Latest / Ambitious Podcast / EP.76: Pricing From Power, Not Panic: What Most Entrepreneurs Get Wrong | The Ambitious Podcast

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EP.76: Pricing From Power, Not Panic: What Most Entrepreneurs Get Wrong | The Ambitious Podcast · Ambitious Podcast

• 0:00
  If you are someone who's ever felt burnt out, it can actually
• 0:03
  be a sign in your business that your pricing is broken.
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  Over 70% of service based businesses are known to
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  undercharge for their offers. I feel like no matter how many
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  clients I sign, I'm not making more money.
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  If you are someone who prices low, you often times will
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  overcompensate that alone without looking at your
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  marketing, looking at the offers, looking at the team.
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  That alone could be the reason that you're not scaling.
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  Let's talk about how to stop undercharging, how to stop over
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  delivering and to finally step back into your power when it
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  comes to your price point. Hello and welcome back to
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  Ambitious. I'm excited to dive in today
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  because if you have press play on today's episode, you are
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  someone who is ready to dive into all things pricing.
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  And I know that pricing for many of us can feel like, does this
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  really need an hour to decide what my pricing is going to be?
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  Right? And that's because so many of us
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  determine our pricing along the way.
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  And being business owners in a very quick and easy fashion,
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  often times most people's thought, thought process when I
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  talk to them is that they saw their competitors pricing that
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  kind of took a guesstimate on what they think their pricing
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  should be. And boom, that price ended up on
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  the payment link. That price ended up on the sales
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  page. And listen, I am all about
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  scrappy entrepreneurship. I'm all about, you know, messy
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  action and not overthinking things along the way.
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  But there's also a big difference between scrappy and
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  then just flat out not strategic.
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  And So what we're going to talk about today is helping you to
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  really understand adequate strategic intentional pricing.
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  And we're going to do so in a couple different ways.
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  I'm going to be talking about the seven different pricing
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  mistakes that I see in a lot of the different businesses that I
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  go into. So this can be a product based
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  business for some of them. Some are agency based
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  businesses, consulting course creators.
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  I kind of have themes that I'm seeing that are the big seven
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  mistakes that many people are making in pricing their offer or
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  pricing out their product suite. And then I'm also not just going
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  to leave you there with like, hey, here's what you're doing
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  wrong, but I also want to help you to fix it.
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  So we're going to go through, in my opinion, what I look at is
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  the six part framework that's going to help you to really
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  understand how to look at your pricing and how to decide on a
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  price. And even as I'm saying this,
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  you're probably thinking, OK, well, six part framework like I,
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  I didn't follow 6 steps. I, I didn't look at six steps in
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  order to complete my pricing of that offer that I have like,
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  shoot, what am I missing? And that's the whole point of
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  today. When we are in the earlier
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  stages of entrepreneurship, we are scrappy, we are speedy and
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  we take these steps to try to execute as fast as possible.
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  But in that process, often times we're missing really important
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  factors. We're missing really important
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  elements that are the difference of whether it will scale.
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  And this is an important distinction I want to overview
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  today. This is something that would I
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  love you to have this as a beginner business owner and to
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  like literally go through all these 6 steps.
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  Yes, obviously that would be like the best case scenario.
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  Did I go through all these 6 steps to determine my pricing at
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  the beginning? No, because I didn't even
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  understand what these 6 steps were.
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  And so now that I'm someone who myself has scaled my business
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  and also helps other people to scale when you're scaling, we
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  need to slow down just a little to allow ourselves to be
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  intentional and to allow ourselves to make sure that
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  we're not creating more work down the road for us.
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  If you are someone who's ever felt burnt out, it can actually
• 3:25
  be a sign in your business that your pricing is broken, right?
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  When we hear about things like burnout, we often think of, you
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  know, rest and days off and structure and schedule.
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  And like, yes, all of those things are important, but I've
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  also seen people who have been very burnt out in their business
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  because they just genuinely are not being compensated fairly
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  enough for the work that they're putting in.
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  And I want to actually share something with you.
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  Over 70% of service based businesses are known to under
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  charge for their offers. And that is, is not because of
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  market demand, but because they fear comparison to others in
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  their industry or they lack clarity on how to actually
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  charge what they want and get it to consistently close.
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  So you'll see here that like this is a topic that I wanted to
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  discuss because it's not a matter of, oh, I just I want to
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  talk about pricing. This is something that's a
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  massive impact to your business, to your peers business.
