When you want to bring in some fast cash or if things have slowed down, you may feel tempted to attract clients by lowering your rates. This is an extremely common reaction and I understand why you might think it’s a quick fix. However, this is a strategy that will not serve you in the long run.
I’m going to share three crucial reasons why lowering your rates is a path you never want to take.
1. Lower Rates Devalue You. When you discount your services, you devalue yourself in the eyes of your clients or prospects. They see you are willing to compromise on what your services are worth. In addition, you devalue your worth in your own eyes, which negatively impacts your self-esteem.
2. Professionals Don’t Lower Rates. Look to the people you consider professionals. Do they ever lower their rates? Most likely, they don’t participate in this behavior. Professionals know the value of what they offer.
3. Don’t Underestimate the Value of Convenience. In fact, if you offer a service by phone or go to your client’s place of business, they don’t need to drive, get stuck in traffic or pay to park. This makes your service even more valuable because of the sheer convenience.
So, make me (and yourself) a promise right now. Put your name into the blank as you take this pledge. I, ________, promise, that I will NEVER ever lower my rates again.
You are setting your intention to never discount yourself again which is huge – stick with this.
Now, if you want to drum up some new business, think about ADDING VALUE. What additional goods or services can you add to make your offer juicier and hard to resist? Bundling goods and services with your regular offering will attract new clients.
Here are a few enticing ideas to consider for adding value:
– A bonus call to check in after clients implement your advice.
– Your home study system.
– Emailing in between sessions.
– Your new book or audio.
– Access to your group program for a private client.
You want potential clients to think, “How can I pass up such a good deal? I’d be crazy to pass this up!” When you add value to your regular offering for a limited time, you can attract more clients without devaluing yourself with lower rates.
It’s a good idea to offer added value for a limited time. Otherwise, people might feel they have all the time in the world to take advantage of the deal. That won’t be as motivating. For this reason, many business owners offer “Fast Action” bonuses when doing a launch, to motivate prospects to become clients NOW.
If you’ve been lowering your rates or discounting, I hope you took the pledge while reading this post. If you want to attract new clients, think about what they could really use right now that would be hard to pass up. You can always do a little research by asking a few treasured past or current clients what might work for them.