Episode 23: The story your pricing is telling

00:54 You're listening to The Business of Stories with Susan Paton, showing you how to share stories that do the selling in your business so you don't have too. Many years ago my aunt moved to Salisbury a beautiful city in the south of England after divorcing her husband Because she was moving some distance, she had to close down her busy hypnotherapy business because it was too far for any of her previous clients to travel. So when she arrived in a new area, she had to start her hypnotherapy business from scratch but soon got very busy Word spread that she was helping client's get great results and her business took off In fact, she had a waiting list of people that wanted to work with her

01:46 I've always been interested in business long before i ever started one. So we were chatting one time when i said to her that once you've had a few clients and you've got people referring you, your business can grow quite quickly based on those word-of-mouth recommendations but how do you get your first client when you're not known in the area and you're competing with all the other hypnotherapists who are already well established and known? And her answer blew me away. She said, well the first thing I did when i arrived is look up every single hypnotherapist I could find listed in the area there were over a hundred of them then I checked their prices some advertised their prices publicly so it was easy for me to list them but a lot didn't so I rang them and asked them

02:43 Oh wow, I said. Okay so then what did you do? I'm guessing you priced yourself somewhere in the middle or so you weren't the cheapest and you weren't the most expensive oh no she said why would i do that that doesn't tell people anything about me other than that i'm somewhere in the middle No! I went to great lengths to make sure I was THE most expensive hypnotherapist in Salisbury and I've never looked back I saw instantly what she meant. If she was the most expensive hypnotherapist in the area, people would assume that she was the best! Her pricing would tell that story. Now let me be clear about something… My aunt did believe she was the best – she had lots of experience and knew what a difference she could make to people's lives

03:39 So I'm not suggesting that if you're a brand new coach and you're looking for your first ever client, that you position yourself as the most expensive coach in your niche. But what I am saying is that the quickest, most effective way for my aunt to stand out in a very busy marketplace and show everyone that she valued what she did very highly and that she knew that the changes she was able to help her clients get were so good that she positioned herself as the number one hypnotherapist in her area.

04:17 And she did that by making a strategic decision about her pricing. She knew what story being the most expensive therapist would tell about her and she was very intentional about that, she knew she could get people great results and she wanted other people to know that too! She ran that practice for many, many years until she passed away. And she was always busy! She always had a waiting list. She continued to get her clients great results and regularly checked in with what the other therapists were offering to make sure she stayed the most expensive hypnotherapist in town

05:02 This is one of my favourite topics and one we often end up discussing inside Storytelling Mastery, especially when we're focusing on the Your Value module of My Framework that I covered in episode 8 of this podcast. And by your value, I mean the value to your ideal client of what you help them do What is the value to them of the transformation, the shift, the clarity, the confidence, the results that outcome that you help them get? Your value isn't even about you. It's about your idol clients and the value to them of you helping them change their story because if people don't see the value to them of working with you or buying your product or service they won't buy

05:57 Simple. So we always want to be talking to and showing our ideal clients what we help them do, and be, have and achieve... And who we help them become! But like I said, I did a whole episode on that so if you haven't already, go check out episode 8 What i wanna talk about today is your pricing – what you charge This is a huge often emotionally charged topic It can be triggering for some people. It can make people uncomfortable, it can create fear and worries about being judged, it can be tied to feelings of self-belief and self worth, and it can shape the stories you're telling yourself I find this especially shows up when I'm working with coaches So many coaches undervalue what they do And get caught in a trap when it comes to pricing their coaching sessions & packages

07:01 And it can bring up big feelings in people, which I always find absolutely fascinating. That something as practical and functional as money – something we need to survive and keep our business running and do the things that we want to do – can be such a loaded deeply personal topic that causes some people a lot of anxiety So what I'd really like to do in this episode is open your mind up to another perspective, another way of thinking about money and pricing. And show you that your pricing is telling others including prospective clients a story about you whether you realise it or not. And the story its telling might not be the one you think it is or the one you want it too

07:54 It might be bringing you the wrong clients or keeping you stuck. So let's look at that, but first let me tell you a story about how I saw my mindset around pricing change At the beginning of 2019, I flew out to Nashville to train as a Certified Storybrand Guide it was five days of training and on the last day they gave us a manual and right at the front of it was a price list These were the prices they suggested we charge as newly qualified StoryBrand guides. The reason they gave us a price list was A, to give us some idea of what we could charge because some people had absolutely no idea where to even start with pricing their new offers and B, to have a minimum pricing structure that every StoryBrand guide agreed never go below

08:54 So there'd be no undercutting going on and it would help to keep the brand seen as something high-end and high value. So we were given the price list, and told that we could of course charge more but it would work better for everyone if we never charged less! As I flew home, I sat on the plane thinking... No one's gonna pay me £1500 to write their homepage? That's way too much Maybe in the States people can charge that and customers are happy to pay it, but I convinced myself people in the UK won't pay that. I just couldn't see how I could charge all that money for something I actually found quite easy to do! I've always found writing copy and storytelling easy

09:45 But I had agreed to charge those prices. So when I got home, I put out a couple of posts and some of the people who'd been following my journey and knew I'd done the training in Nashville reached out and asked about working with me so I got on a call with them and I told them what my Done For You package would look like And how I would interview them on Zoom to capture and gather their stories, and get clear on what their business is about and who it's for. How I would help them come up with a really clear and compelling message. And how I would then write the copy of their homepage section by section really tuning into their customer story and speaking to that outcome and transformation they really want. Then I took a deep breath...and told them the price!

