8 mistakes stopping you charging (and getting) the best price for your work.
Getting paid the right price for your work is an emotional topic, especially for women.
A 2018 report showed that in the UK, 78% of companies pay men more than women. No sector in the UK paid women more than men.
Many women have shared with us that getting the right price for their work and sealing the deal is their biggest money struggle.
But if we’re being completely honest we didn’t want to talk about this because we didn’t feel like we were getting it right in our own business.
We kept reading articles that told us to “charge what we’re worth”. We saw women talking pricing, full of gusto and L’Oréal style confidence that just didn’t feel like us.
So, what changed?
When we brought our money personalities into the picture, we unlocked a whole new perspective that transformed how we set our prices. This increased our success and our confidence.
Our money personalities (or Sacred Money Archetypes) revealed the money weaknesses that were stopping us charging the right amount for what we do and getting paid that price.
Each Sacred Money Archetype is unique. They all have different blind spots when it comes to getting the right price for their work.
So, we identified the main mistake each archetypes makes when it comes to charging and how they can fix it.
#1 Making assumptions about what people can afford (Rulers)
Rulers are empire builders and one of their gifts is creating an empire where everyone thrives.
One trap we see Rulers falling into is making assumptions about what a person can afford. They are passionate about what they do and really want others to benefit. They would hate something to be too “expensive” for someone who needed it, so they keep their prices low.
If you pack masses of value into something with a low price it can end up looking “too good to be true” and put off the people you want to help.
Rulers love empowering people and deciding what someone can afford is disempowering. Be honest about the value of your product or service and give people an opportunity to make their own decision about whether this in an investment they want to make in themselves.
#2 Form over function (Romantics)
Romantics love beauty and you can bet that any product or service they offer will be exquisite.
The challenge is that they can get caught up refining the look and feel of what they do and lose sight of what it delivers for the client.
One of the gifts of the Romantic is being generous with others. They may feel they are indulging clients when instead they are overwhelming them with features which are of no interest and pushing up the price.
What is your minimum viable product or service? Remember elegance is simple.
#3 Not communicating how product benefits clients (Alchemists)
One of the gifts of the Alchemist is creating ideas. Alchemists love ideas but the danger is they become wrapped up in the idea behind what they are offering and forget to communicate how it can benefit them.
The challenge for Alchemists is to transform their ideas into financial success. This means landing the idea and showing how it can actually help someone. Whatever you are selling, ultimately its price has to represent what it’s worth to the other person.
Take a moment to step out of your idea and into the shoes of the person it is going to help. Alchemists have fabulous imaginations so imagine their day to day life and how what you are offering can help. Then ask yourself what your product or service is worth to them.
#4 The “buzz” of the sale (Celebrities)
Celebrities are typically very charismatic so rarely have problems charging. In fact the phrase, “Because I’m worth it” was probably invented for them.
Most of the time their confidence carries them through and they get the contract at their price but after the excitement of getting the deal wears off they can feel empty until they close the next deal!
Celebrities can be great in sales but cause problems with the rest of the team when it comes to delivering what they have promised to get the deal.
Remember to focus on what your client is really looking for and let that drive your proposal. Your client’s appreciation will last much longer than the buzz of the sale.
#5 Confusing customers (Connectors)
Connectors are fabulous networkers and great at creating relationships that can generate money for them.
One thing we’ve noticed about Connectors is that sometimes they are so busy connecting with people they are actually quite difficult to connect with. They are social butterflies with full diaries which can make them illusive.
When it comes to charging this can turn into confusion. They often have so much going on with so many different possible ways to work with them you don’t know where to start. And confused customers don’t buy.
How easy is it for someone to give you money? Keep it simple. Make sure there is one clear path people can follow to work with you.
#6 Pricing too low (Accumulators)
Accumulators are naturally frugal and brilliant at saving money. When it comes to charging this means they tend to undercharge.
They find spending money difficult so imagine others will too.
When people buy your products or services they are actually making an investment in themselves. They are buying something that will add value to their lives. If it’s too cheap they may not buy it as they won’t believe it can add the value they are looking for.
Low price may well signify low value to potential customers.
Have the courage to increase your prices so that you can add even more value.
#7 Over delivering content (Nurturers)
Nurturers are naturally generous. They love to care for others and they tend to put the needs of others before their own.
When it comes to charging this often results in undercharging and over delivering which can leave them depleted and their clients overwhelmed.
To break this pattern, be clear about what you are offering and stick to it. Clarity is kindness.
Make sure you aren’t adding items to avoid feeling guilty about your price.
If you uncover further ways you can add value while you are working with a client put these into a separate proposal so they can decide if this is what they need right now and you can get paid for the extra work.
#8 Underestimating the steady income (Mavericks)
Mavericks are naturally good at pricing.
Well, not quite. Mavericks are rebels and ready to take risks. They are always looking for the big win so they aren’t afraid to charge high rates.
The challenge for a Maverick is to create a steady income. So how about using that amazing instinct to price a “bread and butter” product that will give you a consistent income?
We hope that discovering the blind spot for your archetype helps you make the tiny tweak you need to feel confident about getting the right price so you can get all your brilliance out into the world.