Hi Friend, Last week I lead The Money Club live event in NYC. It was a huge success. It was so amazing to put faces with all of voices from our calls. I had so much leftover food from the caterer that I threw a party for my friends this weekend. Nothing like a little wine, desert and conversation to top off a hard-working week!
Speaking of live events - we are less than two weeks away from the kick-off of the More Money Tour on March 2nd in Los Angeles! I just ordered chocolate for the event. I can't wait to meet you there - REGISTER HERE.
This Week's Article: "How to Raise Your Prices and Get More Clients - Three Phases"
When was the last time you raised your prices? Have you raised your prices? One thing I have noticed is how challenging raising your prices can be to some entrepreneurs.
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"How to Raise Your Prices and Get More Clients - Three Phases"
Raising your prices seems like an easy feat. And for some of you it very well might be. But I've noticed that for many of my clients - raising prices proves to be a challenge.
First, you start to notice that more and more people are saying no. Second, you start to doubt whether anyone will ever buy again. And before you know it, you've lowered your prices again or just quit selling all together. You decide to do everything but put yourself out there, justifying that it is much better to work on your website.
You aren't alone! I see this occur all the time with my clients. It happens when you take your $400 program to $600. It happens when you launch your first high-end private program. It happens when you offer your first VIP day at your highest rate.
Never fear. The key here is to stick to your new prices no matter what happens.
I must add one caveat here - make sure your new rates have come from you and that you are happy with them. I've seen way too many clients raise their rates because their coaches told them too - but the prices never feel quite right. I've seen other raise their rates because someone else in the industry charged those rates.
Look, your new rates may be a stretch for you - you might not be totally comfortable with them. But you do have to feel deep in your bones that they are the right prices. You must raise your rates for the right reasons or you'll always feel out of alignment with them.
Ok, assuming that your rates have come from you. Here are the three phases I see. Hopefully laying it out will help you to persist through to Phase three:
1. Phase One - Awkward Sales Conversations: First you can hardly get the new prices out of your mouth. And when you do it sounds awkward. Not only do you attract people that can't pay your new prices, but they couldn't even pay a quarter of your old prices. The sales conversations are uncomfortable and you feel a little like you are starting over.
Don't fear! This is occurring because you are unsure of your new prices. Energetically you are vibrating at a level where you are attracting those that are unsure and unable to invest. They are mirroring and magnifying your inner uncertainty. Keep selling.
2. Phase Two - Dances in the Moonlight: Now the sales conversations are going better - you feel good about your value and your prices. Now you are beginning to attract some clients who say "Yes, but". They agree to pay your prices but you have to split the payments on three credit cards, create a different pay schedule, and dance together in the moonlight (ok, kidding about that last one - but it may seem like that with all of the special requests you get).
You don't have a problem with all the special pricing requests - namely because you are happy to get some Yeses. Dancing in the moonlight it is.
3. Phase Three - YESes: By this phase your vibration has shifted. You love your program and know without a shadow of a doubt that it is worth every dollar. In fact, you think everyone should be doing your program. You've put some people through the program and they are raving.
Now, you finally start to get clients who say YES. No special requests. No dancing in the moonlight. Just YES.
This is why you must keep selling - even when you are in phase one and it seems like you should just go back to your old prices. You are re-learning how to sell higher-priced products and programs. You are shifting into a higher vibration.
For the record, not all of you will go through these phases! Some of you will raise your prices and get immediate YESes. Others may decide that a different price point is appropriate. It's all good.
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"Would you like to learn how to run a business that you love while creating the lifestyle you deserve? Check out my website http://www.RevenueBreakthrough.com, for F-R-E-E articles, resources and to sign up for my f-r-e-e report "5 Simple Steps to Double Your Income in 60 Days or Less".
Monica Shah, MBA, is the Breakthrough Business Specialist. Her M.O.R.E M.O.N.E.Y system effectively teaches women to take their passion-based business to six figures and beyond.
Monica Shah the business breakthrough specialist, Kellogg MBA grad, and business professor helps women business owners double their income within 12-18 months. Revenue Breakthrough is Monica's 2nd six-figure company.
Her corporate and teaching background allow Monica to show business owners how to step into their role as the CEO of their businesses. She shows them the HOW, every step of the process to grow their businesses to the next level, without going broke or crazy in the process.
Monica begins by looking at the overall business model to determine the most lucrative offerings and strategies (including re-branding when necessary). Then, she creates marketing and business systems that clarify what the business owner needs to do each day, week and month to create a highly profitable business and an amazing lifestyle.
Monica is the author of: Creating Your Revenue Breakthrough - Five Steps to Doubling Your Income in the Next 60 Days, and the Money Magnet Kit. She is the creator of the Revenue Breakthrough Program, which combines business, marketing and money strategies to teach business owners the essential foundations they need to create six-figure businesses and beyond. Email her at Monica@revenuebreakthrough.com.