Happy Monday, Healthpreneurs! It’s time for another solo round on the Healthpreneur Podcast. If you’re ready to make more money while creating an impact, listen up because I’m about to teach you not just why, but how to make top-dollar selling your product – even if you’re not a guru.
By charging premium prices you not only attract better clients, but you attract a better version of yourself, too. Charging higher rates is a common struggle for entrepreneurs, but what it really boils down to is a struggle in self-worth. If you firmly believe in your product and its life-changing results, why wouldn’t it be worth more?
In this episode, I break down the three key reasons why to charge premium prices. After that, we’ll dive into the how. Watch what happens when you shift your focus on delivering results, serving, and transforming people’s lives. Hint: It’s good!
If you’re selling any type of coaching or a physical product, this podcast is specifically for you. Healthpreneurs that know deep down that your product or service is worth so much more – this episode is for you, too.
Click here to subscribe to the Healthpreneur™ Podcast on iTunes
In this episode I discuss:
3:00 – 5:00 – Examples of price incongruences
5:00 – 13:00 – Why it’s important to charge premium prices
13:00 – 16:00 – How to charge premium prices (even if you’re not a guru)
16:00 – 19:00 – Getting to the top
What You Missed:
The last episode featured Pat Rigbsy, a long-time connection and original gangster when it comes to online fitness businesses. Pat has built over 25 businesses in the fitness industry, has authored or coauthored 11 bestselling books, and helps health and fitness entrepreneurs build their dream business. Amazingly, he has also written a daily newsletter – without missing a day – for 11 years.
Pat’s entrepreneurial journey lead him to be owner and often operating CEO of multiple businesses at once. But knowing himself and his potential, he knew he wasn’t giving his best to any single one of them. This led Pat to learn valuable lessons on the power of saying “no,” the need for consistency to give and operate at your very best, and the value of relationship-based business building.
He has since become a writing-wizard and happily shares his wisdom with coaching clients that want to make an impact while living their best life. We’re going to talk about the critical differences between physical and online-based businesses, narrowing your audience, consistency, expectations, and how Pat has built – and kept – lasting business relationships for nearly decades.
There are fundamental lessons for any entrepreneur in this episode. You won’t want to miss it.
What’s up Healthpreneurs? Welcome back. I’m excited to be with you once again.
Today is a special episode, because as you’re listening, I’m in Morocco. I’ve been here with the family for the past two weeks and we’ve spent most of March here. It’s awesome. My dad’s Moroccan, born in Marrakesh, so we decided to bring the kids and my mom to make a family trip out of it. It’s been a lot of fun.
As you’re listening to this, I might be playing tennis. I love playing tennis when I’m traveling with the kids and I love bringing these episodes to you.
In today’s episode, we’re going to talk about how to charge premium prices even if you’re not a guru.
I’m not talking about charging premium prices for a book or a course, because the information is toast. Selling information nowadays is a lot more challenging. What I’m going to talk about is applicable if you’re selling any kind of coaching, specifically group coaching, or if you’re selling any kind of physical product, like a supplement.
Examples of price incongruences
Let me share a story to help you make sense of this. A little while ago somebody messaged me on Facebook and asked me some questions about our workshops. We were going back and forth, and they said, “Well, do you know this person? Do you do something similar to this person?”
I didn’t know the person was, so I checked out their site. He was a body transformation coach. A big, buff bodybuilder guy. He helps men and women get in great shape. I didn’t think he did anything close to what I do, at least with Healthpreneur.
Anyways, when I looked at his website I thought, “Wow. This guy has 5,000 or more transformation stories and amazing social proof.” He had come highly recommended from this other person, was a leader in the space, and I didn’t even know who he was.
I went to one of his website tabs, titled “Work with Me.” He had one or two different programs that were 16 weeks each. There was a program to burn body fat, and another to build muscle. I looked at the price almost fell off my chair. He was charging $167 for this online training program.
Have you ever felt like someone presented something so powerful to you, then they revealed the price and it was such a disconnect from what they were offering?
I met one of our recent workshop attendees while speaking at another event. I did a round table discussion after my talk, where we talked about webinars, why certain webinars don’t convert, and how to make a webinar convert more effectively.
She told me that she has an amazing program that helps people go through cancer naturally and detox from chemo and so forth. I thought it was amazing. She spoke about incredible success stories, the people she’s transformed, then I asked her, “What’s the challenge here?”
She said not a lot of people were buying, acting, or enrolling in this. I asked the price point and she said $97. I said, “Are you crazy? That’s the problem. You’re showing people how to heal from cancer for $97.”
