Every entrepreneur out there has dealt with the cursed sentence, “I’m sorry but that’s a bit out of my price range.” There’s nothing more devastating than connecting with a potential client, rocking that consultation call, only to have them admit that your prices are too high. 😔 You feel as if they don’t know your value. You shouldn’t lower your prices for this client, right?
Hearing those words can send your brain into a frenzy. Are your prices too high? Maybe you’re not doing enough? Should you lower your prices?
Fear not! I have some tips and tricks to help you handle potential clients who believe your prices are too high!
Ask Your Potential Client Questions
Everyone’s first reaction when they hear “You’re too expensive,” is to panic and instantly assume that they lost a potential client. This simply isn’t true!
Just because someone says your prices are too high, doesn’t mean you can’t get them to book your services. In fact, if they asked about price, that means they’re interested! All you have to do is convince them to book by starting a conversation.
Odds are, your potential client has something that’s holding them back. Whether they’re worried about return on investment, cheaper options, or even just handling the service you’re providing themselves, you have the opportunity to change their mind by talking to them! Convince them of your value.
Instead of closing the conversation and telling them you aren’t a good fit, ask them a few questions to figure out why they’re hesitating. This will help you convince them that your services are worth the cost!
Don’t Lower Your Prices Right Away
It’s completely normal to be nervous about your pricing when you’re dealing with business. I mean, you probably spent weeks or even MONTHS trying to figure out what your services should cost! Are you taking too much time doing these tasks? Should you want less? Is this too much? Is it too little? You don’t want to overcharge your clients, but you also want to get paid what you deserve. How do you do that? Gosh, all of these questions will make your head spin! 🙃
When you finally settle on pricing you’re comfortable with, it can be heartbreaking to hear someone say your services are too expensive.
STOP SECOND-GUESSING YOURSELF!
I know that’s your first reaction, but try to avoid panicking and lowering your prices right away. Instead of immediately dropping the price, talk to your potential client. Show them the value they receive by working with you. Tell them the experience you bring to the table and the results that you’ve gotten for other clients. Show them that your VIP services are worth the money.
Yes, your services are on the higher end, BUT you provide top of the line services that are guaranteed to get them results. Are they still not convinced? Pull out some testimonials and show them how amazing you are! Show them your value with the amazing results you got with previous clients.
Explain Why Your Prices Are Higher
Nine times out of ten, your potential client has no idea how much work actually goes into the services you’re providing for them. Try explaining the reasoning behind your costs! Give them a ballpark figure on how many hours it takes you to complete the service. Then go on to explain that you have years of experience! All of that experience brings more value to the client than they realize.
Think about it this way… You spent time and money on courses and schooling to get where you are now. If you haven’t, then you’ve spent years dedicating yourself to becoming an expert in your field. Yes, you are on the pricier side of the spectrum, but you are worth every penny! Show your potential client your worth and they’ll understand why your services are worth the price tag.
Focus On ROI
Most entrepreneurs and business owners are focused on the return on investment (ROI). If your potential client is hesitant to book your services, they might be struggling to see the ROI. What will they get in return? If they’re purchasing a social media marketing package, they’re going to want to see more website traffic and an increase in followers.
Bringing out reports and examples of clients you’ve helped in the past, might help change their mind. Tell them about your best results and explain to them that you’ll do your best to meet their goals.
Come Up With A Custom Solution
Have you ever had a consultation call with a potential client you REALLY connected with? You both have the same interests and the conversation flowed smoothly. You can’t help but sit there and go “YES! I FINALLY FOUND MY IDEAL CLIENT!!”
But then when they hear the cost of your services, they immediately say, “Oh I’m so sorry. I can’t afford that.”
*Queue heart breaking*
Okay, we don’t need to panic. I know it can be disappointing to find out your ideal client can’t afford your services. You don’t want to turn them away, but you don’t want to give away your services at a low cost.
The first thing you should do with a potential client you want to work with, is ask them what they’re willing to spend. You can then create a custom plan for them, offering reduced services to match their lower budget.
If you aren’t able or willing to do this, tell them that you may not be a good fit right now. Make sure you follow up with them and keep in touch. You never know, things may change over time!
Cost is Sometimes an Excuse
Instead of getting down on yourself, remember that some people would rather tell you that your services are too expensive than to tell you they don’t think you’re a good fit for them. Cost is often used as an easy out when it comes to business. The problem is not always your value. If they aren’t willing to spend the money on it, it’s not needed enough in their lives.
Every business owner has heard that their services are too expensive at one point or another. If you haven’t heard this before, your services are too cheap! Raise those prices! 😁
The most important thing I want you to take away from this post, is that you should never second-guess yourself, no matter what anyone else says. If you wind up losing that potential client because your prices are too high, they aren’t your ideal client. As long as you keep searching, you’ll find the people who will be willing to pay full price.
You’ve got this! I believe in you!