Fun Business Fun Money Podcast
EP 013 – Your first steps to charging premium prices
Whats stopping you from charging premium or high ticket prices for your work?
You don’t have to wait for more experience, more qualifications, you don’t need a bigger list, a website or invest in a big launch to charge more for your work.
What you charge is less about the actual amount, although that absolutely plays a part, and more about a state of mind.
In this longer coaching episode I share six steps to help you shift your thinking about charging premium prices.
TRANSCRIPT
Hey there, and welcome back to another exciting episode of the Fun Business Fun Money podcast!
I say exciting because thats how I feel when I talk about all this stuff on the podcast, these insights, tips, tools and tactics for you.
I’m excited to share it and I’m excited FOR YOU because I know how life-changing this stuff can be.
Its always a case of the right info for the right person at the right time, so even if its not the right time for you right now, tuck this stuff away in the filing cabinet of your mind so its there when you need it.
This is a slightly longer coaching episode today, we’re talking about money, specifically your pricing.
The first thing I’m going to say right off the bat is that your pricing, what you charge for your work, is 95% mindset. The actual numbers you choose are incredibly easy when you shift your thinking about what to charge.
If you’re uncomfortable with the words high ticket or premium when it comes to pricing, go take my Sacred Money Archetypes quiz, you’ll find the link in the description and in the show notes.
This will give you some insights into your relationship with money based on your money archetype, aka your money personality. Depending on your archetype you’ll have a different interpretation of words like expensive, high ticket or premium, compared to what others have.
Now, I’m a firm believer in the high ticket or premium pricing model as the best and easiest way to reach your financial goals without burning yourself out. Ain’t nobody got time for THAT!
That wasn’t always the case, but thanks to these steps that I’m going to share with you today it became a no brainer and opened up so many possibilities for me, and I hope they do the same for you.
I remember seeing a couple of years back a coach celebrating a successful launch that brought in a little over $100K, which is AWESOME! But when she got into the details a bit further it came up that it was a $27 product and she’d signed up nearly FOUR THOUSAND PEOPLE to achieve that goal.
Honestly, my mind was blown and I felt exhausted just THINKING about the amount of work and support that would go into a launch like that, hats off to those of you that love the low price point and supporting a LOT of people at once! But the reality for most of us is thats just too much to deal with.
Thats where a premium or ‘high ticket’ offer comes in. Its not just about what goes into your offer, the quality of it, and I’ve shared a little about that in episode 9 which is called Your Goldilocks Offer.
Just because you’re charging more doesn’t mean you have to include everything you’ve ever created, and throwing in a set of bonus steak knives that you’ll deliver personally AND you’ll show them how to cook the perfect steak as well! Not needed!
So what does premium or high ticket actually mean? They’re the same thing!
High ticket is often used by coaches, personally I like to say premium, others use similar words but we’re all talking about the same thing. In most cases it means you’re charging $3K or more for your coaching programs, whatever those might be and whatever your currency might be.
If you’re not currently charging this much, here’s a question for you – whats stopping you?
You don’t have to wait for more experience, more qualifications, you don’t need a bigger list, a website or invest in a big launch to charge more for your work.
What you charge is less about the actual amount, although that absolutely plays a part, and more about a state of mind.
Premium pricing helps you with 3 very important things
1 – You can live up to your full potential
You’ll be working in your zone of genius and having a meaningful impact on the world
2 – You can create cash freedom
And let me tell you that is something absolutely worth having because it opens up so many more possibilities for growth and for experiences.
3 – You can create a sustainable business that serves you for years into the future
Its a pricing model that aligns with your goals, your time, energy and expertise, and it also aligns with those same things of your clients as well.
Your clients need what you offer and they’re willing to pay to achieve that result.
So theres a mini tip for you already…
People don’t value FREE, they value FREEDOM.
Freedom from their challenges, their problems, whatever it is they’re feeling stuck with, they want to feel free, light, happy, they want clarity and peace.
You can talk about premium or high ticket offers in a completely natural and NORMAL way regardless of the investment, it doesn’t have to be secretive or weird. Some might think a lot of coaches ARE being secretive about their pricing because its not listed on their website or included in their marketing, but thats not the case at all.
Its actually about making sure the people you’re working with are, to use the online dating analogy, they’re a ‘swipe right’ personality match for you.
If you have a buy now button where anyone can click to sign up and pay you money, you’re also opening yourself up for customer service issues and those potentially difficult clients we’ve all experienced at some point!
Its like a rite of passage as an entrepreneur, especially in a service based industry like me, but also for product-based businesses – at some point, someone is going to be unhappy with what they got, someone will request a refund, someone will demand more than the scope of your agreement.
When you’ve ‘vetted’ the people who sign up for your premium offers by having a conversation with them, either on a call, via email or DMs, and you’ve asked them some basic questions about themselves and their business, you’re simply doing your due diligence.
Its like a job interview, both parties are checking each other out and making sure its a good match for everyone involved.
So thats important to clarify! Its not about being secretive, its about being smart and reducing headaches and drama down the track, on both sides.
Thats the groundwork about premium or high ticket pricing, the what and the why. Lets dive into the 6 steps to get your mindset on board with actually CHARGING premium or high ticket for your work.
STEP 1 – DECIDE
Thats it, clean and simple, just decide you’re going to do it. You don’t have to wait for all the criteria to line up perfectly. Just like anything else you’ve chosen in your life, this is an energetic decision.
