You need to charge high fees and the #1 reason why you’re not charging a higher fee is because you’re afraid. Some people will say, “Well, if I charge more money, maybe I’ll lose a few clients”. Maybe you will and that’s a reality but you’ll repel clients who are cheap and you’ll get clients who are happy to spend more money. I can guarantee you that when prospects and clients reach out to us for help, 9 out of 10 are charging a 5th or a 10th of what they should be charging.
For example, one of our clients was selling a 2 or 3 day seminar and he’s charging $300 for seats. I said, “Look, you need to 10x that. You need to charge $3,000.” He said, “You know, it sounds a bit too much.” What I told him is: “Charge $3,000 and use the system we have which is having a one-on-one conversation with your prospects, explain to them what you do and have a specific conversation which is called The Strategy Session”. He sold 14 spots of $3,000 and he made $42,000 by 10xing his price.
You really want to charge high fees, because you want to be the Bentley in the marketplace. You never want to be the cheap or the low end provider. You want to charge high fees for 3 main reasons: #1, your positioning will be much better, #2, you will make more money and #3, you will work less.
The positioning thing is huge because if you’re the top dog in the industry, you will attract serious clients. If you’re a personal trainer and you charge $50/hour, no one’s really going to pay attention to you, but if you’re a personal trainer and you charge $500/hour, you’ll attract CEO’s, executives, celebrities, people who have money and who’ll understand the value that you’re delivering.
The cheaper the service, the more customer service we need to do and the tougher the expectations we get with clients, because clients expect more when they pay less. Someone who really values your time and someone who pays you more is happier, because they actually listen to you and they execute on what you tell them to do.
I covered this in depth in my book. I actually gave you the whole script that we use. The scripts has made over 50 million dollars so you definitely want to use that script. My book is only $15 and you get the whole script. Definitely check that out or just go to my blog where we have the script for free.