Want Higher fees? Present Your Value, Not Just Price.
Your Time Is Too Valuable To Discount Price.
Let’s clearly distinguish VALUE from PRICE or COST.This is an essential distinction, especially for practitioners who want to maintain respect and professionalism. [AND YOU DO!] This clarification will help you maintain a high perceived value in your marketplace.
The reason we love this idea and why it is working so very profitably for practitioners right now has everything to do with this distinction between VALUE and PRICE.
Let's clarify.
If I said to you I can build you a funnel for $100 grand you might balk at the price. But If that funnel brought in a half million in revenue in 12 months, you’d experience a value of $400,000 in that first year alone. The potential for long term value becomes even higher, right? All of a sudden the VALUE makes the PRICE clearly worthwhile. Make sense?
It’s a lot more clear cut when we’re talking about marketing and it takes a little more finesse and nuance to apply it to what you do as a practitioner. So let's run through an example to clarify how to protect the perceived value of your time by adding VALUE instead of dropping PRICE!
If you know that you can turn someone’s health challenge around – let just say you can typically do that in 8 visits over 6 months. For easy math – let’s say the cost is $200 per visit which would total up to $1600 just for the visits with you, before testing and supplements.
I’d much prefer you to make an introductory or promotional offer that added VALUE to that package instead of discounting that $1600 fee to – say $1200. WHY?? BecauseI want the perceived value of your time – the 1:1 time you spend with people – to remain HIGH and to go UP over time – never down.
So how could we maintain your fees and still make the VALUE much better for a potential new client – or even for existing clients who want to take advantage of a promotion?
WAYS TO ADD VALUE:
There is a time and a place for discounts – meaning actual price drops. But, I am a firm believer thatdiscounts should be applied to things OTHER than your time.
Take advantage of that free training because online programs are a GAME CHANGER in three major ways.
One last thing…
…just in case you’re not CLEARLY Seeing the price vs value thing. Here’s a tragic example of VALUE being eroded by discounting PRICE.
Macy’s – the department store – carries this super soft brand of bed sheets that I love. I’m happy to buy them even though they're expensive because I adore how they feel. They have a high VALUE to me. But guess what?
Macy’s is a brand that has trained me to buy based on PRICE instead of VALUE. How did they do that? They send me so many discounts! Even if I don't have one handy, I can just grab a coupon online with my phone. Even though I’d happily pay full price for those sheets –they’ve devalued their brand in my mind by constantly offering a 40% off anything store wide coupon. That consistent discounting of price has trained me to get the value I want at that discounted price.
