"Ben- How do I raise my fees?"
This is a universal question across every profession.
Take copywriting for instance.
How come one copywriter can charge $20,000 for a sales letter..
While another one struggles to get $500?
If you've ever felt like you weren't getting paid as much as you should...
And you should be commanding higher fees...
This post is for you.
Let's list the common reasons people believe they can't get the high fees they want.
In no particular order, here are some I just thought of
- I'm not an authority
- I don't have the credentials or results to justify such a high fee
- I'm not sure if I know enough to ask for that much. I'm not a real expert.
- I'm not good at selling as it is, asking for a higher fee is going to be really hard.
- I've never sold high ticket services before.
- Why would they buy from me when they could go to a better established competitor?
- What if they get mad at me for asking for such a high fee?
There's a whole host of head-trash in the list above, but since I'm your buddy, I've gone ahead and listed the cures below.
If we look at that list, we can lump them into the following 3 categories.
The 3 reasons why we don't earn higher fees.
- I don't like selling
- What if I'm not enough?
- Why me?
Let's talk about selling. (if you haven't grabbed my book introverted selling secrets, get it now!)
Selling is a lot like driving a car.
When I think back to being 16 and learning how to drive, it was scary as hell.
The first time I drove on the highway, I nearly crapped my pants. But eventually it got easier until one day I didn't even think about it.
It became natural.
The reason driving becomes natural is because we learn a process. There are rules. More importantly, we become desensitized to the fear.
So the first thing you need is a solid sales process, like the one I outlined on page 36 of my book. (shameless promotion becomes second nature, too!)
However, we have more to cover so I'll just leave it at that. Get yourself a solid and proven sales process, follow it, and get in a lot of practice.
2nd Reason why you don't charge high ticket - what if I'm not enough?
There's a powerful quote by Joe Polish in the book "The New PsychoCybernetics" by Maxwell Maltz.
Here it is:
"All the business and marketing knowledge and technical skills in the world coupled with the best products, prices, and positioning are of far less value than they should be if the person who possesses them lacks the inner confidence needed to use them."
I could end this section with that quote, it sums up this line of thinking so elegantly.
If you think about it, "what if I'm not enough" is one of the reasons why people continue to invest thousands of dollars in courses, books, seminars, and coaching, yet they never go anywhere or take any action.
It's the fear of failure. Either you won't get the results and your client will hate you, or your prospect will get mad at you for asking for such a high fee.
Let's look at both.
Being worried about getting people results is normal. This is really the imposter syndrome. It's a sure sign you're not a sociopath so congratulations.
There comes a time at everyone's career where you just have to push your comfort zone and really try to push your skills another level.
If you do a good job, great. If you do a bad job, well, now you know where you need to improve. Great.
However, if you're afraid of people getting mad at you for even having the audacity to ask for such a fee, that's a sure sign you're not busy enough.
You don't have enough leads coming in so you're afraid of losing anyone who was "on the hook."
This is also super normal, and there's an easy fix.
You need an automated system for generating pre-sold leads and you need to turn that sucker on and crank it up until you have to create a waitlist and/or hire more people to help service the demand.
I can also help you with that as well, you can click here to book a discovery session with me if you're interested.
Finally we get to the third reason why you're not charging higher fee's...
Let's assume you're going after the coaching niche to teach coaches how to create a system to attract high ticket leads.
A common objection is, "why would they go with me over all their other options?"
For instance, they could work with Russ Ruffino from Clients on Demand.
They could work with the gang over at Traffic and Funnels.
They could work with Uncle Frank Kern.
They could work with Brendan Burchard.
They could work with Eben Pagan.
They could work with Amy Porterhouse.
The list goes on and on.
How do you stand out from those people?
They have massive ad budgets, huge brands, great marketing, thousands of customers, and tons and tons of other advantages on you.
Before I tell you the ways to stand out, you need to understand one thing.
Those guys are targeting enormous markets. Hundreds of thousands if not millions of people.
If you're charging high ticket fees, you only need to work with just a few people to hit your income goals.
And the reason they're targeting those markets is because they're full of buyers and there's a lot of money there, so that's an even better reason to go into them.
So here are 3 ways to really stand out.
- Get hyper specific on who you serve and the problem you solve.
You want to become the neurosurgeon, not the generalist. Before you say duh, that's obvious advice, have you done it?
- Work on your positioning.
This is a deep topic but we can break it down to aligning your values with the values of your ideal market. This also applies to the surface level. If you want to sell to get rich quick dudes, go live in Bali and shoot all your videos on the beach.
Another aspect of positioning is your supply and demand. You want to decrease your supply (or at least have the perception of a limited supply), which will naturally increase your demand.
- Prove you can help people by actually helping them.
Case in point, this blog post! I'll tell you how I helped a friend of mine launch an ecommerce coaching business - another super crowded market.
He had the standard list of worries. Why would anyone pick me?
I'm not a guru. I don't have a list. I don't have amazing results.
I'll give you the same piece of advice I gave him.
The best way to establish your authority and get people to buy from you is to actually help them.
The best way to establish your expertise is to actually help people get a result. They don't care about anything else.
I told that to my friend and gave him a short script to post in an ecommerce group. He did so and within one week he had 25 paying coaching clients.
If you're interested in having me help you with anything I covered in this post, I've set aside some time to do so for free.
You can go to www.benbyrnemedia.com/apply and fill out a short application form.
I'll look it over and schedule a time with you.
The reason I do this of course is because I get some clients this way, but you're not obligated to become a client. In fact, you probably won't be a good fit for my services.
However, at the end of our call, if I feel you're a good fit and you like the advice I gave you, I'll make you an offer to become a client.
Thanks for reading,
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