10:36 1,500. Not one of them flinched! They all said something along the lines of, ah that sounds exactly what I need and i'm so happy you're going to do it for me how do we get started? I quickly realised that clients were more than happy to invest in my services because of what they could see it would help them achieve And after I'd done a few and had some examples and testimonials, and saw what huge difference it made to business owners to have me cut through the noise of all the things they thought they should talk about and pull out their golden nuggets to craft a really clear compelling story and message. I put up the price to $2000 and people carried on buying!

11:28 And I carried on refining my process as I went. I got better at knowing what information I needed up front, and giving clients a really clear timeline and streamlined process so they always knew what each step was and when the project would be completed. I got lots of feedback and looked for ways to make the experience even better – for clients AND me! I added a couple of other elements to the package, like a brand messaging guide that my clients could share with their team or anyone helping them with social media. And as I did all those things the story in my head evolved and I continued to put up the price. Within a year I was charging £4000 for what I called my Foundations Package and 2020 was the first year I hit six figures in revenue!

12:25 It's so funny to look back and think about where my head was at as I sat on that plane, thinking that no one would pay £1500 and I'd have no clients and no business. But that was because at that point I didn't fully understand the value of what I was doing and what a game changer it would be for my clients! But I know that trying to decide a price or putting your prices up can feel scary. And I'm not here to tell you that you have to double your prices, or be the most expensive! But I also know that when people decide whether to work with you or not it's rarely about the price – its about whether or not they see value in what YOU help THEM do

13:21 And let me give you an example. At the beginning of 2020, Nick booked a call with me He already had a successful business but he was looking to start a side project that he wanted a one-page website for So we got on a call I've always loved talking to people and getting to know them so i asked him lots of questions about his new business and where he saw it going and then i talked him through my foundations package I told him how we'd really get to the heart of what his business was about and who it was for, and the problem it solved. And I'd craft a message and story for his website that would position him as the person that could help his ideal clients get the life they wanted. Then I told him the price – £4000. He thanked me for my time, said he had a couple calls with other Storybrand guides booked in, and he'd come back to me in a week or so!

14:22 A few days later, he booked another call in. He told me that he'd spoken to the other people and that they had both quoted him £1500 for the same package. OK I said Then he asked me Do you know that you are the most expensive story brand guide in the UK? Mmhmmm I said And waited...He smiled Ok well I would like to work with you so when can we start Nick became a great client who later came back with another project and bought my foundations package again. And we're currently talking about doing another one later in the year! I asked him why he'd chosen me over the other people, who had had the same training as me with the same company AND were significantly cheaper...and he simply said… you got it

15:20 You really understood what I was doing and you were almost as excited as I was about the vision. I really felt like you listened and that you got where I wanted to go, and that you could help me get there! It had nothing to do with the price – it was all about the story… And the value... And the energy One of the most important things about pricing is the energy associated with it If you tell someone the price of working with you, but deep down your thinking that's way too cheap. What I do is actually worth a lot more or they say yes to working with you and your first thought is this is actually going to be a lot of work for me for not a lot of money. I should have charged more then you'll likely be going into that project feeling a bit resentful and that's not a great energy to be in

16:23 You want to feel really good when someone says yes about working with them, about the work you're going to do together and about what you're going to be paid for doing it. And the same goes if your energy is an anxious one because you think you've overcharged If you decide to price your package at 10k because everyone's telling you should have a 10K offer and someone buys it And you immediately go into a panic about if you're going to be able to deliver that kind of value or what their expectations are going to be, or if you're gonna feel out-of-your depth. Then that's not good energy to be going into the project either! That's stressful and you'll be second guessing yourself before you've even started so energetically your pricing has to feel good to YOU first

17:20 And when I'm working with clients and helping them with this, because pricing almost always comes up when we're working together. We always start with what feels good to them and by good, I mean that when someone says yes it feels exciting you don't feel like you've undercharged or overcharged You're really happy with the exchange because that's what money is right? And your energy is high! And you're excited to get started And when that's the case, there is a good chance that the people who say yes are the people who that investment feels good for them too. It feels a good match! It feels aligned with the value they are putting on what you're going to help them do

