybe not, because she’ll probably think Clogs aren’t that stylish… and she may have a point).
But sooner than later, she’ll be able to put on my shoes and make it down the stairs and out the front door. But until that day, she has to wear shoes that support her where she’s at and that help her run, jump, dance and play.
So, if you’re not consistently converting 25% of your enrollment conversations, it’s time to take a look at your pricing shoes and make sure you can stand firmly in them.
Need a little help? We’ll dive deeper into this on Thursday’s Facebook Live session inside our fabulous Coaches on a Mission Facebook Group. Click here to join us now.