You don’t need to be dancing along the fence line and be all iffy about it, you can simply decide and make the commitment that you’re going to charge premium prices.
STEP 2 – BELIEVE IN THE TRANSFORMATION
This is for you and your clients. Just like anything, when you make the decision the little mind gremlins will show to scoff and say “HA! As if anyone would buy that!” You’re not going to have the evidence that its possible at first, but the evidence will show up.
Shift your thoughts from “How can I possibly charge that?”, to “What does high ticket look like for me?”
When you personalise it like this, what does it look like FOR ME, it takes you to another level right from the start, where you’re believing in the transformation that you’re experiencing and that your clients get when they invest in your premium pricing.
STEP 3 – CREATE YOUR PREMIUM PACKAGE AND OFFER IT THIS WEEK
Yep, we’re ripping the Band Aid right here off with this step!
There’s no need to waffle or overthink it, theres nothing to wait for. You don’t need to start with low cost offers and move people through a sales funnel with upsells, you don’t need tactics like ads or five day challenges.
You can offer a premium high ticket package right now, and this becomes the foundation that you build everything else upon.
STEP 4 – STOP SETTLING FOR LESS
This is related to the quick tip episode I shared recently on what are you tolerating, it applies to your pricing as well.
Notice everything in your life that isn’t ‘platinum’ or premium, or high quality. It doesn’t mean you have to be buying expensive things, but you stop settling for less or for poor quality.
A good place to start with this is your own workspace, get that set up for success, because if a high ticket client walked in right now, would it match the quality of what you’re offering? Theres a pointy question for you!
You can also clean up your relationships in all areas of your life. Don’t settle for less, how you’re treated by others, make sure it supports you and your self respect. Boundaries are your friend! And I will do a longer episode on boundaries very soon.
Don’t settle for less value in the courses or programs you’re investing in for your personal or business growth, you should be getting a return on your investments.
STEP 5 – STOP USING STRUGGLE BUS LANGUAGE
We all buy a seat on the struggle bus at some point, its human nature.
But you’re not going to attract those premium clients if you’re using that language in your marketing.
The word ‘struggle’ attracts people who relate to that.
Use higher level language, say burned out instead of struggle, I use that a lot.
Don’t say stuck, you can say ‘have you tried’. This attracts more people who are motivated to actually solve their problems and less of the ones who are happy being unhappy with their situation.
Another no is “Are you tired of…” you’ll see a lot of that out there. Swap it out for “Do you want to achieve…” and focus on the possibilities instead of poking at the thing they’re already well aware of that they’re tired of!
Use language that meets people where they are, but focuses on where they want to be.
STEP 6 – DON’T CLIMB INTO SOMEONE ELSE’S WALLET
This is another favourite reminder of mine anytime self doubt about what I’m doing or what I’m charging creeps in.
Your high ticket clients probably aren’t outwardly rich or wealthy people, but they ARE people who say they want something that you can help them achieve.
You can’t necessarily tell from their outward appearance that they have a healthy savings account and they’re ready to pay you in full. All you know for sure is that they’re over there in the before phase, they want to be in the amazing afterglow, you are the bridge to get them there.
Premium clients will get really resourceful so they can invest, that makes them AWESOME because they’ll do the work to get the results for their investment.
I’m not advocating for people to go into debt to work with you, especially if its beyond their means, but its also not up to you to decide who can afford you. And again, thats where that conversation about your pricing comes in handy, because you can get a real sense of who they are and advise them accordingly.
I’ve had people get on a call who were super excited to work with me but they didn’t have the money available. And rather than me compromising on what I charge, they went off and worked some magic, some coming back months later to say they were in a better financial position to sign up without stress.
High ticket doesn’t have to be icky or weird, and it does have to lack integrity either.
So thats what I’ve got for you today, let me just recap those six steps on charging premium prices…
- Decide to do it
- Believe in the transformation
- Create your premium package and offer it THIS WEEK
- Stop settling for less!
- Stop using struggle bus language
- Don’t climb into someone else’s wallet
Now, I know some of you will be like “YEAH! I GOT THIS!” You’re pumped and ready to share your high ticket offer with the world right now.
And some of you may have rebelled at the thought of creating your premium package and putting it out there THIS WEEK, maybe you’re just not ready. And thats ok! I like to challenge people to take action, its totally up to you to actually do it.
If you’ve tried mapping out your offer that you want to charge $3K or more for and you’ve walked away feeling like its too hard and overwhelming, I got you, I can help you.
My IGNITE YOUR OFFER workshops are a 4 hour private coaching experience. We get on Zoom together, which is recorded of course, and formulate your offer using my simple framework.
We map it out so its got just the right amount of value, expertise and content, its easy for you to deliver, and easy for your audience to say yes to.
And we’ll have so much fun coming up with this thing that might otherwise cause a ton of angst that you can’t help but feel amazing and excited to share it with the world.
If that sounds like your kinda thing, send me a DM and tell me you want to ignite your offer! I’m @funbusinessfunmoney on both Facebook and Instagram, or you can send an email to hello@deirdreamies.com – you’ll find the links to all of these in the show notes.
I hope all of this helps shift your mindset around charging premium or high ticket prices for your work, because I believe every business can have a high ticket offer.
Thats it for today, take care, have fun and I’ll catch you in the next episode!
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