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  And if I didn't dive into it into my business as well, it
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  affects all of us. And so let's talk about how to
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  stop under charging, how to stop over delivering to the point
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  where it's compromising you and your business and to finally
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  step back into your power when it comes to your price point.
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  So again, we're today going to be covering the seven pricing
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  mistakes that I see within a lot of different businesses.
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  And with that, the six part framework that I'm going to help
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  you to use to actually set your prices with intention.
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  Let's start off with some of the things that we see that are
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  really the biggest disconnects when it comes to pricing within
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  businesses. If I could say that the number
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  one, I rarely like to say that this is the one thing or the the
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  one thing that I'm seeing. But it is really the most common
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  of them all, which is the fact that you are pricing based on
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  your time that you're giving to somebody, not the value.
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  And this is, by the way, I'm not giving this in the context of
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  like the hours you put in. It's not that we don't want to
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  run the map on how many hours you are putting in.
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  We do want to know the cost. The thing is, many people will
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  say, well, this is how much I am an hour.
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  So if you want to book a call with me, it's X amount per hour.
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  If you do decide that you, for example, want to, you know, hire
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  me for six weeks, it will be 6 hours.
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  So therefore the price per hour is X.
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  So the total investment is blank, right?
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  So I see people who are looking at how long something takes them
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  and then they're charging that to a client as they're forward
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  facing pricing. And so there's so many issues
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  with this model or with this approach, but the main one being
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  that all you're actually positioning as the value of your
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  offer is your time. And So what we know is then when
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  someone invests into you, the only thing that they're deciding
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  they want to make the decision on when they're buying from you
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  is how much you cost per hour, right?
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  So it's a very big difference between someone who says I have
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  a six week structured routine or regimen or program and the total
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  investment is X, right? You then they could say, yes,
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  how often do I talk to you? Sure.
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  But we're not saying if you want a session with me, it's X amount
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  per hour. And I'll tell you why there's
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  two pieces to this, which is you do want to sell an outcome.
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  You don't want to necessarily sell the process, the nuts and
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  bolts. That's like a one O 1 of sales
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  in general. But the other thing you want to
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  reference is the fact that if you have or ever decide that you
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  want to increase your hourly rate.
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  So you know, many of us as business owners, we don't want
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  to be capped at making a certain amount per hour.
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  Let's just say right now you compensate yourself $50.00 an
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  hour. Some people I know compensate
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  themselves $2000.00 an hour, right?
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  Well, if you came to me and you said OK, well great, you can
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  have this package, it works out to be $1500 an hour.
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  That's a very different sell or quote UN quote pitch than the
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  other, which might be like, OK, great.
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  The total price is 7 K for this experience.
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  I have no idea how much your hourly cost is, right?
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  So one I'm making the decision on the value, the other I'm
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  making the decision on. Do I believe that your hourly
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  rate is feasible? And the thing you want to
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  consider is if you're charging based on hours.
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  The only other contacts that I'm going to consider is how much I
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  know other people to charge for an hour.
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  So let's just say I'm a therapist.
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  Therapist or notorious for charging per hour right there.
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  Hourly session, Well, if I'm a therapist and say the
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  traditional therapy goes for anywhere between around, you
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  know, 150 to $200.00 an hour. Well, if that's the case, then
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  say I go somewhere else and you want to be a therapist that
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  builds your business and has the scaling business.
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  But when you work it down to numbers, you actually charge
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  $500.00 an hour. When I compare you to your
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  competitors, I'm going to be like, why is this person so
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  expensive in comparison to the rest?
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  And we're going to talk a little bit about, you know, branding
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  and pricing and all of the pieces.
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  Because the thing that's also important to note is pricing is
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  not just about cost. The one-on-one of every business
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  is that businesses generate profit because there's markup on
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  their pricing. So let's just say a therapist
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  charges $200.00 an hour. It doesn't mean you have to
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  charge $200.00 an hour, but you have to understand that your
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  ideal client will be cross comparing you to competitors
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  based on that. So the first thing we want to
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  look at is we want to make sure that your pricing is based on a
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  transformation. It's based on an outcome, it's
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  based on a problem solved or ROI.
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  It is not based on your time. And if you sell your time as the
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  main way that you promote yourself and that you promote
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  your business, you will always stay stuck because you only have
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  a limited amount of hours in a day.
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  So if an hour of your time is X amount of money times 24 hours
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  in a day, there's your cap of your salary.
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  That's as far as you're ever going to go.
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  And the work day is not 24 hours, it's typically 8 hours.
