Don't give it away for free!
Updated: Sep 11, 2021
"Never explain your worth! "
So, in my last post I told you about having to let a few clients fall through the crack due to unfair request. Here is an example of one! I always have a consultation before taking on a client. The consultations last 1 hour and are free. Mistake one I didn't execute my soft stop properly and after a two-hour consultation I found myself explaining way too much. Consults should be more listening then talking and answering task specific questions (for my business). However, I ended up with a lesson not a dime because I quickly realized the client expectation far exceeded his budget.
At the start of the call the client asks what services I provided and after I explained my robust list he was over the moon. He gave me his long list of needs some of which included fixing his last virtual assistant's errors, data entry, and project management. Unfortunately, after I told him my price per hour he was not so ready to move forward. He quickly informed me that he was used to paying 7 bucks per hour for a VA in the Philippines.
It took all my strength to not say I live in the United States where I can barely buy a veggie burger for $7. I also refrain from pointing out that he got what he paid for. The assistant made several mistakes all which he wanted me to fix.
A mistake I made and didn't realize until later was I explained to him which I shouldn't have done why I charged my fee. He tried to talk me down not once but twice on two separate occasions. I was finally after a year of letting this happen tired of it and in a very professional manner told him I couldn't help him. This for me felt like I had one a prize fight and was my first victory over exploitation! Long story short I didn't gain a client but maintained my priceless integrity!
It doesn't matter if you work for a company or are self-employed people will always want a discount on your time or services! Employers or clients may want to pay you less than what is fair. Customers may want a discount on products which seem unrealistic. When I first started my business, I made so many mistakes regarding pricing.
I was Queen of the discount and my revenue was suffering. Eventually, I got smart and ask myself why was I consistently doing this? The answer out of fear! I gave discounts to everyone family, friends, new clients all out of fear they wouldn't want to pay my rates. I found that my worth and product value were apparently negotiable.
It was certainly a big mistake! One of my new year’s resolutions was to stop it. Stop giving discounts unnecessarily. Now, I'm making a confident and conscious effort to follow my pricing rules. My fee is my fee for a very strategic reason. Especially, seeing as how I have made it a part of my strategy to go above and beyond for my clients.
They instantly upon choosing me get more than they pay for because I see the value in going above and beyond. I now realize even if it means losing a potential client I can't afford to live in fear it's far too expensive. As a small business you don't have the luxury of not being consistent. It sends the wrong signals to continuously price switch no matter the reason.
Here are a few important things to remember in any business. 1. People will pay for what they want, and penny pinch you if you let them. 2. Discounts and rewards should be a part of a strategic plan. 3. Stay consistent. Stay consistent. Stay consistent. 4. Know the quality and value of your services. 5. Include cost of operation. 6. Under promise and over deliver. 7. Don't be unreasonably priced to high or low.
So, in my last post I told you about having to let a few clients fall through the crack due to unfair request. Here is an example of one! I always have a consultation before taking on a client. The consultations last 1 hour and are free. Mistake one I didn't execute my soft stop properly and after a two-hour consultation I found myself explaining way too much. Consults should be more listening then talking and answering task specific questions (for my business). However, I ended up with a lesson not a dime because I quickly realized the client expectation far exceeded his budget.
At the start of the call the client asks what services I provided and after I explained my robust list he was over the moon. He gave me his long list of needs some of which included fixing his last virtual assistant's errors, data entry, and project management. Unfortunately, after I told him my price per hour he was not so ready to move forward.
He quickly informed me that he was used to paying 7 bucks per hour for a VA in the Philippines. It took all my strength to not say I live in the United States where I can barely buy a veggie burger for $7. I also refrain from pointing out that he got what he paid for. The assistant made several mistakes all which he wanted me to fix.
A mistake I made and didn't realize until later was I explained to him which I shouldn't have done why I charged my fee. He tried to talk me down not once but twice on two separate occasions. I was finally after a year of letting this happen tired of it and in a very professional manner told him I couldn't help him. This for me felt like I had one a prize fight and was my first victory over exploitation! Long story short I didn't gain a client but maintained my priceless integrity!