We talk a lot about how the majority of the fitness, health and wellness industry under prices and doesn’t charge as much as it could and should be charging for what it delivers. And a response I get a lot is ‘Oh but the area that I live in, I couldn’t possibly charge more than I am because people just won’t pay that.’ And that means that the person shuts down to the idea of being able to charge more.
So there’s a few things I want to say here…
Number 1, this is predominantly a mindset problem. The number 1 thing defining how much you are able to charge and how much people are willing to pay you is how much you value yourself and your services and your products – not what the other person is willing to pay. Price is very elastic. I say this a lot. Just look at the trainer industry. So you can buy a pair of trainers for no more than 10 pounds in certain shops and you can buy other pairs of trainers in other shops for more than 500 pounds. So it comes down to, not the commodity and what it is worth, but it comes down to what the business owner believes what they’re offering is worth…and it doesn’t matter what area you live in. Yes of course, some areas are wealthier than others, yes of course some areas typically have less well off families and people in them than others. However, the biggest thing that will determine whether someone says yes or no to you when you tell them what you’re offering and what it costs, is not the price – it’s how the person feels in the moment that you tell them the price. So we are very fortunate in that we live in a first world country where there are very few people in serious, serious, serious economic or financial problems – as in homeless, can’t afford food, no roof over their head, etc…and what I’m trying to make you understand is, it’s the easy way out for you to say ‘Oh people in my area just won’t pay that – I’ve tried.’ Yeah you might have tried putting your prices up, but you won’t have tried marketing the way I teach marketing so you get people so interested and hooked on the idea of buying something from you before they even meet you that by the time they turn up they’re ready to buy. You also won’t be closing the sale, the way I teach to close the sale, in a very structured way so that people go and find money if they believe that what you’re offering is going to give them this desired result and make a massive change in their life. So you can’t shut yourself off to this possibility that just because of where you live, you can’t charge a certain amount. I guarantee you – I don’t know where you live – but I guarantee you, you can charge more than you’re charging now. Because if you’re not following proper marketing techniques and strategies and you’re not following proper close the sale techniques and strategies that really explain to someone the value in what you’re offering and how their life will change as a result, they will just be judging what you’re charging based on what everyone else charges. So if you live in an area where people charge low for what you do then yeah – you’re going to get trapped in that same low payment trap…but that’s because you’re doing it how they’re all doing it! If you start doing business differently you can start charging differently and you can definitely, definitely, definitely start charging more.
But the key thing is, understanding that you’re not selling your time, you’re not selling a class, you’re not selling a lotion or a potion. You’re not selling a supplement – what you’re selling is the value in them feeling, moving and looking better and changing their life, getting away from the pain they’re in and the sadness they’re in, as a result of working with you or buying something from you. That’s what you’re selling. You’re selling feelings! You’re selling the feeling of control someone can have when they step on the scales and are 2 stone lighter. You’re selling the feeling of confidence someone’s going to have when they no longer have the fear of flying or whatever it is that you do. If you understand that you’re selling feelings and people will buy from you at ANY price you want to charge based on how you can make them feel and how you make them believe they can feel as a result of working with you, price becomes – not irrelevant – but price becomes a lot more elastic.
You will find that you can become the most expensive person doing what you’re doing in your area by about 5, 6 or 7 times, just because you’ve understood you’re selling change and results – not your time and not your sessions.
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