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I often hear phrases like these:
I don’t expect you to sell a simple landing page for 1 million. While there certainly are limitations, don’t buy the lies that you cannot up your prices and still sell or get into a premium pricing segment for your services. It works, regardless of where you are. Most of the time, I live in a country with a very low average salary, and it still works.
But you have to be smart about it. You cannot expect your clients to suddenly chase you and beg to pay more. It would help if you worked on certain things to go from being underpaid to premium paid, which I will discuss in this post.
Imagine you want to buy white shoes and are faced with two similar ones. Same material, the same feel on your feet, similar design. How would you choose which ones to buy?
Most probably the price. Why would you buy more expensive ones if there is no real difference? That’s precisely how your customers think. They will choose a cheaper service provider if there is no real difference. Now, take this knowledge and flip it. You have to make your offer so different from the competition that the price is no longer the decisive factor.
If you are familiar with online space, you probably have heard that market research is everything. Yes and no. There are times when market research will waste your time if not done properly. Watch out for my masterclass on how to carry out market research to stop wasting your time.
But this is the time to do market research to see what your competitors are doing. Be mindful. You are not meant to do the same. Instead, you should stand out. Keep that in mind when you are doing your market research.
You need to understand what they really value.
Once you’ve done your research and brainstormed the ideas of how you can stand out, you need to have a value conversation with your clients. The goal is to find out what else they have found valuable while working with you – apart from the services you delivered. You have a blind spot towards yourself and don’t see all the great things you have to offer.
Write down everything, even the most minor things they mention, as it will help you to refine your offer and stand out. It is essential to have this conversation face-to-face. You will not get those small but critical details by sending a survey. The best things will come up in a relaxed conversation where you listen more and talk less.
If you don’t have past clients you can talk to, talk to those who have inquired about your services. If you dig deeper with questions, you will discover what they actually need – beyond your services.
For instance, if they need a landing page, you have to find out why they need it, how they expect it to benefit their business, how important is the speed of your services, how they did it on their own, and what was the result, any past experiences, etc. If you listen, there will be a lot of valuable information that you can use, so your offer stands out and attracts premium price-payers.
This should go without saying, but I will say it anyway. You need to be great at what you do! You cannot expect to provide mediocre services while being paid premium prices. And while it is possible, and I have seen people with huge confidence selling mediocre stuff at premium prices, I do not encourage you to do that.
I am sure you want to offer your clients the best. If you are unsure how to do that, and if you don’t know if you are delivering the best you can, watch out for my masterclass: How to be the best service provider.
On a side note, if you feel that you are never good enough and always doubt yourself, you might be on the other side of the spectrum and dealing with imposter syndrome. We need to get you out of that quickly because it keeps you stuck in a lower-price segment.
Knowing how to price your offers and a few psychological tricks will help you earn more without working more. I am not saying you will be a millionaire overnight. But whatever you are charging now, you can double it without adding more work with some simple strategies.
Like it or not, we are irrational creatures, and psychology-based pricing strategies work even on those who think they are logical buyers. They work even if you know them. I know these strategies very well, and I often catch how they still work on me.
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Here you go; this is a starting point if you want to dig deeper into the premium pricing segment.
There is much more underneath, more steps to follow, and homework to be done. If you are ready to go deeper, contact me to do some 1:1 work or watch out for my mini-course: How to make them pay premium and keep coming for more.
I will be spilling all my secrets on converting yourself from an average or underpaid service provider into a highly paid service provider.
Extra info
Would you buy a more expensive product if there isn’t any noticeable difference? No. That’s precisely how your customers think. They will choose a cheaper service provider if they don’t see a difference. Now, take this knowledge and flip it!
You get paid for every hour at a corporate job, regardless of what you do. However, as a service provider, you need to spend several hours to acquire the client who will pay you for the hour. Let’s see the formulas to calculate the actual rate you’re earning!
You hear that someone had a 10k sales month. Or a 10k launch. Or a 10k cash month. What does it mean? Well, these 10k numbers don’t include expenses & taxes. And most importantly, it is not what you can put directly in your pocket!
Laneo LLC has entered into the agreement nr. SKV-L-2022/285 dated 2022-07-07 with the Investment and Development Agency of Latvia to receive support within the Promotion of International Competitiveness program, co-financed by the European Regional Development Fund.
