Stop Underselling Yourself with Robin Waite: An EOFire Classic from 2021
Mar 24, 2024
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In this podcast, Robin Waite discusses the importance of confidently pricing your services, avoiding undervaluing yourself. He emphasizes setting prices based on value, not hours, and advocates for productizing services. The episode also explores unconventional business strategies, CRM for startups, and optimizing pricing for maximum profit. It concludes with encouragement to value your worth and charge fearlessly.
Set prices based on business goals, not competitors, to attract clients and succeed.
Transition from hourly rates to fixed fees based on value for better client satisfaction.
Incrementally raise prices, challenge scarcity narratives, and seek coaching for fearless pricing strategies.
Deep dives
Don't Follow the Crowd in Pricing
In the podcast, the speaker emphasizes the importance of not pricing based on what competitors charge. Using examples of local service providers, the speaker explains that pricing like competitors can be a mistake. Instead, setting prices based on business goals is recommended. The speaker highlights that being the most expensive while offering excellent services can attract clients and lead to a successful business.
Charging by the Hour is Unethical
The podcast discusses the speaker's view that charging by the hour is fundamentally unethical. Through examples of web design services, the speaker illustrates how hourly rates can lead to dissatisfaction and extra charges. The speaker advocates for productizing services and charging fixed fees based on the value provided. By transitioning from hourly rates to fixed fees, businesses can enhance client satisfaction and increase profitability.
Gradually Increase Prices for Success
The episode delves into strategies for increasing prices gradually instead of drastic jumps. By incrementally raising prices and testing the market's response, businesses can find the optimal pricing point. The speaker encourages stepping outside the comfort zone to discover the value that customers are willing to pay. Additionally, the episode explains the compounding negative effects of offering discounts and how increasing prices can lead to higher profitability.
Overcoming Money Mindset Challenges
The podcast explores the influence of early childhood money blueprints on financial decisions in adulthood. The speaker discusses how scarcity narratives can impact business decisions, leading to underpricing. By challenging emotional attachments to pricing and avoiding reactive discounting, business owners can develop a healthier money mindset. The episode concludes with the importance of being patient in pricing strategies, focusing on value delivery, and charging what one is worth.
Conclusion and Takeaway
In wrapping up the episode, the speaker underscores the importance of fearless pricing strategies and seeking coaching for understanding one's worth. A key takeaway is to be brave in pricing, incrementally increase prices, and package services effectively. Listeners are encouraged to visit fearless.biz/fire for a free copy of the speaker's book and further engagement. The episode emphasizes the value of maintaining a supportive network and continuous learning for entrepreneurial success.
From the archive: This episode was originally recorded and published in 2021. Our interviews on Entrepreneurs On Fire are meant to be evergreen, and we do our best to confirm that all offers and URL's in these archive episodes are still relevant.
Robin is a Husband, Daddy, Cyclist and Surfer. During his spare time he helps coaches, consultants and freelancers to be fearless and confidently charge more!
Top 3 Value Bombs
1. You do not always have to follow the crowd. Most of the time, it is better to go the other way around.
2. You can charge as much as you want, as long as you are confident that your skills will guarantee your clients' best results.
3. Be fearless about your pricing. If you face challenges in understanding your worth, then speak to a coach about how you can find creative ways to charge more for products.
Apply for a FREE copy of the bestselling business book, Take Your Shot - How to Grow Your Business, Attract More Clients and Make More Money - Take Your Shot
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