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We’re sharing with you the financial roller coaster that YouTube Producer Nate Woodbury had gone through in the first 8 years of his company, what that taught him in terms of keeping his eyes on long term results and how that had helped him get people to pay more for the services he was capable of offering. Interested? Tune in!
Welcome back. Would you like to be able to charge more for your services? In this episode, we’re going to talk about how to get people to value your services more so you can charge more. I’ve really figured out how to do this. So, I’m going to teach you. I’ve been in business 9 years. But to be transparent, the first 8 years has been a really rough financial rollercoaster. Yeah, really rough. Meaning, I’ve had some great months but I’ve had some terrible months that eat up all the profits from the great months. There’s been times of sitting at the Walmart parking lot. This memory always comes back to me. I couldn’t afford to buy diapers and I was just sitting in the parking lot in my car wondering what to do in tears. The times where I’d go to my mom asking to borrow money and then telling me… And her asking me, “Why don’t you just get a job, Nate?” The resilience and the determination, that’s a topic for another episode. But needless to say, first 8 years were really rough. So, what’s the difference? Well, it’s a combination of a few things. The first thing is I really started focusing on the end result. It was easy for me to do that because that’s what drives me. I don’t like just creating a service and selling that service to my clients for the sake of them you know getting a website or getting a video. I’ve done all those things and I just don’t let fulfillment. Or I get fulfillment is getting my clients results. And overtime of doing this, I’ve got so many results for my clients that I could easily paint the picture. And I know what the results are valued. It’s no longer a question of how much time am I putting into it or how much are the steps that I’m doing worth but how much is that end result worth. If you’re going to come and work with me, I’m going to get you this result. And that result has a much higher value perceived value and real value. I say perceived value because they’ll look at that and think, “Wow, that is valuable.” They’ll perceive it as a lot more valuable. And it’s a literal value because it’s a higher investment but yet the return on the investment is many-fold. Now, I want to kind of take an aside here and just talk about the principle of value exchange. If I had a service that cost $100,000, valuable, right? And if I were to give that to somebody and charge them $1,000 for it, even if it’s the exact same service, the exact same quality, exact same coaching they’d pay… Let’s say they pay a hundred bucks a month for the year. So they pay $1,200 instead of the real price, okay? How much value are hey going to get out of that? They’ll probably get $1,200 of value out of it. That’s how much they’re their exchange and they put in 1,200 they’ll get 1,200 out of it. Have you ever given away something for free or have you ever received something for free like an e-book or something? Did you read it? Did you look at it? Did you watch it? And if the answer is yes to those, let me ask this follow-up question. Did you implement it? Did you apply it? But what if you would have paid 10,00 bucks for that training? That video, that book. If you would have paid 10,000 bucks for a book, you think that you probably have that book memorized? Underlined and gone back many times to apply it and make sure that you’re implementing it that you’re getting the ten thousand dollars of value out of it. So with that said, you can help your clients get bigger results just by charging a bigger price. Really, it’s that easy. Now, another thing that I want to share is I had the idea in my mind. I had this vision of what my ideal client looked like. I’ve kind of who my ideal client is or was. And the price point I was charging, a little over a year ago… Those, it didn’t attract those clients. They might have been looking for my services. I might have been a great fit to help them but when they saw my low pricing, it’s like there was no way he can get the results that he’s he’s promising with that type of a price point. As soon as I raised my price point, quadrupled it. I quadrupled my pricing. Added in some profit margin, okay? Those same people looked at my service and like, “Well, yeah. Let’s do this.” Okay? Also, I had the outcome in mind what we talked about the result. And that leads me to the next front so I want to talk about is track record. When you have a track record, you can showcase those results. People will see that. I mean for me, my track record is so huge that I get referrals. I don’t even have to do any marketing. I get referrals and in word-of-mouth. I network and people see what I’ve done. And they’re like, “Okay, what does it look like to work with you. I want to work with you.” So, track record is huge. What can you do to get a good solid track record? And now when I’ve shared these details with others about how I’ve raised my prices, you know, I get questions like, well you know, “Did they ever complain about the price raised? Or do they know or did they… Did they try and negotiate a lower price? I only had those things happen. I only had negotiation things happen at my lower price point. When I raised my prices to where they are now, people don’t question it. They basically they want to see the agreement, they want to look through it, make sure everything’s good. I get… I have a year agreement with my clients and then they pay it. And that’s that’s caused me to really reflect on some things in things that I buy myself. And that I don’t like to use coupons anymore, I don’t like to note go she ate pricing. Because if I’m buying an outcome, I’m buying a result and then I try and negotiate that price, it’s like I’m kind of negotiating the result. Well, can I go she ate the value exchange here? Maybe that’s a stretch. But that’s how I look at it. Now, I don’t have all the answers but I have figured some things out and I feel such relief. I don’t feel stress and anxiety of entrepreneurship like I used to for the first 8 years. And I just feel this sense of desire and purpose to help others going through that similar struggle. So, share of me where you’re at. Where are you at on that journey? Are you still on that financial roller-coaster? Where are you in creating that track record? Where are you in positioning your message and our products or your services towards those results? Towards that outcome? Where is your pricing right now? Are you attracting your ideal clients right now? Comment below and I look forward to continuing this conversation. Be sure to subscribe and we’ll see in the next episode.