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Do you ever wonder how I raise my prices and still have new clients consistently coming in?
You might have noticed that when I increased my prices, I basically doubled them. You might be thinking, Dan, that's just crazy! How can you double your prices and still expect to have clients coming in?
I use what I call, The Stock Market Analogy when I consider raising my prices. That allows me to evaluate my business to determine when and how much I should raise my prices.
In fact, I'm considering raising the prices again soon!
Because my clients are getting the results they need and want, and I know raising my prices will only allow me to provide more value and continue to help my clients get even better results faster!
Let me share what to consider when you want to increase your prices and how you can justify that price increase to potential clients!
In this video, I'm going to cover:
- The Stock Market Analogy: What it is and how it applies to your business
- How to constantly improve your product or service to increase your price
- Why your price should reflect your clients' results
In today's video, I'm going to explain how I got away with doubling my prices for virtually all of our products. And I'm going to show you how you can get away with it too, but only if you smash that like button. Otherwise, the video will self-destruct in five seconds. So both smash the like button. It won't really just do it. Anyway.
Hey everybody, Dan Henry here, founder of GetClients.com. And today, I'm going to talk about pricing specifically, how did I get away with doubling my prices just like that? So just so we're clear, I have two main products. We have our main coaching program where we take people on as a client, and my team works with them to help grow their business and charge more. And, you know, specifically, we help course creators. We help software owners. We help people who have agencies or professional services. Basically, if you sell a product or service that is transformational and it's not like a fidget spinner or something, and you want to learn how to sell that for a high ticket price over the phone, grow your online course, grow your consulting agency, your regular web design agency, or done for you service, whatever it is, we help people do that.
And so there was a time where we had a $5,000 program and a $30,000 mastermind where you got to work directly with me. We, out of nowhere, doubled our prices. From five to ten, and from 30 to almost 60, it's 55,000 for the mastermind. And we're even considering raising the mastermind to $100,000 and our main coaching program to $20,000. So doubling it even again, how am I getting away with this? How am I doing this? And having people still buy in droves?
Well, it's very simple. The first thing we must understand is as long as your product or service follows the stock market analogy, and you're able to do this, and you're able to fulfill this, you should be able to raise your prices all the time. So what's the stock market analogy. Well, imagine this for a moment, imagine that you bought a stock at $5 and that stock was rising all the way up to, I don't know, a hundred bucks, right?
We'll just say a hundred bucks. Like, so now, if you get in at $5 and that stock rides up to a hundred, you're going to be very happy, right? But let's say you wait. And that stock price becomes $10. Now, looking at this chart, you'll notice that even if you bought at five and went to a hundred, obviously you make a bunch of money. But even if you bought at ten, the stock price is still going up. The value is still increasing to one hundred dollars. So would you not buy at ten because you're angry or upset or, you know, unhappy that the stock price doubled from five to 10? No, you wouldn't refuse to buy because the stock price is still going up. And so you would still have all these gains all in here to make from 10 to 100, you wouldn't cost yourself $90 because you just didn't like the fact that it was at once five and now it's 10.
Okay. So as long as your product or service follows that logic, you can raise your prices. Now, how do you to follow that logic? So let me give you an example.
One way that we follow that is we make sure that we are constantly improving our product to a degree where our clients get a result. It's not about how good the product is from an aesthetic standpoint. It's not about how good the cameras look or how fancy our invoices are, or, you know, appearance. In fact, I'll be honest with you. When we do our mastermind group, we don't take anybody out to dinner. We don't have a big fancy theatrical display. We literally just come to my office and work and solve problems in people's businesses. We keep it super problem-focused and growth-focused. We don't make it like this, you know, just sort of experience because an experience doesn't help grow your business. The results help grow your business.
So for us, we try to always make sure we stay on the cutting edge of what's going on in our industry. And we make sure we help our clients constantly make more money. Now, if you have a weight loss offer like you're a weight loss coach, then again, always making sure that it's easier and faster for your clients to get results, work with your clients, and make sure that you fully understand them so you can get better and better and faster results. And one way I've done that is in my mastermind. I still do coaching calls. I don't have this setup where I just do an event a couple of times a year, and that's it. I'm always talking to my clients. I'm always learning about what their struggles are so that I can get better and better at serving them. And every year that goes by my clients, they make more money faster each and every year.
And so that makes sense for me to raise my prices because if I'm getting better and faster results and my stock price is going up, why wouldn't I raise the price? Because at the end of the day, if I can show you how to sell, like let's say you have a thousand dollar offer and I can show you how to charge five or $10,000. If I charge, you know, 55 grand versus 30 grand, it's not really that big of a difference because if I'm helping you close an extra sale a week, that's an extra 40 grand a month. You're not going to care whether you paid 30 or 55. Just like if you have a plethora of weight loss examples and when somebody goes, and they look at your weight loss examples, and they know they're very confident, you can get them a result.
