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Low prices hurt your brand, sales, reputation, and overall make your life much harder than it needs to be. And no, I'm not exaggerating. You see, charging low prices does a few things:
I highly doubt you want that (unless your goal is to see how much time you can waste and how miserable you can make your life). Low quality clients are a nightmare to deal with too. They love asking for discounts, and micro-managing everything you do – these people will even tell you what to do even though YOU are the expert. Never work with someone like that. They tend to ruin your peace of mind. Hopefully I've made it clear as day as to why you should stop working with low quality clients. So, with that being said, let's look at how to land high-quality clients… Attract High-Quality ClientsCharging higher prices is the first step to landing better clients. When you charge higher prices, it does a few things:
You might notice a pattern here – your prices tend to reflect the quality of your clients. The lower you charge, the lower quality they tend to be. The higher you charge, the higher quality they tend to be. Now, that doesn't mean you should charge extortionate prices for something of little value. If (and only if) the value you offer will make your client a lot more money than they invested, then charge a high price since they're essentially buying money at a discount. Once you start charging higher prices, you need to stand by it. Never lower your prices to suit someone else. It's better to have 1 good client than 5 bad clients. In fact, I would argue that 1 good client is better than 2 good clients and 1 bad client – because even though you have 2 good clients, that 1 bad client is enough to make your life hell. So, charging prices is how you start landing high-ticket clients (I say the start because you won't land high ticket clients from price alone – you'll need social proof 99% of the time as well to actually land them). But we don't just want to land clients. We want to retain them too. And to do that, your delivery needs to be top-notch. If you charge $5k for your service and your delivery is worth $500 – your client will leave you and might even do a chargeback (i.e they get a refund that's out of your control). Even if your delivery is $5k, they might still leave you. A general rule of thumb I like to follow is to have my delivery worth at least 10x what I'm charging. If I charge $5k, my client can expect to get $50k worth of value. I advise you to do the same. Because if the value your client gets is worth more than what you're charging, they have no reason to leave (again, because they're essentially buying money at a discount). Work Less, Earn MoreWorking with high-ticket clients makes your life much easier.
They're the ideal clients to get. Now, here's where it gets even better… Let's say you charge $2,500/mo for email copywriting. You only need 4 clients to hit $10k/mo, which will allow you to travel the world, invest more in your education, build systems, delegate work, etc. And let's say you write 3 emails/week for each client – each email taking you about 30 minutes to outline, write, and edit (10 minutes outlining, 10 minutes writing, 10 minutes editing). That's 90 minutes of work per week per client. And with 4 clients, you're only working about 6 hours a week. So for 18 hours of work per month, you can get paid 6-figures. I know what you might be thinking… "Yeah but who the hell will pay $2,500/month for 3 emails/week?" If you follow my general rule of thumb, your emails should be making them at least $25k/mo. Besides, if businesses can throw $2,500 at someone who does nothing but smile at the front desk, I'm sure they can pay you $2,500 for a 10x ROI. So, 4 clients at $2.5k/mo (which is completely doable) will allow you to make 6-figures by working 18 hours a month. And if you can add more leverage and value to your offer, you could even charge $5k/mo (you might have to do more than just 3 emails a week though – maybe some sales sequences, daily emails, list-building, etc). There you have it, amigo. Start charging higher prices, offer more value, and focus on high-ticket clients from now on – your bank, family, friends, and overall life will thank you. Hell, even your clients will thank you. Hasta la vista, until next time. – Kyle |
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