Episode 52: Mastering the Art of Pricing: Discover Your Value and Attract Your Ideal Clients

Unlock the secrets to pricing your products and services with confidence and clarity. Promising fresh insights into the psychology of pricing, we join forces with a luxury photographer client who shares her journey of realizing that setting prices too low can inadvertently devalue her premium offerings. Through our conversation, you'll discover how the worth of your services isn't just about the numbers—it's about the transformative results and time-saving benefits you deliver to your clients. As we unravel these crucial aspects, you'll gain the tools to experiment with pricing strategies that truly reflect the broader impact of your work.

In our quest to define value and attract your tribe, we delve into the art of identifying and communicating your unique strengths. By listing your services and articulating why you excel at each, you'll not only boost your confidence but also begin to cultivate a devoted client base. Drawing inspiration from icons like Tom Brady and LeBron James, we emphasize that greatness is subjective. It’s about finding and focusing on those who truly resonate with your unique offerings. Together, we'll empower you to understand your value, leading to more compelling selling conversations and a stronger presence in your market.

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Episode Transcript

Speaker 1 (00:05):
Hello and welcome to the Vicki Kotris podcast.
I am your host, none other thanVicki Kotris.
I'm a retired corporate girly,two-time six-figure founder
who's obsessed with brandbuilding, sales generating and
digital marketing.
My mission with this podcast isto share the lessons I've
learned, to help you make moremagic and money with your own
marketing efforts, and to feelinspired to continue on your own

(00:28):
journey as a creator andentrepreneur.
Here I'll share real lifestrategies, marketing tips and
mindset shifts that have helpedme go from cubicle to creator.
This podcast is for businessowners, creatives or those just
looking for a little moresparkle in their day, so let's
kick off this week's episode.
Hey guys, welcome back.

(00:51):
Today I want to talk aboutsomething so juicy, something so
scary, something so crazy thatso many business owners cannot
wrap their head around and beginto maul it over and let them

(01:12):
let it just simmer to where youcannot make a decision and you
start to feel bad.
Can you guess what it is?
It's pricing.
It is the idea of putting amonetary value on a product or
service that you provide and isso intertwined in marketing and

(01:36):
worth and worthiness and all ofthese different mental breaks
that we do not even see it as aproblem, because if we are so
used to putting a value onsomething of our own, which we
do in our society, obviouslyeverything has a cost.

(01:58):
Like I paid for this microphoneI'm talking on, I paid for the
food that I had this morning.
There is a cost to purchasesomething and there was a value
placed by that company of howmuch that should be worth and
how much I should pay.
Where I think we get so hung up, especially as entrepreneurs,

(02:19):
especially as solopreneurs maybeyou are even just somewhere in
the middle grappling with theidea of value or worth is that
we attach it to the actualproduct and say this is what it
is worth.
What we forget is that worthand value is all subjective to

(02:42):
whoever is the one on thereceiving end of the product.
So what I might pay $25 for, myfriend might pay $150 for, or
someone else might only pay $5for.
It's all how we perceive valuein our lives and the things that

(03:03):
we might need at the time.
So that's why marketing is soimportant of your product,
because you are essentiallysaying I believe in this product
or service so much that I ambuilding a full campaign and
shouting from the rooftops whyyou should buy this so that you

(03:25):
feel a connection to what youwill be paying or what the value
will be to you.
There is such an opportunity inthat, and the reason why it's so
top of my mind right now isbecause I had a conversation
with a client recently who wastelling me all about her
business.
She is a luxury photographer.

(03:46):
She takes gorgeous, gorgeous,ethereal photos.
They're so beautiful and she isan artist at what she does.
And she's telling me what hergoals are for next year.
Her goals are that she wants todo less weddings at a higher
price point, and I laughedbecause I said this is literally
everyone's goal.

