Pricing is a Part of Your Story
You did your best, you listened intently during the discovery call, put together your shiniest proposal and the client turned you down with those five words, “you’re out of my budget,” or better yet, “I’m going in another direction.”
No seriously, this is a win and here’s why -
1. It’s good to feel the slight sting of your first few “no’s”. As humans, we are so scared of being turned down, upsetting people, feeling rejected, and being not wanted that we psych ourselves out on hearing that two-letter word. But here’s the thing, in the world of business, that “no” isn’t going to be your first and it sure as heck is not going to be your last. And if it is, you’re playing it too safe. *mic drop* *...runs to pick up the mic because there’s more to say*
The sooner that you start hearing “no”, the sooner you are going to be able to start shrugging it off and more frequently asking for what you want without hesitation.
This is going to sound crazy, but hear me out… if you are terrified about what’s on the other side of a ‘No,’ I need you to start asking for things you know that you are going to get a ‘No’ for.
Next time you’re in line for coffee, ask if you can receive a free cup.
When you’re checking out at a store, ask if a 15% discount can be applied.
If you are completely flabbergasted by this idea, you probably have a ton to benefit from by doing it. There are people out there asking for what they want every single day. Join them!
2. You’ve gained some intel on your ideal client. I won’t ramble on this one for too long because by now you know how much of a stickler I am for having a niche and getting clear on your ideal client but a part of your ideal client profile IS price. For example:
If you have a hair salon located in a high-end part of town where you know the neighborhoods are filled with people who have high spending power, you can’t decide to charge $10 for a haircut no matter how much of a “great deal” you think that it is.
Remember, “people like us do things like this.”
People who live in nice neighborhoods, drive fancy cars, and have money to spend on lavish things are going to tilt their head sideways when they see a $10 haircut being advertised. It just doesn’t line up with the story they have about themselves and what they choose to spend money on. You aren’t going to succeed in that market.
So if your client tells you, “I’m going in a different direction,” don’t automatically assume they went for cheaper. There’s always a chance they chose to purchase something at a price that aligns more with their view on spending, which very well could have been a price higher than yours. You now have work to do to determine where the mismatch was between your offer and your client.
If you need help with any of the concepts in this blog, just shoot me an email at firstname.lastname@example.org so we can set up a time to chat! Have a different view?
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All my best,