I know that sounds like it would be great, but it’s not. In our mind, there’s a big incongruency that happens when we make the promise of something alluring, but the price is too low. It’s not reassuring for the customer or client.
Why it’s important to charge premium prices
I want to talk about why it’s important to charge premium prices before I show you how.
First and foremost, this is not about simply inflating prices to make more money. That has nothing to do with what we’re talking about. Here’s the thing: Charging more is a very good service for your clients.
Here’s why: Number one, when you charge more you attract better clients. I didn’t say better humans. I mean clients that are more committed to doing the work. Which means they’ll get better results.
This is why someone who buys a $10 book on Amazon is unlikely to see the transformation that you could provide working closely with them at $5,000 over eight weeks. If $5,000 scares you, then you’re going to have a little reality check in a moment, and in a couple episodes we’ll talk about mindset. For now, that’s the first thing.
Number two, premium prices force you to show up in the best way possible for your clients. If somebody buys a $10 book that you created and provided on Amazon or your website, you don’t care. If it doesn’t work, you can refund it. No big deal.
Obviously, we don’t want that to happen. We’re all in the business of trying to impact people’s lives, but it’s not the end of the world if they do or don’t act with that material. I say this because I’ve written a lot of books, blog posts, and other things that skim the surface for most people. It’s a surface impact.
If you want to truly transform someone’s life and impact them at a deep level, it’s not going to happen through a book.
Surface impact may give people one idea that they can kind of pursue and move from. But to get someone investing a couple thousand dollars for a program you’re going to walk them through, that’s where you’re going to impact people the most. You’ll show up and think, “What do I have to provide to these clients to make it impossible for them not to succeed?”
That’s tough to do when you’re charging $20 or $100. When you’re charging three, four, $5,000 or even higher for your program, they are working directly with you so you can hold them and help them walk them through the jungle, the valley of death, up the mountain, however you want to think about it.
You will lead them through a world of confusion. The information age that we’re now in is beckoning for the transformation age.
People are overwhelmed with information. They’re going on Google. They’re searching for whatever it is they’re searching for. And guess what? The whole first page is full of garbage results so you’ll just end up searching forever and getting lost.
You might get an idea, then find a conflicting point of view somewhere else. That doesn’t serve anyone. Having built a very large content platform, I now believe that spraying content endlessly is a disservice, unless it’s opinionated polarizing content to draw the right people into your world.
Putting out how-to stuff like how to lose 10 pounds or 55 uses of coconut oil, is garbage. Let’s just be honest with each other. It’s not helping anyone. No one’s life is transformed because of that.
Charge premium prices.
You show up and help your clients at a deeper level and they get the results they want. That’s the key.
Third, you get paid what you’re worth. I say that loosely because if you don’t believe you’re worth $3,000 to transform someone’s health, then you’re not. I’m being very blunt with you.
If you think that you’re going to offer a program for someone that’s $100 and it’s going to transform their health, and it does, do you think that transformation is more valuable that $100? I certainly hope so.
Here’s something to remember. It doesn’t matter if you went to school for X number of years or if you’ve been doing this for so long. None of that matters.
All that matters is that you can help your client go from suffering to success.
That’s it. They want to solve their problem and if you can help them do that, that’s the only criteria that matters.
Naturally, people will want to see social proof. They’ll want to see that this has worked for other people. But at the end of the day, they must do the work. They must show up.
If you have a recipe for success to help reduce back pain, lose weight, overcome autoimmunity, whatever it is, that’s all that matters. If you have expertise that can help solve a problem for someone, the right people will pay you for it.
If you don’t believe that you are worth several thousand dollars for the life transformation you can create for someone, then I’m sad to say that you’re probably not worth it and you have to do some work on yourself. Do some work on your program so you believe in the core of your being, in every single cell of your body, down to your DNA, that what you are offering someone is going to change their life.
If they don’t act with you, they’re going to continue to suffer. When you come from a place of wanting to serve, and knowing that if they don’t do this they’re going to continue to suffer, watch what happens.
Watch what happens to the way you speak with people. Watch what happens to the level of certainty and confidence you bring to your conversations. Watch what happens to the people who will now be lined up to work with you.
People pay for certainty.
We provide certainty. If you’re offering something for $100, that’s not very certain. If you say, “Listen, if you invest $5,000, I guarantee you will transform,” and back it up with results, you’ll see a massive difference in the conversions and how people enroll.
If you’re wavering and thinking, “I think I might be able to help you.” You need to go back to the drawing board, look at yourself in the mirror, and do the work. Do the work on yourself.
