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Are your undercharging for your services? Part 2: How to stop that madness right now.

 

You are too brilliant to be broke

I got a LOT of feedback from my last article which asked the question: Are you under-charging for your services?  Several people honestly admitted that at one time they were “chronic under-chargers,” but thankfully, they are now on the road to recovery. 

For the entrepreneurs who still struggle with this problem, keep reading.

So how do you stop under-charging?  Here are just a few suggestions:

1.) Pinpoint a niche.  This takes a ton of courage. Low-earning entrepreneurs tend to think that focusing on a niche will cause them to lose a larger share of the market. In fact I had a conversation with an entrepreneur just the other day who said, “If I only focus on women over 40 with xyz problem, then I’ll be excluding all the men!”   She was deeply concerned about this.  

I settled her fears when I said this:  ”By focusing on women over 40 with xyz problem, you become more appealing to that specific group.  You’ll speak their specific language, share solutions to their specific problems and then you will become a magnet for that group.  They’ll begin to recommend their girlfriends, relatives and colleagues because you’re positioning yourself as the expert who has the solution to their unique problems…”

I went on to say, “as they experience your awesome results, guess what…they’ll begin to bring their hubbies in too!”  Immediately she saw the light.

Pinpointing a niche is like courting.  When your man takes you out on a date, there are tons of other women at the restaurant, many of them  drop-dead gorgeous.  However, his attention is focused only on YOU.  He’s admiring YOU.  He’s listening to YOU.  He’s talking to YOU.  This makes you want to invest more time with HIM, right???  

Contrarily, if his eyes are roaming all over the place and he’s winking at other chicks, you quickly decide he’s not the right one.  On to the next…

It’s the same with choosing a niche. The biggest brands in the world became successful because they new exactly who they wanted to reach and they courted that group.  Sure, others can come along and enjoy the benefits of working with you but you gotta always know who your target is.  Let your marketing be a love song to them.

2.) Focus on outcomes.  Under-earning entrepreneurs like to explain the details of how they’ll get you results.  That’s a waste of time.  Simply highlight the outcome or the result you provide and that’s how you get people to say yes.  

For example, if you’re a massage therapist, don’t go on about what kind of hot stones and how much pressure you’re gonna put on my back, legs, arms and shoulders, just tell me which massage is best suited for my particular problem (’cause you’re the expert) and assure me that by the time you’re done I’ll be completely relaxed, my headache will be gone and I’ll sleep like a baby.  With that, I’m like “where do I sign up?”

3.) Collect testimonials.  This is one of the easiest marketing tactics to employ but it is often overlooked by under-earning entrepreneurs.  Testimonials give you instant credibility.  They can be the key to helping a prospective client make a decision to work with you.  They’re like free commercials, selling your services even when you’re not around.  Always invite happy clients to share feedback about what you did for them.  With good testimonials, you’ll have an easier time raising your fees.

4.) Offer packages at premium rates (to attract high-paying clients).  I hereby declare that the days of charging by the hour for your brilliance are officially over.  If you want to start earning what you’re worth, start creating premium packages that bring value to your client and allow them to work with you over a longer period of time.  Let them experience your magic as you build a loyal partnership.  The more results they get from working with you, the more likely they are to continue working with you…and soon they won’t be able to live without you.

I’m willing to guarantee that if you implement these 4 strategies today, you can start raising your fees within the next 30 days.  Are you ready to take this challenge?  If yes, check in below.

FEEL FREE TO SHARE THIS!  JUST BE SURE TO ADD THIS BLURB: Monique is an award-winning TV & Radio personality and a certified Income and Influence Coach for emerging women in business. Using her nearly two decades as a producer and on-air personality and 10 years as an entrepreneur, she helps women in business drop fear and excuses to become highly visible high-earners.  Her OverFlow Women’s Business Retreat is being held in San Juan Puerto Rico June 9-12, 2015.

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