They're not going to care if they pay $2,000 for your coaching program or $5,000 because they know deep down here that if they work with you, they're going to get the result. Personally, if I was looking into a weight loss coach, or if I was looking into an investment advisor or whatever, I would rather pay a little bit more and know for a fact that I was going to get a result than pay less just to save some money and then not be that confident that I would get the result. So working to always improve your offer and the result that your client gets will allow you to demand more prices. It's not just about raising your prices. It's about understanding your client and constantly improving your product so that you have an argument when you raise your prices.
That said, another way that you can justify the cost is by doing what I'm doing right now, giving your clients an analogy. So, for instance, if I said to you, look at all these clients that we've helped charge a high ticket price and close sales, like crazy. What are you going to care whether or not I have a $5,000 coaching program or a $10,000 coaching program, because it's the difference between me saying, okay, I'm going to teach you how to charge 5,000 instead of a couple thousand. So now, if you get one extra sale, you've paid for the program, versus me saying, if you get two extra sales, you've paid for the program, you see what I'm doing there. I'm not saying you have to make 50 sales. I'm saying you have to make two instead of one. So at the end of the day, whether you pay five or ten based on the result I can get you is still negligible. It's still not that big of a difference.
So if you've ever wondered, well, how do I, how do I make that happen? One, and I learned this from Perry Belcher. He says this all the time. He says, listen if you have a product or service and it solves a part of your client's problem, why not expand that and solve all of your client's problem, solve the entire problem, because now you can charge more and you're of more value or bring someone in.
I'll give you an example in our program. We have a YouTube ads coach. I don't know how to run YouTube ads. I know how to run Facebook ads. I know how to make great YouTube ads by being on camera, but I don't know all the Google dashboard stuff. So I brought in the guy that runs our YouTube ads. He taught an entire course on YouTube ads, and we give it to our clients as an entire program on how to create awesome YouTube ads.
I don't know how to run YouTube ads. I brought him in. Now because I charge a higher ticket price, I can afford to bring different people in to teach different things that I, myself, am not an expert at, but I can bring them in. So instead of me saying, okay, listen, you can buy our coaching, and you'll learn sales, and you'll learn maybe Facebook ads. But if you want to learn this other stuff, you've got to go elsewhere. No, no, no. I'd rather raise my prices, bring in people to teach you those things that you need to know, and solve the entire problem so that you can focus. You can be in one program, and that one program solves your entire problem.
Another example is we have decided to develop out entire customer service training that shows how we handle customer service again. So you don't have to go buy that elsewhere. So we've included it all. So for instance, if you're, if you're a strength training coach, it makes sense to also teach nutrition or bring in a nutritionist. Don't just say, well, you got to go to somebody else solve the whole problem. And now, when you increase the value of what you offer, you can increase the demand and what you demand as a price. And now you can start making these analogies. You can start talking about, Hey, listen, you know, you can go to all these different people to solve your problem, or you can just work with us, and we'll help you solve the entire problem. And that's what you're paying for.
And then one final way that you can increase the value is you can be a specialist rather than a generalist. So, for instance, let's say that you are, let's go back to the weight loss coach. If you are a weight loss coach, you don't necessarily have to teach weight loss to everyone. You could specifically work with one type of person. You could work with a new mom that is trying to lose the baby weight versus just everyone, and this also increases your value. Think about this. If you go to the doctor, you might pay a $50 copay to work with your primary care physician. But if you got to go to a cardiologist, you might be paying a $300 copay because cardiologists can charge more. Why? Because they specialize in the heart. If you're an accountant and you want to charge more, let's say you work with all different types of people. So yeah, you could do that. You could absolutely do that. Or what if you work with just restaurants, or what if you worked with just e-commerce stores, or what if you worked with just retail stores, then your value is increased.
Why? Because you know that industry, you know how to save money for that industry and do the books for that industry specifically, right? You're not just a general accountant. You're a specialist. So you literally are the go-to accountant for bar owners, or for e-commerce store owners, or for speakers, or authors, or whatever. And so now, if I own a bar and I want to hire an accountant, what am I going to do? Am I going to pay this much for a general accountant? Or am I going to pay this much for an accountant that specializes in bars? Well, I'm smart. So I'm going to pay more for the accountant that specializes in what I do. And that's the beautiful thing. When you charge more, you attract people who are a bit smarter and who understand the value of what you offer. And so they're easier to work with.
So that right there is, in a nutshell, how I'm always able to increase my prices, get away with it, have people still buy, and have my customers still love me for it because I'm always looking at the end result. If I have a stock chart here and I go like this, I'm not focused on what the price is along the way. No, I'm not focused on that. Okay? I'm not focused on these points. I'm focused on what the result is, whether that be weight loss, whether that be money, whether that be press, whatever this result is right here, as long as it is more than any one of these points, you can charge more because at the end of the day if you educate your customers on why their result is worth more than what you charge, and you're able to make those analogies, and you're able to support that result through your program or your service or your offering that will allow you to demand more.
If you'd like to learn more about this, you can go to get clients.com. They have a ton of free training on that website on how to grow your business. And that's what we help people do. So I hope you enjoyed this video. Don't forget to smash that like button and subscribe. I'll see you in the next one.