One of the biggest challenges facing entrepreneurs is what is commonly known as impostor syndrome.
Impostor syndrome is the feeling that you’re not as capable as others think you are – like you’ve somehow fooled everyone into believing you’re competent. Even with success, you might feel like a fraud. It’s common, but it’s not the truth.
A common result of this false belief is the fear that increasing your rates and being paid what you’re worth will cause you to lose customers. Join us as we sidestep this concern and learn how to raise and maintain rates with confidence using BNKConnect.com.
Your Time and Experience are Valuable
Whether you’re a Personal Trainer deciding how to set prices for group versus private training sessions or a Personal Shopper deciding how to charge for access to your international luxury fashion suppliers, setting sustainable, lucrative, but competitive rates is always challenging.
Rather than focusing on market trends or undercutting your competition – all strategies that tend to only offer short-term gains – you need to promote the value you bring to the table.
Your pricing strategy needs to take into account:
- Your level of expertise and experience
- What sets you apart from your competition
- Your proven history of delivering results
You choose how potential clients see you. By sharing facts about your service, testimonials from overjoyed clients, and other thought-provoking content, you are leveraging social proof to move from “charging for time” to “charging for value”.
This is where curating your business profile on BNK Connect adds so much value. All your positive ratings and client testimonials add weight to your claim of being the best in your field.
Value Is In The Eye of the Beholder
When adjusting your prices, it is up to you how you address the change. Rather than being apologetic for the price hike, make it a point of pride. Use it as a chance to upsell your expanded personal trainer skill set, increased market demand for your personal shopping expertise, and improved service delivery.
Here are examples of messaging your new rates that ups your brand value:
- “I’ve recently expanded my services and refined my process to deliver even better results…”
- “I’m fully booked and grateful for the growth…”
- “Due to increased demand and the improvements I’ve made…”
You can even tailor how you address your new rate card, using your bigger and better service as a hook:
- “My rates will be adjusted to match these elevated service levels.”
- “My new rates reflect this increased value and will take effect from…”
- “Due to this greater access to unique items, I’m increasing my prices starting…”
High-value brands don’t shy away from increasing the cost of an item; instead, they invite customers to leave the old behind and buy into the new, better thing.
The Smart Way to Set New Rates
When introducing your higher price point to the market, two factors to keep in mind are practicality and professionalism.
Practicality: Promotion & Objection Handling
Your business does not exist in a vacuum. This reality means you need a plan of action to draw your clients’ attention to your successes and value proposition before you drop a price update on them.
Doing this groundwork will also position you to handle objections. When you receive client pushback, you can point them to this ‘proven track record of success’ that justifies your new pricing structure.
You can also pre-plan a short ‘special deal’ for existing clients, like allowing them to stay on the old rate for another three months, if they pay for it in advance.
These strategic accommodations can ease customers onto your new plan while securing additional revenue, which you use to grow your business even more.
Professionalism: Communication is Key
No business or interpersonal relationship can succeed without clear, constructive and intentional communication.
The 3 keys to effectively communicating these changes are:
- Provide advance notice of the increase: Ideally, allow your clients a month to adjust, as most people plan their budgets around their salaries, not their savings.
- Keep the tone of the communication personal: Allow your personality and relationship to shine through. Don’t go corporate out of fear of pushback – you have a plan, remember?
- Always promote your value: By highlighting the success they’ve enjoyed and the value you add personally, you keep the conversation focused on value, not price.
Best of all, as a BNK Connect fitness expert or high-end personal shopper, you can create and share this messaging with your entire client base at once. While the notification will be sent to all your clients, they will receive it in their inbox as a direct message – not a mass communication.
BNK Connect Has Your Back
Whether you need to communicate new pricing models, elevate your profile with reviews and testimonials, or acquire new clients through our marketplace, BNK Connect is an all-in-one platform tailored to support your business growth.
We know your worth and have ensured that our scalable solutions are available to help you achieve the success you deserve.
