The Rookie Pricing Mistake Even Experts Make
In the early stages of any business, there are a lot of things to do, and not always a lot of information or wisdom around how to do them. We have a general idea of how to proceed but the details are fuzzy. Super fuzzy. So we squint a bit, worry a lot, and then make an assumption on how to proceed.
And that’s our mistake. Those assumptions. Some of them we get away with (whew!) but others come back to bite us in the butt. Like the pricing mistake I’m sharing in today’s Smiley Sessions.
Did making this mistake suck? Yup. Am I embarrassed to share it with you? Nope. Because I know that by giving you a sneak peek at a boo-boo even us experts can make, I can save you from making the same mistake in your business.
Bad pricing mistakes happen to good people. Even Pros like me. Here’s my story.
When I first hung out my shingle as a consultant, I made a really common pricing mistake. I set my price, and when no one bought, I lowered it. And then I shrunk the offer and made the price lower – again. And still, no one bought. My mistake? Assuming that a lower price equaled better value – when really, all that low price was doing was undermining my expertise and sending the signal that I wasn’t the best in the biz.
Your Smiley Sessions Challenge:
My challenge to you this week is to learn from my mistake and stop assuming that lowering your rates will get you more business. The magic move could actually be to raise your prices. Are you on board? Will your pricing support your expert status?