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  So you want to take again, you're 200 * 8.
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  That's your new salary. So this is really why we don't
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  recommend almost ever to charge for your time and that's because
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  it really is not for the long term scalable.
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  So again, if you saw the 50K problem in two hours, but you
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  charge $200.00 an hour, it really is undervaluing the true
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  impact of what you're doing for that client.
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  OK. Now the other thing we see is
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  that I I see is a lot with people who are heart centered
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  businesses from which by the way, I would say like 90% of all
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  businesses that I work with are heart centered in some way.
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  You're under charging in the belief that you're quote UN
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  quote accessible. And this is something that is
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  not actually a pricing strategy unless it's built into your
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  brand. OK.
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  So if you keep your prices low, you might be doing this for fear
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  of like, I don't want to lose it on leads.
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  I don't want to be considered to be unaffordable for people.
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  And what it does is it's actually sometimes attracting
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  the complete wrong audience. It has the ability to completely
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  erode your brand and really decrease your perceived value,
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  which I'll get to in a second. And often times it will lead to
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  burnout. It will lead to a place where
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  you feel like I'm doing all of this, but I'm not being fairly
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  compensated. So what you want to think about
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  if you are someone who wants to be accessible in your business
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  is you don't necessarily have to have all of your entire
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  business, meaning every single offer or product or service that
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  you have be quote UN quote accessible.
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  You can also look to have tiers of investment that you have
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  different stages of pricing that are tailored to different stages
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  of problem that are there for a different levels or heights of
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  numbers, right. So like for me, I have things
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  that, you know, I have a membership that someone can go
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  into for $97.00 a month. It is a hot seat membership that
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  is literally $97.00 a month. So if that's something that
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  somebody wanted to get my coaching, they should not go
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  into private coaching, which is a very large investment.
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  They should be going into something like a $97.00 a month
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  because that is for what's provided within it.
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  It is something that yes, is accessible.
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  But what ends up happening though is, and there's actually
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  a stat to to support this, it showed that people who price
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  themselves lower are actually more likely to result in scope
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  creep and client over dependence and over delivery.
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  And that was actually a Harvard Business Review study that was
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  done in 2022. They noted that if you are
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  someone who prices low, you often times will overcompensate
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  because you're trying to give them all these deliverables, but
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  you're also not necessarily charging what you need to be
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  charging for those. So the issue that I have with
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  the idea of being accessible and I, I want to make it very clear.
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  I am not saying that the goal here is to have inaccessible
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  pricing mean that you should price yourself out of the
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  market, but you have to go in with a strategy around your
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  pricing, not just, oh, I want to be accessible, so discount
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  everything. I'll give you an example, and
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  we're going to come back to this at the end, but I gave this
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  example all the time. So an inaccessible pricing,
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  meaning not accessible to the average Joe, is something like a
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  Dior. If we go into Dior, we have a
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  expectation of how much things in that store are going to cost,
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  and it's not accessible for most of society to walk in there on a
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  random Tuesday and buy something.
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  Now, if we walk into, for example, a Target or if we walk
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  into a Walmart, we can actually know that on average it's
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  accessible for almost everybody to buy something in some way
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  within that store. And so the thing we want to keep
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  in mind is you don't want to be Dior who discounts.
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  That's what I'm saying by being accessible.
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  If you want to be a Dior, you have to play in the Dior
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  category. If you are someone who's going
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  to build your business as a target, you still have to have
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  pricing that is, again, relevant to the person coming in.
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  But you've worked it into your pricing.
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  It's actually built into the model of your brand, of how you
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  price things that are on the shelves, like IE how you price
• 13:21
  your offers and services. It's built into your model.
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  So what we want to do is we want to remove this idea that we are
• 13:28
  just Dior but discounted. That belief is not a matter of
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  making things accessible. It's actually the fastest way to
• 13:35
  struggle within that business. What I'd rather you do if being
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  accessible is a really important thing for you and for your
• 13:42
  business, is work it into your product suite.
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  So have tailored offers that are designed to be accessible for
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  people or have an accessible based business, meaning it's
• 13:52
  built into your brand, it's built into your structure.
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  The other thing that I will say is probably the number one thing
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  that I hear when people are explaining to me how they got to
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  a certain price point is that they're looking at competitors.
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  And it's not a matter of again, me saying, well, you know, your
• 14:07
  competitor pricing is not relevant.
