Get Clear On Your Value and Charge What You’re Worth
If you’re a high-vibe entrepreneur, your business is based on your expertise and the value you deliver to your clients and customers. It’s the basis of everything you do. When it comes to pricing, you need to fully understand your value to be able to charge what you’re worth — and find your sweet spot that also allows you to attract and keep your dream audience.
What is “perceived value?”
We may not always want to believe it, but study after study shows that people who charge more typically do better because of a little thing called “perceived value.”
You’re likely familiar with this concept. Consumers — us — historically think products or services with a higher price have a higher value. That commercial pain reliever? We believe it’s more effective than the generic. The pricey Cabernet? We just know it tastes better than the cheaper one. How we assess value has a lot more to do with our own psychology than with measurable facts.
Determine your pricing based on perceived value.
In economic terms, perceived value pricing is determined by how much customers are willing to pay for a product or service, rather than on how much it actually costs to make it. People who do the best in their industries charge accordingly. They charge what they’re “worth.”
This isn’t about greed or seeing how much you can get out of people. That wouldn’t be high-vibe. Not one bit. But to a great extent, you’re “worth” what feels right to charge based on the value you know you constantly deliver. If it helps you get into the right service mindset, don’t think about what you “charge.” Instead, think about how the passion you bring to your business provides a return on your client’s investment. To every project, to every engagement, you’re bringing the expertise that only you have — the expertise you’ve literally spent a lifetime developing.
Consider all of the things you do that enhance your expertise and add value to your brand. You stay up on trends and attend conferences. Or you read everything you can get your hands on that relates to your industry. With every new project or new client, you gain experience and knowledge. Experience you can pass on to your next client. Hopefully, you’ve also invested some serious time into crafting your authentic, high-vibe brand. All of these things are factors in evaluating your worth and add real value to the products and services you deliver.
Get clear on your value.
If you’re facing imposter syndrome, or you just need to get clear on exactly what it is about you and your work that’s valuable, unique and high-vibe, check in with yourself by asking these questions:
- What do my customers get in return for working with or buying from me?
- How does my work improve their lives?
- What specific outcomes can my clients expect as a result of our work together? (Or as a result of using my products?)
- What really drives my clients to work with me or purchase my products?
- What do I do to continually improve myself and my brand?
- In what ways is my brand different from similar businesses?
The profitability worksheet in our High-Vibe Entrepreneur Method Workbook can help you assess the costs of your offerings, from resources and time to materials and equipment. It’s also important to understand your cost of doing business and outside costs so that you’re never tempted to undervalue yourself.
When you work with clients that are also high-vibe, they will happily pay for the value you create.
If you found your way to our email list, chances are you’re in a highly specialized niche business and you deliver a premium product or service. You probably got into business to make people’s lives better by doing what you do best.
People do business with people they admire, like and trust, which is why it's so important that your brand is an accurate reflection of you. Your brand is often someone's first impression, and it can validate or influence their decision to work with you.
When you charge what you’re worth, you’re also setting a high standard for the type of people you want to work with. The clients that perceive you as valuable are the same clients who will get the most value out of the work you do. This helps align you with the right audience for your specific offerings — the clients your products and services will truly benefit and those who will thrive through your offerings.
Coming to terms with your value will allow you to grow and evolve your business.
When you understand your value and you’re dedicated to doing your best work for the right people, the sky's the limit. There are endless opportunities and connections to be made. When you show up as your awesome self and play big, the universe shows up for you.
Whether it’s a power pose or mantra, it’s helpful to have a practice to remind you to stay true to what you’re worth and attract those clients who recognize it. Here’s my personal mantra that might work for you, too. Feel free to make it your own.
“Dear Universe, Send me the people whose lives and businesses will benefit from our work together. Send me the connections I need to make so that I can be the biggest, fullest expression of who I was put on this earth to be. Send me the souls I was meant to touch.”
The world is waiting for you!
You’re not just a regular entrepreneur, you’re a high-vibe entrepreneur, which means more is expected of you. You were put on this earth to shine, and shine bright. The world is waiting for you.
Want more guidance as you create your business and your brand? Are you looking to connect more deeply with your audience? We can help. We specialize in creating meaningful brands that get noticed. Shoot us an email or schedule a call with me to get started!