Why You Should Charge More Than Your Competitors

Casey(not her real name) is a personal trainer who helps brides to be get in the best shape for their big wedding day.

When she started out 2 years ago, she would check the competition and found out that the competitors in her industry was charging an average of $100/hour for one on one physical coaching sessions.

Being new and unknown in the market , she decided to price herself lower at $80 per hour. Make no mistake, Casey was really good at what she was doing but she thought she was up against the “giants” of the industry.

She had a hard time making a name for herself and not all her clients achieved their desired results. They sometimes don’t turn up or give up halfway.

She went back to the drawing board, hired a business coach who specialises in high ticket consulting to guide her.

She rebranded herself as a TRANSFORMATIONAL COACH that helps brides become the “Goddess” they deserve to be THAT turns heads and make people stare with awe.

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She started making her services personalised as a plan for her clients and charged $4,000 flat rate and upwards per client.

At first, she was a little bit worried. What if the clients didn’t achieve their desired result after forking out such a huge investment? Will she become a fraud overnight? This is what we call “IMPOSTER SYNDROME”, we’ll come back later on this.

But oh boy, was she wrong. The clients who signed up for the premium package were very committed and showed up, listened to her instructions and worked hard! They were able to look their best in a matter of weeks to a few months.

News of the results they achieved started to spread and Casey started to gain a following. Now she has a waiting list of customers who can’t wait to pay her much more than what her competitor does!

Now there are some key reasons for the success.

1) When people pay for a service(like coaching), they wish to attain a result(outcome). They don’t really care about your background or your achievements. But of course you need to be an expert in your field.

What they really want is how you are able to help them get from where they are now to where they want to be. And you are able to deliver with clarity the exact steps to do it.

She didn’t follow her peers in packaging her programs like the HIIT 15 rep program. She packaged it individually like the “Get from Size 6 to Size 3 dress” plan. The outcome matters more than the actual specifics within it.

2) Imagine she charged the same old rate of $50 per hour even after rebranding… Most would think she would get droves of clients right? Maybe… BUT the amount of commitment from the client would drop. They would go in half heartedly. AND…. Casey would need to serve a lot more clients than she does now, making personalised attention nearly impossible.

By charging more, the clients WILL DO THE WORK and the personalised attention will help them achieve that desired outcome.

3) She only worked with clients that have an attainable goal which she felt was achievable. For clients which she felt she was unable to get that amazing outcome, she would not take up the business.

DO not be one of those businesses that promise the sky and under delivers. Be honest and upfront , people will appreciate it.

IMPOSTER SYNDROME: Getting back to this. If you are now charging for your services like how your industry peers are…. and you are worried that you can’t achieve the outcome your clients deserve… Yes you are suffering from IMPOSTER SYNDROME.

AND THAT IS A GOOD THING! Because you care and that puts you in the right position to help them. Oh and of course you really must be good at what you are doing.

NOTE: I must stress this again. This works really well as long as you can deliver and YOU MUST turn away business that you think you can’t help. Do not be one of those sharks that will take on any business  just to fill their wallet.

Hope you found this useful and to your success!

Lionel Sim, Chief of The Pixel Geek

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