(04:06):
Everyone that I talked to,myself included.
Everybody wants to work lessand make more.
We want to enjoy our lives.
We want more time so that wecan actually do the things that
we love.
That's what makes entrepreneursso special is because many of
us have cracked that code andrealized that the true currency
in life is time.
It is not money.
The more money that you makebuys you the more time to do the

(04:29):
things that you may actuallywant to do or the things that
you value more.
So we're having thisconversation.
She's telling me what shereally wants to do.
She's saying, you know, I wantto take a little bit of a step
back and I said, okay, well, youknow, ask me what their prices

(04:50):
are and how she sees herselfgetting there, how she wants to
do that.
And she tells me a reallyironic idea.
She tells me that she knowsthat she missed out on business
this past year because she waspriced too low.
Business this past year becauseshe was priced too low because

(05:15):
her target audience that shemarkets to that she and has also
created strategic partnershipsto target this market.
Meaning she works with weddingplanners and other high-end
vendors that service this group,that they.
She has gotten feedback fromthese vendors who have brought
her into these discussions orrelationships with a family who
would book her bride and groom,who would book her and said they

(05:37):
didn't get, they didn'tunderstand that because she was
priced so low that she wasactually a very talented and
wonderful photographer.
They assumed because her pricewas so much lower that her
services were cheap, that theywere discounted and this

(05:57):
particular group they didn'twant that.
So it doesn't matter if we aregood, because good or great is
subjective to the person who ison the receiving end of that
product or service.
And I found that so interestingbecause it truly ties back to

(06:18):
the psychology of sales, where,when we are making an investment
in something, we are not alwayslooking for the cheapest price
Because we assume that what weare getting is not valuable, is
not going to solve our problem,is not what we need.
So I say that because I amworking with another client

(06:42):
who's working on differentpricing strategies for services
and digital products that she'screating, and there's a little
bit of experimentation going onand I caught myself in an
instance thinking like that's ahigh price for what it is.
And then I thought, well, let'sreverse engineer this.

(07:03):
Let's think about what issomeone actually getting from
purchasing this product?
By building this relationshipwith my client, will they see
results that could change thetrajectory of their life?
Could they make more money,could they change their career?
These are all things that arerelated with my certain client

(07:26):
and I thought, yeah, so what'sthe price of that?
So what would you pay for that?
Is it too high?
Is it too low?
And that's where those reallyinteresting, thought-provoking
conversations come in, becauseyou are now starting to think of
it from the perspective of whatyou are giving someone what

(07:47):
they will receive by workingwith you or buying your product
or enhancing their life in somekind of way, and even if you
have products or services thatare at a low price point, you
are preaching to the choir now.
Hi, it's me.
I'm the choir.
I sell $5 ice creams for aliving, so I know what it's like

(08:08):
to have a lower price point.
What I know now, to be true, issomething that you should know
as well, is your time isextremely, extremely valuable,
and if your goal is to find moreof it, then you have to respect
it by pricing your timeappropriately.

(08:28):
So while I might sell a $5 icecream, I know that I don't show
up anywhere unless I amguaranteed to make at least $500
or $600 in that two-hour span,and that's how we have valued
our time and our services.
So it becomes a lot morecomplex of a conversation of how

(08:52):
you price that and how youthink about the value that
you're providing.
If you are struggling with this,a excellent exercise that I
have been doing for myself iswriting down all of the
different services that Iprovide my clients, and then I
create three subtopics underthere of why I am the best woman

(09:18):
for the job, why I am so greatat doing that and I don't get
caught up with.
Am I the greatest?
Because that is subjective.
We are all the greatest.
We can all be the goat therewith Tom Brady and LeBron James.
We can all step into that roleand that's marketing.
Folks, we could say what we are,but we don't have to be the

(09:42):
greatest in our minds.
We have to know what our valueis, what our unique fingerprint
is that we bring to themarketplace and know that we can
successfully offer that to aclient.
And something I heard recentlyis we don't have to be the
something for everyone.
We just have to providesomething to someone and expand

(10:07):
that value to multiple someones.
And that's how we find ourpeople.
And that's how we find ourpeople, that's how we find our
tribe, that's how we find ourVIPs.
Those are the people thatcontinuously come back and
purchase our products.
So looping back to the idea ofvalue is finding areas in your
life that you can better servepeople in your business and

(10:30):
knowing why you do that willmake those selling conversations
so much more powerful.
It will put more oomph behindyour convictions when you
explain to a stranger at anetworking event, what it is
that you do, because you canfeel and know that what you do
is valuable and important.