How to Overcome the Budget Objection
As service providers, pricing ourselves is often one of the biggest challenges in business. It takes a lot of mindset work and confidence to charge your worth (plus tax), and it doesn’t always come easy or without trial and error. Oftentimes, we’re scared of people questioning our prices or doubting our ability to add value to their lives and businesses. That’s why SHOWING your audience the value you provide is key! Read on to learn how to do this in your business and overcome the budget objection!
The Truth About Budgets
One of the biggest obstacles to overcome as a service provider is facing the objection of budget from potential clients. It can make you doubt yourself, your abilities, and your pricing structure. We tend to want to apologize and lessen our prices just to land a client.
However, we don’t see our favourite brands like Lululemon apologizing for their prices, so why are we?
The difference is… we pay the pricey Lululemon price tag because we KNOW the quality of their products and are willing to spend more on them.
The same is true in your business… if potential clients say they don’t have the budget for your services, maybe you haven’t proved the value you provide to them.
If you don't consider your business and services to be the Lululemon of your industry, why would anyone else invest in your offerings?
You have to believe in yourself first, be proud of what you offer, show people your value, set your prices accordingly, and NEVER apologize for it.
In a recent Instagram conversation, @heyfinancialsam said it best… “Affordability is really just a subjective mindset. People will ALWAYYSSSS find the money if they see enough value. And if they can’t recognize that value, it’s not a good fit anyways!!”
How to Prove Your Value
We can't just sit around and wait for people to purchase our services before finding out how much value we offer. We have to show up, show out, and prove our value!
Do you offer an invaluable service that no one else has mastered? Give your audience a taste!
Have you literally transformed your clients’ businesses? Drop the numbers and show the proof!
Do you offer a course that gives life-changing advice? Don't be afraid of showing a clip straight from the course!
The way to prove your value is to stop talking about it, stop telling people you offer a service, and show people what’s inside. Show them the journey to get there, what makes it unique, and HOW it works.
Many entrepreneurs are so damn scared of "giving too much away," but if your audience knows nothing about your offering other than the title and the classic "what's inside," they're not going to make room for it in their budget.
The key to hooking them in and preventing them from batting an eye at your pricing is to give them the "gems." Give them a peek behind the curtain. If you're selling a high-ticket offer, your audience deserves to know the value they'll be receiving.
It's time to start spilling your best "secrets" in your marketing.
Your best advice, hack, or tip is proof of your value, so shout it all from the rooftops, because that’s the key to landing top-notch clients who are willing to pay top-tier prices for high-quality services with an expert like you!
If you’re looking for support in nailing down your offerings and prices, proving your value, and aligning your marketing to show that value and transparency, grab a spot in my 1:1 mentorship where we can work through all of this together!