1 hr 5 min
#4: Psychology of Pricing & Undercharging: the strategies (and emotions) behind this tough decision! Why People Do Stuff
-
- Marketing
This episode is all about recovering underchargers (including us), pricing psychology, and strategies to increase your prices and feel good about it.**
🔗 Head over to https://www.instagram.com/molly.whypeopledostuff/ to hang out, talk to us about the episodes, comment, ask questions and stuff!
🔗 As always, there are cool things over at whypeopledostuff.com for you to check out.
🔔 Don't forget to follow this podcast so you get notifications about new episodes, and if you love it - we'd be so grateful for a 5 star review down below! 🥰
**
In this episode, we talk about the psychology behind undercharging for services, programs and courses… and share insights on how to overcome the mindset that leads to low pricing.
We explore main 4 reasons why entrepreneurs and business owners tend to undercharge... and a bonus reason during the last 4 minutes of the episode that we hear ALLLLL the time.
The episode also delves into personal stories of our own success and struggle… and what we figured out about wisely making this decision along the way…
INCLUDING how you would go about even coming up with a price for what you offer.
KEY POINTS:
- **Case Study**: The episode begins with a success story of a client who used to undercharge but now earns three times more per client after changing her mindset and raising her prices. This transformation has led to increased $, less work, and higher client commitment.
- **Reasons for Undercharging**:
- Fear of rejection and criticism.
- Guilt about charging higher prices.
- A belief that high prices create high expectations, leading to more pressure.
- The desire to make services accessible to everyone, even at a cost to the business.
- **Pricing Strategy**: We explain the primary two factors that should be involved in coming up with a starting point as the price for your programs, offers or services.
- **Emotional Impact**: Undercharging can lead to burnout, low morale, and lack of confidence. The episode dives into how higher prices can increase confidence, leading to more success. BUT how to still make your help accessible to those who don’t have a lot of money.
- **Benefits of Higher Pricing**: We talk about the circumstances where it’s wise to charge more and HOW… and the great things that happen when you do.
- **Tips for Breaking the Cycle of Undercharging**: Once you realize that you have, in fact, been undercharging… what do you do? We dive into that, too.
- **Personality Traits**: We talk about how certain personality traits can lead to undercharging… and how learning these things about yourself can help you get out of your own way before it even happens.
- **Overcoming Desperation**: Desperation can lead to undercharging and negatively affect sales. We make mindset and book reading suggestions to help shift mindset and overcome challenges.
Now what?:
Don't forget to head over to whypeopledostuff.com/podcast so that you can join the conversation and tell us what you think!
This episode is all about recovering underchargers (including us), pricing psychology, and strategies to increase your prices and feel good about it.**
🔗 Head over to https://www.instagram.com/molly.whypeopledostuff/ to hang out, talk to us about the episodes, comment, ask questions and stuff!
🔗 As always, there are cool things over at whypeopledostuff.com for you to check out.
🔔 Don't forget to follow this podcast so you get notifications about new episodes, and if you love it - we'd be so grateful for a 5 star review down below! 🥰
**
In this episode, we talk about the psychology behind undercharging for services, programs and courses… and share insights on how to overcome the mindset that leads to low pricing.
We explore main 4 reasons why entrepreneurs and business owners tend to undercharge... and a bonus reason during the last 4 minutes of the episode that we hear ALLLLL the time.
The episode also delves into personal stories of our own success and struggle… and what we figured out about wisely making this decision along the way…
INCLUDING how you would go about even coming up with a price for what you offer.
KEY POINTS:
- **Case Study**: The episode begins with a success story of a client who used to undercharge but now earns three times more per client after changing her mindset and raising her prices. This transformation has led to increased $, less work, and higher client commitment.
- **Reasons for Undercharging**:
- Fear of rejection and criticism.
- Guilt about charging higher prices.
- A belief that high prices create high expectations, leading to more pressure.
- The desire to make services accessible to everyone, even at a cost to the business.
- **Pricing Strategy**: We explain the primary two factors that should be involved in coming up with a starting point as the price for your programs, offers or services.
- **Emotional Impact**: Undercharging can lead to burnout, low morale, and lack of confidence. The episode dives into how higher prices can increase confidence, leading to more success. BUT how to still make your help accessible to those who don’t have a lot of money.
- **Benefits of Higher Pricing**: We talk about the circumstances where it’s wise to charge more and HOW… and the great things that happen when you do.
- **Tips for Breaking the Cycle of Undercharging**: Once you realize that you have, in fact, been undercharging… what do you do? We dive into that, too.
- **Personality Traits**: We talk about how certain personality traits can lead to undercharging… and how learning these things about yourself can help you get out of your own way before it even happens.
- **Overcoming Desperation**: Desperation can lead to undercharging and negatively affect sales. We make mindset and book reading suggestions to help shift mindset and overcome challenges.
Now what?:
Don't forget to head over to whypeopledostuff.com/podcast so that you can join the conversation and tell us what you think!
1 hr 5 min