Why are you and your biz like happy eggs?
This might sound like a strange title I know.
Well, I’m an egg snob and if my eggs don’t have bright orange yolks, I’m not eating them. It actually reminds me of an episode of Portlandia where they went out to eat and asked the waiter if the chicken they ordered was organic. If it was free range. If it had lots of sunlight. What it’s name was and if it had friends. (Pretty funny episode if you ask me).
Well, I’m the same with my products and things I invest it. I only want top notch food for my family and myself and rather spend a couple extra dollars on that knowing I’m also supporting small farmers in the process.
I do the same with my water, my clothes and anything else I spend my money on. Quality always beats quantity and knowing there’s good energy behind it is even more important!
Why is this blog then about Happy Eggs when I’m a business coach?
VALUE. Plain and simple. Your value and how you price yourself to be more exact.
Did you know most holistic entrepreneurs have a tendency to underprice themselves by 10-15%?
In this (our) industry there is a stigma around money and asking for your worth. In my book, The Abundant Yogi I talk about this exact thing in more detail, but to get an idea we have been used to providing discounts and lowering our rates due to covid almost instantly.
Why lowering your rates is a bad idea
First of all let’s talk about perceived value and what it means in the world of commerce. When something FEELS more expensive and is presented that way, you automatically get the essence that it’s more valuable.
Think Happy Eggs vs plain old eggs. Simply the packaging and the promise was good enough to charge $1 more than regular eggs, and if you’ve ever heard my presentation about pricing then you know $1 based on a volume based business can turn into $$$$$$!!!
Now do some quick math for yourself – if you lower your rates or on the flip side don’t raise your prices (ever!), you’re basically digging a hole for yourself that will be harder to dig out of. For example, it’s easier to give someone a discount vs raising your price right?
Let’s say I’m an acupuncturist and my rates have been $100 a session for the last 3 years and then because of covid I dropped them by $10, it’s going to be harder to raise my price back to $100 since now people think my rates are $90. Instead what I could’ve done, is given a 10% off and kept my prices the same.
On another note I’ve seen plenty of businesses raise their prices in the last 6 months or add a covid tax of 99 cents!
So STOP lowering your value and your prices.
What does this all mean for you as a Happy Egg?
You want to create a value 3 ways.
- Your experience, wisdom and time. You want to make sure you show that you’re the best at what you do and price according to all the trainings and experience you have under your belt.
- The perceived value of your brand and message. Yup.
You want to show up as a professional and deliver that initial VA VA VOOM feeling when someone opens your website, your social media or anything outward facing.
- Making sure your offerings have that added value that goes beyond time. For example, my client Chloe did a 3 week breath course and charged more because she created an irresistible value stack that really (not pretend like many people do) gave over $150 worth of products and services.
Can I side note for a second? This is why ALL my clients create some sort of an online product that can be sold as a stand alone OR can be added as a BONUS on their programs!!!
Why should you apply this info right now?
2021 is your year to create and radiate. It’s vital the offerings you create and put out there show off your bad-assery. You deserve to make back all the money you’ve spent in growing your knowledge and wisdom and your diligent service to help others heal and feel better.
Go over your pricing and get it out there with pride and knowing fully you will deliver 110% of what people pay for. And if you haven’t gotten a chance to get your business planning 15 minute discover call – let’s do it!! 2021 waits for no one.
Hugs + Love,