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  It is relevant and we're going to talk about that and how to
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  determine your price. But the thing that most people
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  don't consider is adjustment of that pricing.
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  So you might go consume your competitors and you see that
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  they have a course for 997 or they've got a mastermind for
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  12,000 or you have private mentorship in something that
• 14:28
  maybe ranges from like a 9000 to a 30,000, right?
• 14:32
  And you're seeing these investments, you think, OK,
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  great, that's what my competitor's charging, That's
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  what I'm going to charge around there.
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  The problem is it doesn't take into account a lot of other
• 14:41
  factors. It doesn't take into account the
• 14:43
  overhead. It doesn't take into account
• 14:45
  your experience and expertise. It doesn't take into account the
• 14:49
  model of delivery or the model of your actual business and what
• 14:52
  you're providing. And there's two things that can
• 14:55
  happen in this, which is that you can actually price yourself
• 14:58
  too low because you may have skills and outcomes and proof
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  and results that mean that you definitely could be charging
• 15:05
  more for your offer. And then there's the other side,
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  which is maybe you're pricing way too high based off the
• 15:13
  proof, the results and the expertise that you have.
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  So I, I often see this, you know, especially in the earlier
• 15:20
  stage businesses. And when I say earlier stage, it
• 15:23
  doesn't mean that you're a new entrepreneur.
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  It can even be a new business. But when someone has a new
• 15:27
  business and they're like, well, you know, I want to charge X
• 15:31
  amount, it's a very high ticket price.
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  And I say, OK, well, do you have proof of concept?
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  Do you have some way for me as a client to verify that you're
• 15:40
  legit, to verify that this product works?
• 15:44
  Like, do you have something for me to sink my teeth into, to
• 15:46
  say, OK, great. Like they are marketing
• 15:49
  something that truly works. And So what I find is a lot of
• 15:53
  people when they don't have any proof, when they don't have any
• 15:55
  expertise, when they don't have any credentials, are so quick to
• 15:59
  be like, I want to charge the highest rates.
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  I want to charge the same rate as so and so on the Internet,
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  who's been doing this for eight years.
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  What most people don't see is that that person on the Internet
• 16:09
  for eight years had pricing that, for example, was on the
• 16:13
  low end and they had to inch up over and over over the years,
• 16:17
  right? Like some of my pricing for you
• 16:20
  know, what was it 12 weeks of coaching with me used to be 997
• 16:25
  a $1000 for three months of coaching used to be my pricing
• 16:29
  years and years and years ago. Now I am nowhere near that
• 16:32
  today. I am high 5 figure investments
• 16:34
  now to work with me privately. But the reason I mentioned that
• 16:38
  is if someone looks at my current pricing, they're OK.
• 16:41
  Great. Well, that's what Kate prices,
• 16:43
  I'm going to go do that. The problem is you're skipping
• 16:45
  all the steps in the middle. And so it is important not to
• 16:49
  say that when you're in the earlier stages you should be
• 16:51
  discounting or that you have to go really, really low.
• 16:54
  It's more a matter of understanding that you have to
• 16:57
  price with consideration of a variety of factors.
• 17:01
  And you want to recognize that the first couple clients or the
• 17:04
  first people that you sign into an offer don't necessarily
• 17:07
  always have to be at the highest price you're ever going to
• 17:09
  charge for it. Because the goal should be to
• 17:11
  get people into the offer to get proof of concept, to get results
• 17:16
  and the social proof that your product, your system really
• 17:19
  works. And with that over time, once
• 17:22
  you build trust and once you have brand proof of your product
• 17:25
  or service, then we can always leverage that to increase price
• 17:28
  along the way. But out the gate, you don't
• 17:31
  necessarily have to go at the highest of whatever you're
• 17:33
  seeing your competitors do. So the thing you want to
• 17:36
  consider is really your price is a matter of understanding your
• 17:40
  positioning, having proof and understanding what the promise
• 17:43
  is. It's not really about just
• 17:45
  looking at what everyone else is charging and great, I'm going to
• 17:48
  look at that and do that. The other thing we see which
• 17:51
  anyone who's in the financial section of business, you're
• 17:54
  going to be like, yes, louder for the people in the back.
