Episode 465: Do you have pricing dysmorphia? – #tashmas Day 4

Let’s face it: There is so much advice out there about how you should be pricing your products and services. It’s creating a lot of what I call pricing dysmorphia.

Everyone seems to have an opinion about what an appropriate price point is for your products and services. And it’s based on a bunch of their assumptions. It’s based on a bunch of random money rules (and in a lot of cases – money blocks). This can cause a disoriented feeling about what is an appropriate price.

We look at our pricing, and see something that isn’t there. It’s too high, or it’s too low. But that’s not actually reality.

I call that… Pricing Dymorphia. 

Instead, I want us to have the ability to price based on what works for us as individuals, what works for our audience, what works for our business model. Plus I have an epic gift to share for Day 4 of #Tashmas!

Wait… What is #Tashmas?

I do it for both my birthday (1-12 March) and pre-Christmas (1-12 December) every year! Every day from now until my birthday on 12th March, there will be a new daily podcast episode, with a hot tip or practical strategy as per usual… but you ALSO get a gift! I love sharing the birthday vibes, and what better way to do that?! The daily gift could be a freebie, a special offer, a competition… but there will be something for YOU every single day.

Today’s gift is an opportunity for us to work together… at a super-discounted price… details below!

Let’s do this!!!

EPISODE 465: Listen using the player below, or click the links to your fave platform to subscribe and listen over there:

Listen on Apple Podcasts Listen on SpotifListen on YouTube

Too high? Or too low?

I will say that pricing dysmorphia can impact people by having their products overpriced as well as underpriced. Ultimately, we need to validate our pricing with evidence that it’s appropriate for the level of sales we want, for the income we want, and for our niche’s pricing sensitivity, while also feeling deeply aligned.

Evidence-Based Pricing

I will say it outright: One person’s opinion is not evidence.

Feedback from someone who is not your ideal client or not ready to work with you is not evidence.

A coach telling you that you are undercharging is also not evidence.

Coaches and business strategists use this as a strategy to reduce your resistance to buying from them. It’s a marketing technique to help you picture yourself making more money if you increase your prices. I’m always wary of anyone giving pricing advice without being in a paid mentorship relationship with you.

Also, when potential ideal clients say it’s not in their budget, that’s not evidence that you have priced too high.

There will always be people for whom your price may be too high, and there is no price low enough for a non-buyer. It’s important not to assume these responses are evidence of pricing issues.

Comparison creates challenges

Comparing your pricing to others can create pricing wobbles both in thinking your price is too high or too low. Pricing dysmorphia can also arise from making assumptions based on a limited perspective: if you’re personally struggling with finances, you’ll be more likely to price lower. If people in your network have a certain financial situation, it can also skew your perspective.

A particularly challenging situation is when your pricing starts to match or surpass that of your mentor. Or when clients start to charge more than you. My number one piece of advice? Ignore it.

Feeling pressured to charge more or less than someone else is still comparison, and still has limitations. Remember that your pricing isn’t dictated by rules about what’s included, or who you’re working with – instead, it’s all about value proposition.

Price with Confidence

Instead of pricing based on comparison, rejection, or industry averages, focus on strategies to collect evidence and validate your pricing.

Here are four pricing strategies to help you validate your decisions:

1. It’s easier to increase your price than decrease it. People can make the mistake of raising prices based on advice without validating the leap. If you start too high, you might need to attract a new audience that can afford it. Instead, start at a lower price point you’re comfortable with, then increase as needed.
2. Collect evidence by making sales. Start at a comfortable price, make sales to test demand, and then gradually increase the price. This approach allows you to validate the effectiveness of your marketing, messaging, and audience growth.
3. Don’t crowdsource pricing. Avoid asking your audience what they’d pay without a fully finessed offer. Crowdsourcing can lead to range-bound guesses based on assumptions. Instead, connect with what you feel is appropriate and do the mindset work needed for confidence in your pricing.
4. Review your prices based on a preset framework. Don’t wait for a strong or frustrated mindset to change prices. Set a framework for price review, maybe based on the number of clients or at set intervals like quarterly reviews. This proactive approach allows you more time to plan adjustments and price increase announcements.

Hopefully, this helps you to get out of the comparisonitis and remove pricing dysmorphia from your strategy. Instead of basing your prices on comparison and certain ‘rules’, let’s validate your pricing by collecting evidence.

Your Day 4 #Tashmas Gift

I’m so excited for today’s gift, because it’s a special offer for us to work together one-on-one… at a MEGA discount. I am offering VIP single sessions, and it will be an ascending price offer.

I love this way of offering sessions, because it is the best of both worlds: You can access my services at a significant discount, and I can protect my boundaries around my own pricing as well.

Normally, these sessions to work with me are $1,495 AUD, but for the first person to jump in, you’ll get it for $100… and for each subsequent buyer, it goes up $50. Everything will happen on the Day 4 #Tashmas post over on my Facebook page. AND I will do a FB Live right before the bidding post is shared.

Until next time, I cannot WAIT to see you SHINE.