The Do’s and Don’t of Discounting Your Prices
First, let's talk about why you would discount your prices.
Usually, business owners discount their pricing (and I did this a TON at the beginning of my business journey) because they are kind of in this space of desperation for money.
I think this is a huge mistake I made in the beginning. What happened to me, was that I was so so focused on making money so I could support the basic needs of my life (e.g. food and shelter) that I would take anything and everything I could get. My prices kept getting lower and lower and as a result I was attracting clients that weren’t ideal for what I wanted.
What would I do differently knowing what I know now?
I would get a job to support my life (which is what I am doing now) until I felt comfortable that my business had the consistency and momentum I desired to pay for a life I really wanted.
I didn’t want to put pressure on my little baby business to pay for my needs.
I also didn’t want my new business to feel restricted in creativity or cut off my flow because I was in a scarcity mindset.
Don’t get me wrong, necessity is the mother of invention and there are times where boot-strapping everything inspired me to work harder and take bold action I would have otherwise avoided. However, it’s really hard to make good decisions for your business and yourself when you aren’t sure if you are going to be able to afford your food or your apartment.
Support yourself so that you are never ever coming from a place of desperation during a sales call. You ALWAYS want to feel empowered and focused on what’s best for the client when you are on a call with them and pitching your service or product. Especially if that service or product is a high ticket item.
What happens when you sacrifice your price?
Let’s talking about the clients you attract when you sacrifice your price. These clients will, not always but usually, be the ones paying the least but demanding the most.
There is something about the energy of exchange that leads to this weird friction in the working relationship. I don’t know how it works but I do know that it has happened to me and many other entrepreneurs. So this is another reason why you do not want to sacrifice your pricing. Ya hear?
Sacrificing your pricing also significantly devalues your brand. You know that saying, “you get what you pay for”? Well, it’s been around forever because it’s TRUE. As a society, we associate a higher price with higher value and a lower price with a lower value. Less is given when we pay less. And more is given when we pay more.
When you charge a premium price for what you offer, you are not only inspiring your client to put some skin in the game and work hard with you, but YOU will also have some skin in the game because you are rising to the occasion, expanding your energy, and asking yourself “how can I serve to the highest of my ability? If my client is paying 2k/5k/10k whatever it is, how can I give more value than what they paid so that they walk away feeling a beautiful transformation?”
That is the priority. This client will be more committed and work harder and get better results than the clients that pay less. It’s just the reality.
Do you see how EMPOWERING THIS CAN BE FOR EVERYONE INVOLVED?
Now, what happens when you charge a premium for your product or service?
By charging a premium for what you are offering, you are saying that your work is high-value outcome.
You are saying that you are the best to offer what they are looking for. You are charging value because what you are offering is HIGH VALUE.
When you say that, your ideal clients will do whatever they can to work with you.
Keep this in mind: if a potential client is reaching out to you, they have already decided on some level that they want to work with you! If they are taking the time out of their busy lives to schedule a call with you and work with you, they want to work with you!
Assume the wish fulfilled.
If you show up with an attitude of confidence and a heart of service and generosity, then you will 9 times out of ten book that client. If they don’t book with you now but they have a great experience on the call with you, then they will very likely book you later!
I hope this helps and that you are feeling more clarity around how to manage your prices.
Does your service do what you say it will? Do you get your clients results? Do you show up to serve your clients 1000%?
It is important to consider all of these factors when you are making a decision to discount your prices or not.
Finally, allow it to be an experiment if you aren’t sure. Give it a go both ways where you offer discounted prices, and another time where you don’t. Lean into how it feels energetically. Maybe in the beginning, discounts feel aligned so that you can grow your business and a pile of testimonials. But once you are past that point, do some work in getting comfortable with calling in more.
Working with Natalia Benson, Jenna Black, and Jenn Sincero has made a HUGE difference for me. Through their books, resources and free podcasts you can shift your money story and begin taking back your financial future.
You are worth all of the beautiful abundance the universe wants to give to you.
Keep it up and let me know what you thought about this post.
Sending you love in the highest frequency!
