Alright, so you want to command higher prices? You want to earn what you’re truly worth?
Today I’m going to share exactly how you can do that in this video. But I want to start off with a little quote that William Shakespeare once said. He said, “What’s in a name? That which we call a rose, by which any other name would smell as sweet.” Now what the hell does that have to do with pricing?
Car Pricing Analogy
Well, it actually has to do with pricing, as I’m about to lay out for you here. To make sense of this, let me use the example of cars. I’m walking through my neighborhood and there’s a lot of cars. A lot of nice ones as well. We know there are a lot of different car companies. Audi, BMW, so forth. But a lot of them are actually owned by the same parent companies. And there’s this phenomenon in the car industry known as platform sharing. Whereby, the same car, two cars are the same. But they’re under different brands and have very different price points.
So let me use the example of BMW and Rolls Royce. BMW has a car, the 750i, which is kind of their mafia version, their mafia car. I believe it goes for about $100,000. So that’s kind of the ticket price. Then we have the Rolls Royce Ghost. And this car has the exact same … You know what’s funny? See that car right there … That was the 5 series, it wasn’t the 750. But that would have been funny if it had been the 750, how cool would that have been?
So anyways, we have the Rolls Royce Ghost, which is the exact same chassis, exactly the same car. A little bit more powerful engine than the BMW 750. Yet, it’s priced three times higher. It’s priced at $300,000 give or take a couple bucks here or there. So what’s the difference?
Sure, there’s a difference in stitching, and a couple of superficial things, like the way it looks and stuff. But under the hood, under the carcass, it’s the same car. Rolls Royce is $300,000. BMW is $100,000-ish. So why is that? Well, I’m going to tell you. But first, we’re going to cross the road. What’s cool is I can actually run with this camera, because I’m using this cool Gimbal, and it’s not bouncing all over the place.
Rolls Royce vs. BMW
Okay, so the reason the Rolls Royce is more expensive, is because Rolls Royce, way back in the day, chose to be more expensive. That’s it. That’s it, guys. If you want to command premium prices, it’s your choice. Nothing more than an internal game. You decide what you want to charge. This is the biggest sticking point for almost everyone we work with. “If I charge this, people aren’t going to enroll. They’re going to think it’s too expensive.” And that’s true. There will be people who think it’s too expensive and they’re not going to enroll with you.
But, who cares? Some will, some won’t. So what? In any given market, there’s always a percentage, obviously smaller, who are willing to pay top dollar for a better result, better experience, better service. I’ve never been on an airplane where first class was empty, have you? Probably not. You know the Four Seasons Hotels? Are they hurting for business? No, they’re not. People are paying thousands of dollars a night to stay there in some cases. So it’s really an internal game, that you have the choice to overcome or let it stand in your way.
How To Command Premium Pricing Through Positioning
And if you don’t feel comfortable charging premium prices, then don’t, until you get comfortable commanding them. Because if you don’t feel confident in asking someone to pay you a certain amount of money, which is a lot more than probably what you’re asking now, then they’re not going to see the value in that. Because you don’t believe in yourself. So, there’s a couple of ways we can position ourselves. And the key word is position ourselves here to command premium prices. Because what we’re trying to do here, is essentially crafting celebrity, crafting authority.
Think of it this way, Kim Kardashian. What type of value does she bring to this world? Not a lot, I don’t think so. She’s not helping people in any way, shape or form, that I’m aware of. But her perceived value is extremely high. So when she shows up at a restaurant, or she does some type of sponsored campaign or co-branded opportunity for another company, she gets paid a lot of money. Why is that?
Because what’s known as intrinsic value, which is the value that we attribute to something, which has nothing to do with its actual value … Is the most important thing. That’s why celebrities get paid a lot of money to appear on billboards for a cologne. Or to do a commercial for a car. Because people, advertisers, companies know that we humans are irrational. We tend to think that if a celebrity gets behind something, that it’s good for us. And we’re going to buy that, as a result of that association. That’s the way the world works. That’s not going to change.
So what we want to do is, we want to craft celebrity in our business. And all it comes down to is you making, number one, a decision about, “Hey, I want to be someone who commands premium prices. And if that were the case, how do I have to position myself to do so?” And the only question you have to answer, is “How do I want my markets to think of me as?” That’s it.
And you just reverse engineer everything from there.
In our Health Business Accelerated Workshop, this is one of the things we talk about, is positioning. What do you want to be known for? What do you stand for? What do you want your market to know you as for? To think of you, when they think of X. And there’s a couple of ways you can position yourself. You can position yourself in a lot of different ways. You can think of being contrarian, you think of being exclusive, you can think of being popular. So popular in terms of a huge following. If you have a huge following, there’s safety in numbers. If a lot of people are doing your stuff, it’s a lot easier for other people to do it as well.
But if no one is eating at your restaurant, no one is going to want to eat there. That’s an example. Exclusive would be, for instance, in our case, right? We’ve taken the exclusive approach. There’s only two ways that we work with our clients. And we don’t offer anything else. So there’s no lead magnets, there’s no seven dollar trip wire offers. There’s none of that nonsense. And that’s just a very strong decision that we made. Because we know to serve our clients at the highest level, we can’t waste our time with stuff like that.
How Do You Want To Be Perceived?
So you can position yourself however you want. You can be a contrarian, you can be controversial, you can do all sorts of stuff. Like the Food Babe, Vani Hari, she took the approach of being contrarian. And she built a huge business based on her passion around taking on the food industry, pretty much. So you need to think about this stuff.
You need to think about, “How do I want to be perceived in the world?” For me, I’m the world’s leading coach for health and fitness entrepreneurs who want to grow a predictable and profitable coaching business with less stress. That’s me. That’s the message I’m putting out there. And whether or not you believe that, that’s okay. Whether or not it’s true, because a lot of other people could say that as well. But can they back it up? Not too sure.
So you want to think about, instead of just being a health coach, instead of being a nutritionist, instead of just being a fitness expert … You need to position yourself as the Rolls Royce of your industry if you want to command premium prices. And there’s a couple of things that go into that. So anyways, it’s all up here. It starts with a decision. You can have a Four Seasons-like business, or you can have a Motel 8 business, as I talk about in our free training.
A Step By Step Blueprint
Actually, on that note, if you want to go deeper on this and really kind of get some big ah-has, if you haven’t watched it already, watch the 7-Figure Health Business Blueprint. It’s an amazing 70-minute training and it’s going to walk you part of this pricing process. Along with five discoveries I’ve made over the years that have helped us build two seven figure businesses. And the exact four step process we use in Healthpreneur to build our business every single day. It’s exactly how we help our clients as well.
Part of that involves premium pricing. So if you want help on this, watch the training. If it makes sense to you, let us know. We’d love to jump on the phone with you and have a chat and see how we can best support you. But it all starts with going through the training, because it will give you some really good context for what it’s all about. So, pricing, guys … It’s an internal game. It’s a decision. And going back to Shakespeare’s quote, “There’s power in a name.” When you position yourself over time and people come to know you as this type of person, there’s a lot of power in that.
Just like there’s power in Rolls Royce vs. other car companies. And that takes a bit of time. It doesn’t happen overnight. But it starts with a conscious decision. Alright? I hope this video finds you well. I’ll talk to you soon.