Build your belief. Build your program, make it even better so the likelihood of their success is inevitable.
How to charge premium prices (even if you’re not a guru)
Now, how do you charge premium prices even if you’re not a guru?
Something that frustrates me is that so many amazing experts, health coaches, trainers, practitioners, you name it, have an expertise, have gone to school, have experience, know how to solve someone’s pain, but still feel like they’re not good enough. They feel that they must have a platform, influence, and social proof before people will even do business with them.
That’s nonsense. In real life, if you had a gym or a clinic none of that stuff would even come into the picture. Someone would come into your office, you’d have a consult, and if you felt they’d be a good fit and you could help them, it’d be a done deal. For some reason, online, we think that we must have a huge influence, have been on TV, and have New York Times bestselling books.
None of that matters. I’ve done all that stuff and I’m grateful that I did, not because of how it’s impacted people’s lives, but because of the wisdom I’ve gained from it. On episode 60, we looked at the Perfect Client Pipeline, the four-step process to building a business that is predictable and profitable. It’s an amazing episode, if you haven’t listened to it already.
That’s how our whole business was built and that’s exactly what we teach our clients to do in their own businesses. When you do that, you’re able to charge premium prices.
Here’s how: You create the desired outcome for your client. That’s it. When you obsessively focus on how to make the best possible experience for someone so that they get the result that they want, that is how you can command premium prices.
If you ask, “What are other people charging?” or put out some stuff here and there, you’re not going to get that.
It is a choice. In any market, there will always be people who are willing to pay top dollar. There will always be people who are flying first class and there will always be people who stay at the Four Seasons Hotel instead of Motel 8.
Getting to the top
The decision about what type of business you want to run is 100% up to you. If you don’t feel you can command higher prices, too bad. That’s something you must work on and get through. If you don’t feel like people are going to pay you for that, then they’re not.
If you believe in yourself, and what you can do for other people, then you will with certainty put yourself into the market and provide a solution to the right people. That is the place you want to be.
One more thing. There’s very little competition at the top. If you’re selling a course or a challenge for $100 and you’re looking at what everyone else is charging and they’re charging $77, don’t drop your price. Otherwise, we’re going to do what happened to information over the past couple years, which is a race to the bottom.
Guess where there’s not a lot of competition? At the top.
It’s your choice. It is your choice, but your choice must be based around producing a result for your clients. Now, I with 1,000% certainty with every fiber in my being know that if someone works with me in our workshop or in our Luminaries Mastermind, and they’re the perfect client, I will transform their business.
There’s not even a shred of doubt. I say that with absolute certainty, vigor, and confidence. I have no problem telling people, “Hey listen, if you’re serious about this and this is what you want to do, I can help you. If you’re not, I can’t help you.” That’s it. It’s very simple.
You must take that position. You must know that your stuff is the stuff. That your solution is the solution to that person’s problem. If you’re not there yet, you got to go back to the drawing board and make it better. Be better. It all must come down to serving and impacting your clients.
When you focus on service, the money follows. Don’t worry about, “How am I going to make the money?” Instead, focus and worry about, “How do I make this program amazing and make the results almost impossible not to achieve for these clients?”
Charging premium prices is all about better serving your clients. Thus, you’ll make a lot more money. You’ll get to live a greater life. You won’t have to worry about selling $10 eBooks and having thousands upon thousands of customers to worry about.
Work with fewer customers at a much higher price point. They’re a joy to work with. You’ll love connecting, coaching, teaching, and serving them instead of building out funnels and all the other nonsense that internet marketers tell us to do.
That’s my little rant/education for today. We’ve got some great episodes coming your way this week. Mike Whitfield, one of my longstanding buddies from the info-marketing space, is going to be talking about how to create a no-brainer product that other influencers are happy to promote. For the past seven or eight years he’s been selling follow along workouts.
He has carved himself into a very competitive market so that other people like myself can promote his stuff to our audience.
On Friday, we’re talking with Aaron Hinde from LifeAid/FitAid, an awesome beverage company. They sponsor the CrossFit Games and other cool things. He’ll talk about how he’s built up that company.
If you have not yet joined us on our Seven Figure Health Business Blueprint Training, head on over to HealthpreneurGroup.com/training.
If you’re vibing with this premium price stuff, want to serve people at a deeper level, want to build a business that doesn’t suck the life out of you and gives you more predictability (through consistent lead generation), and want more fulfillment and profit, then it all starts with this training.
I’ll see you there. Thank you once again for joining me on the episode today. If you haven’t subscribed to the podcast, be sure to do so today.
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