18:11 It doesn't feel too cheap. It doesn't feel too expensive, it feels good and they're happy to make that investment to have you as their guide! Their energy is high and they're excited to get started too Nick wanted to work with me because he placed a high value on the fact that I got it. I got him, I really understood what he was doing and his vision and where he wanted to go And he felt safe and reassured that I could help him get there So how do you know if your undercharging? As i record this episode im working with a client

18:54 She's a coach and works with leaders in business, founders, entrepreneurs, CEOs. And she has over 20 years experience herself in building and leading businesses. She deeply understands entrepreneurship and the emotional toll that leadership can have on those trying to build something meaningful that helps make the world a better place She supports them to thrive, no matter what's going on for them so they can make the impact they want to make. And when I went to her website to look at her current messaging and how she was communicating the value of what she does my chin hit the desk! She was offering a 90-minute deep dive session with follow up for £149 and that worried me

19:53 It worried me that she wants to attract business leaders and position her as that guide for them with all her experience, depth of knowledge and real-life understanding about what being a leader in business is like – that a lot coaches don't have. And she's valuing THAT at £149! It felt such a disconnect A disconnect between how she's positioning herself with all her insights and everything she brings to the table, and what she is saying that working with her is worth. Because the story she's telling is that she thinks what she does with clients – and the change, outcome or transformation she helps them get – is worth £149.

20:46 Value is all about perception. What people perceive something is worth, not what you are worth! Let me be clear about this... This is not about you it's about the value to your idol clients of the experience, the journey that outcome you're going to help them achieve If you pay £39 for a flight with Ryanair, what are you going to expect? A basic no-frills service that will get you from A to B but it's not going to be an amazing journey. It's not gonna be about the experience or the care or service or how it feels But Ryanair don't take that personally They know who they're for and they speak to their customers about what matters to them

21:42 Compare that to what you would expect if you paid hundreds or even thousands of pounds, to fly with a premium luxury airline like Emirates. You'd expect great experience – to travel in style and comfort, be looked after and arrive at your destination feeling rested and refreshed and cared for. Emirates know who they're for and speak to their customers about what matters to them The disconnect comes when you're positioning yourself as the perfect guide for your ideal client with your unique blend of experience and insights, lived experiences and understanding and skills but pricing yourself as a low budget no frills service. For someone to see the value in working with YOU, you need to see it first!

22:42 And then everything from how you show up and the way you talk about what you do to how you work and what you charge has to feel aligned, and a good fit energetically for the people who are your ideal clients. So as you think about your pricing and the story it's telling about you... How do YOU feel? For some of you, I know that the story you're telling yourself about what you can charge might need looking at. It might need an upgrade! The question isn't what people will pay YOU – it's what your mindset is around money and pricing. It's how YOU value WHAT you do… And how much you understand the value to your idle clients of what you help them DO

23:39 Deciding how to price what you do is about knowing who you're for and who you're not, What problem you want to solve. What experience you want to create The standards you want to set And how can protect your energy so that you can show up fully One of the reasons I put my foundations package up to 4k was because i didn't want to feel like a factory churning work out I wanted to be able to fully immerse myself in each project, bring my best self to everything I did and do the best job possible for each and every client. Couldn't do that if i wasn't charging enough because I'd need to get through each project quickly so I could get more clients! So decide a price that feels good to you

24:34 A price that excites you and feels energetically aligned with where you're at and what you know can help your clients do. Once that price feels good to you, you'll attract the people that it also feels good too – the people who think yes! That feels right because the story your pricing is telling is one that reflects where they are and what they value So, as always before I go let me give you a quick action step that you can go away and do. Here's your action step for today share an example of something really tangible that you help your clients to do. And by tangible i mean something they clearly understand what it is and they'll know when they have it something they can see change in their day-to-day life

25:35 A lot of messaging is about stuff that people can't really quantify or even understand. Like embrace your inner child, or come home to yourself again, or reconnect with your inner wisdom The problem with that kind of outcome is that on its own people won't know what it actually looks like or when they've achieved it and that makes it hard to put a value on and price on Whereas outcomes that are clear and specific and recognisable, are much easier to put a value on and say yes too. Outcomes like know exactly what to say when someone asks so what do you do? Or sleep through the night without waking up worrying or saying no without over explaining or finish the day with energy left

26:34 Or set clear boundaries that feel good for everyone. Those are all outcomes that clients can actually point to and say, I do that now! I have that now! That's different now! And for the right people who that is something they want and need... ...that will make what you do feel immensely valuable to them and something they're prepared to invest in So that's your action step for today Share an example or story of something tangible that you help your clients do. And I'll see you next time for more stories that do the selling for you, so you don't have to!

27:22 Thank you so much for being here. I love that we get to do this together! Would you do me a huge favour and please rate, review and follow this podcast in Apple Spotify or wherever you listen to your podcasts? And i'll see you next time for more honest conversations meaningful connections and of course stories