It's challenging. It's difficult. And of course pricing is a touchy subject.. and everyone wants to feel like they're getting a deal. And I know you feel like you can't raise your prices, because then no one will hire you as their migration agent, and then you won't be able to pay bills, mortgage etc..
The truth is, buying is actually not a logical decision. No matter what they're buying, it's an emotional one. A decision that is often based on their perceived status increase or decrease, and a fear of looking stupid if they make the wrong decision.
According to many studies, this brain of ours isn’t actually very good at calculating how much something is “actually” worth. Instead, our brains take a “best-guess” approach based on the pricing of other things that it thinks are similar.
And there are hundreds of studies that show how illogical our brains can be when it comes to making purchases.
For instance, research has shown us that:
> People think wine tastes better when it’s priced more expensively
> People buy more when you make the font size smaller or remove the comma.
> People assume when something has a higher price, it’s better quality.
> People tend to buy the medium-priced option when you offer them 3 choices.
So, what does all of this research about brains tell us about the way we set our prices?
Quite simply, it means that the price that someone is willing to pay for your services is NOT based on your experience, your offer, or how often you talk about them.
Instead, the amount you can charge (and get people to pay) for your services is entirely based on your prospects’ perception of the value you're adding.
And while there are some psychological tricks you can use like removing the comma from a price, it’s actually the concept of value that is the key to your approach to pricing your services.
And that approach needs to be consistent in your marketing, your consultations and your service delivery.
So, why should you charge more for your services (apart from the obvious that you'll earn more)
1. Higher Prices Make You More Desirable. If you are telling the prospect that you're a skilled and successful migration agent, then charging 40% less than your competitors, it will create skepticism with the prospect and you will smell of desperation.
2. Higher Prices Differentiate You From Competition. Your services and expertise are not a commodity. Why treat yourself like one? If you've done some reading on marketing, I'm sure you're familiar with 'red ocean' and 'blue ocean'. The 'read ocean' being full of sharks, and blood from their kills. The 'blue ocean' being a crystal clear turquoise ocean with no sharks to be seen.. Well if you're only competing on price, and not positioning your services attached to an outcome, you're in a red ocean - and you will only get eaten by sharks.
3. Conquering Price Fear Will Translate Into Other Areas Of Your Business & Personal Life. Believe it or not, but pricing is just a shift in your own mentality. Conquering fear head on is the only way to inoculate it - and I know first hand, that charging appropriately for your services means you don't end up resenting your clients or yourself and you will lead a more fulfilled life.
Great - So How Do I Charge More For My Services?
You've got two options here. If you're mentally as strong as concrete, and have a commando like attitude - you can 'just do it'. And work on your consultation style to peg the prices to an outcome.
However, if you need to warm up your mindset to the idea, and build confidence, here's the quick and dirty on how you do it:
1. Write down a list of 20+ benefits of using your services and how you've helped people reach their desired situation and changed their lives for the positive.
2. Before the consultation session, write 10 ways you can add value to a prospects life - Doing this right before you jump on a call or meet with them will reinforce confidence in your brain and demeanor.
3. Detach from the outcome when are in a consultation. If they're a good fit for your services, tell yourself that you are only here to add value and serve the person you're speaking too, and if they buy or not - it doesn't matter. By showing a level of indifference, you come across as not needing their money, and doing it solely from a position of adding value to their life. It's about them, and the outcome that you can provide.
Have no attachment to the sale, come from a position of expertise, diagnose their situation and if you're a good fit to work together, don't let that person leave the consultation without a firm yes or no!
And so here are your key takeaways:
People don’t buy Immigration Agents. Instead, they buy life-changing migration solutions, clear cut value in their life, and a positive sum outcome.
If you can show them the value that you provide, people will choose to work with you at a premium price.
Therefore, you should move to premium pricing because you attract fantastic premium clients, you make more money and profit, and you repel the P.I.T.A clients.