The Case for Higher Prices

In the past few years of going out speaking and selling my CD’s and consulting I have found an interesting situation. To best describe this situation, let me state it simply: those who invest will reap the rewards. Those who don’t, don’t. Sounds simplistic, but as I explain my experiences deeper, you will understand and see my point of view. Let me “tee-up” what I have found.
When I first started in the business, I knew that I needed to have some form of back end to monetize what I teach. I had not yet thought about one on one consulting. I could either charge speaking fees, but in researching it, I found that 95% of the associations I chatted with were no able to afford speaking fees. Further, I knew that a 1 or even 2 hour talk would do little to really solve problems and challenges. As I did not yet have videos of myself speaking (I now have about 20, but in the beginning, nada, zilch, zero), I sent out some of my CD’s thinking “they will hear what I have to teach about and it will make sense to have me come speak to their group”.
What I have found out since then is the point of this article; 95% of those who received the CD’s didn’t even open them.
I put my heart and soul into this material and felt it had such infinite value, yet they would not even open them up- WTH! Fact was, it wasn’t personal. People are busy, they have life happening all around them. They simply had no skin in the game. They received this “free” thing in the mail and it had exactly that value to them. At first, I was offended, but when I pulled my head out of my armpit I realized that it was my problem, not theirs.
I figured out that those who paid me more got more out of what I sold them. Those who just came for the “free advice” or even paid a little to attend a seminar would go away satisfied, but true effect of what I taught them really did not take hold. Not that my materials we not valuable- but let’s face it- going to a 1 or 2 hour seminar does not give the constant reinforced instruction necessary to understand a concept or to master a technique.  I call this phenomenon of learning through investing “Paying for Attention”.
This article is not about me though- it is about you. I speak about what I have experienced to show my point. With you- the more people pay for your product or service, the more they want it to be absolutely fabulous and wonderful so they can almost brag about what a genius they were to hire you and pay that extra money.
When a Bride (or any consumer) invests, they want to be proven correct that they did indeed make a wise move. This “paying for Attention” principle works for every Wedding vendor out there, just like it works for me. Now simply paying for garbage is still paying for garbage. If the product or service that you sell is not up to snuff- get it there. That said, most times vendors hesitate to raise their own prices or raise the bar in their business because they have some poor belief systems which are not working for them, but working against their business.
If you prefer to waddle around in the world of low prices, you will be stuck there and will never be able to make enough money to retire and have a proper exit strategy. If you, however, wish to retire well off and make the money you deserve, it may be time to raise your prices and set the standard.
100% of my customers could have bought something cheaper whether it be consulting or information products. Doesn’t mean it would be better , in fact, I can guarantee that most of the cheaper stuff is in fact garbage. By the way- after selling thousands of CD’s I have only had to do one refund (that was to a Photographer with 35 years experience and was truly doing everything on the one CD I suggested he do).
Until Next week, Here’s to your Success~!


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