📣 New feature alert!
Short on time? No problem!
From now on you can find a “Summary and action step” at the bottom of each issue!
Every business owner reaches a point in their business where they want to increase their prices, but afraid to lose potential clients or customers.
That mostly happens when you’re:
Juggling multiple clients and starting to feel like you’re burning out.
Attracting clients who don't really value or respect your time and expertise.
Hit an income ceiling and don't know how to break through to the next level.
All these problem can easily be solved by raising your prices,
…because high prices will allow you to:
✅ Work with fewer clients while earning the same or more than you did before
✅ Attract premium clients who are always easier to work with
✅ Scale your income as high as you like (as there is no ceiling to how much you can charge)
But the big question is:
How can you raise prices without scaring away clients? 🤷♀️
The answer? Quite simple.
It’s all about increasing the value of what you’re selling:
The value of your offer.
The more high-value an offer is — the more you can charge confidently without losing clients.
Thankfully, there’s a proven framework to raise the value of your offer.
It’s called “The Value Equation”, and I originally learned this from a successful and talented marketer, Alex Hormozi.
Here’s how The Value Equation looks like:
Focus on these 4 ingredients, and you’ll be able to raise prices easily, while getting more clients to want to work with you.
Let’s break them down:
🏷️ Element 1: Increase your clients’ dream outcome
The question you want to ask yourself here is:
“Is the end result I’m promising my clients meaningful enough to them?”
For example,
you’d pay more to a Doctor to save your partner’s life than you’d pay a manicurist to do your nails, right?
So your job in this step is to figure out what can be the most high-value outcome you can provide your client, and adapt your offer accordingly.
For example,
If you’re a personal trainer and offer 1x1 training sessions —
Can you add a nutrition plan too?
And what about a weekly coaching-call to help your clients adapt the identity of a healthy person?
As you can clearly get, an offer that includes all three of these elements:
X training sessions a week
A weekly meal plan
A weekly coaching call
…Can be priced much higher than just the training sessions alone.
💪 Actionable tip:
To do this well, I recommend you have regular conversations with your target audience. At least 5 of them once a year.
Ask them:
What would you most like to achieve?
What stands in your way of getting it?
The insights you’ll gain by doing this are priceless.
🏷️ Element 2: Increase your clients’ likelihood of success
All clients will have doubts before signing up to work with you.
Especially if they've been let down before by someone else.
Your job is to reduce this doubt as much as you can.
There are 2 easy ways of doing that:
#1 Testimonials —
Share as many case studies and testimonials you humanly can.
Use video, images, numbers and graphs to illustrate your past clients’ success.
#2 Regular content —
The more regular content you share with your potential clients, the more trust they will develop in you.
The more you do of these 2 things —
the more likelihood of success can you create in the minds of your potential clients and customers regarding your offers.
🏷️ Element 3: Decrease the time to achieve their goal
Clients often fear that results will take too long.
So instead of offering a lengthy program without any quick wins —
aim to reduce the time it takes to achieve noticeable results.
This can be done by breaking down your offer into milestones, ensuring there are some quick wins in the beginning.
For example,
imagine you're a language tutor.
Many students fear that learning a new language will take years before they can hold a basic conversation.
So instead of offering a traditional curriculum that might take months to get to conversational topics —
design a program that gets them speaking basic sentences and questions in just a couple weeks.
This could be a "Converse in Spanish in 30 Days" approach, focusing on practical, everyday dialogues.
🏷️ Element 4: Decrease the effort and sacrifice they have to undertake
No one like to work hard. Or to spend money.
So when your service, program or product requires those things from your clients, it’s a turn off.
So what’s the game plan?
Make it easy for your clients to win.
Offer tools, resources, templates, or checklists to make the experience more high-class and effortless.
For example,
For one of my clients, a productivity coach —
We created a fancy package of Notion templates that she gives away to her new clients as a “starter kit”.
This saves them time and provides them with an easy-to-follow system to increase their productivity.
For another client, a who sells courses about photography —
We had designed a set of pre-sets and image filters that her clients get while learning to use Lightroom, the photo editing software.
Summary:
- Increasing the value of your offer is the fastest way to earn more, work less, and have better clients.
- The easiest way to increase the value of your offer is to use “The Value Equation”:
- Increase your clients’ dream outcome
- Increase your clients’ likelihood of success
- Decrease the time to achieve their goal
- Decrease the effort and sacrifice they have to undertake
💪 Action step:
Choose a product or service you now offer, and ask yourself these 4 questions:
- Is the end result I’m promising meaningful to my client? Is there a way I can create a bigger or more meaningful result for them?
- Have I given my potential clients enough proof they will actually get the results I promised them?
- Can I shorten the amount of time to reach the result I promise? or at least create milestones that will display a sense of progress?
- What costs or inconveniences can I spare my clients from having?
Implement the answer to these questions in your offer,
and watch the magic happen.
See you next week on the next issue of the Digital CEO,
xx, Nataliya.