• 17:56
  This is essential. If you are not running the cost
• 18:01
  of your offers, you are potentially digging yourself a
• 18:06
  deeper hole in business because setting a price needs to
• 18:11
  consider the time that goes into your delivery and it also needs
• 18:15
  to consider the time of the contractors who are assisting
• 18:19
  with that delivery. So what I find is that many
• 18:23
  people don't have enough of a margin built into their
• 18:27
  business. And for me, I typically
• 18:29
  recommend a minimum of a 30% to a 50% margin within most
• 18:35
  businesses because what I've seen and, and this is again,
• 18:38
  like This is why I want to talk about this because people will
• 18:41
  come to me and they'll say, Kate, I feel like no matter how
• 18:43
  many clients I sign, I'm not making more money.
• 18:46
  Like I feel like I'm always struggling to make money and yet
• 18:50
  I'm getting consistent inquiries, I'm getting
• 18:52
  consistent clients. So something here is not making
• 18:54
  sense. And when I then go into looking
• 18:58
  at, OK, well, great, what's happening here?
• 19:00
  We saw, OK, whoa, of course you're not scaling.
• 19:03
  One client came to me and they had like a 12% profit margin.
• 19:07
  So I said, of course, you're not able to grow because by the time
• 19:10
  that you have paid your team, paid yourself, paid your taxes,
• 19:14
  less money for, you know, in the business, there is literally
• 19:18
  there's nothing left over, right?
• 19:20
  Like there's, there's nothing worked in here to consider the
• 19:23
  fact that there needs to be extra money in the business.
• 19:26
  Like there's not there's nothing noted here that actually keeps
• 19:29
  in mind profit at the forefront. So what I do is I typically
• 19:33
  recommend to people and I have like a, a worksheet that we do
• 19:36
  and what we do is we outline all of every single offer they have.
• 19:41
  We outline all the hours, all the cost, all the contractors,
• 19:44
  anytime they have administrative assistant, any of that.
• 19:48
  And we actually give a value dollar to the true cost of what
• 19:51
  it means to provide a service to a client.
• 19:55
  And so once we know the average cost of what it takes to provide
• 19:59
  that service, then we add the margin on that.
• 20:02
  And you'll notice that I, I noted 30 to 50, you don't have
• 20:05
  to have identical profit margins across your entire business.
• 20:09
  You can have certain offers and certain services that are
• 20:12
  considered to be higher in margin and others that are
• 20:15
  considered to be lower in margin.
• 20:17
  So I want to clarify, it doesn't mean that you have to have like
• 20:19
  30 across your whole business, 50 across your whole business.
• 20:22
  It's more a matter of understanding.
• 20:25
  Per offer, what are our margins? Do you even know what the cost
• 20:28
  is? Do you even have a margin built
• 20:29
  in? That's where you start.
• 20:31
  And then over time you can always adjust to say, OK, well,
• 20:34
  where, if anywhere do we want to have a higher or lower margin?
• 20:37
  And I want to share something with you because I, it was
• 20:39
  really interesting when I was kind of, you know, diving into
• 20:41
  some stats and, you know, I'm a nerd.
• 20:43
  I'm a nerd for data and I'm a nerd for strategy.
• 20:46
  And one of the things that I found was that agencies that
• 20:49
  operate typically under 20% margins will always struggle to
• 20:54
  scale their business. And that was a study that was
• 20:56
  done by Profitwell in 2023. And so agencies under 20%
• 21:01
  margins, right. So there's a list stats that
• 21:04
  study companies that are noting if you are a done for you
• 21:08
  service, if you are an agency where you are someone who has
• 21:11
  less than 20% margins, just that alone without looking at your
• 21:15
  marketing, looking at the offers, looking at the team,
• 21:17
  that alone could be the reason that you're not scaling.
• 21:21
  So you often hear me talk about tweaks, right?
• 21:23
  We talk about tweaks, we talk about refinement.
• 21:25
  This is what I mean. This is not a matter of life.
• 21:29
  Just got to be more consistent on social.
• 21:30
  And I just got to push a little bit more.
• 21:32
  What if you're an agency who has your pricing right now that's
• 21:35
  never run through the things we're talking about and that's
• 21:39
  the reason that you're not growing is because you don't
• 21:41
  know how to run the cost and you don't know how to determine the
• 21:44
  profit margin. And maybe you're operating off
• 21:46
  15% margins, which is the real reason that you're not able to
• 21:50
  scale. So This is why these
• 21:52
  conversations are so important. Now, the other thing I want to
• 21:56
  say is you want to make sure that you are not over delivering
• 22:01
  in an attempt to justify your price.
• 22:05
  And I see this a lot with people who have some mindset stuff
• 22:10
  around pricing. They believe that if they just
• 22:12
  cram more deliverables, I'm going to give them extra calls,
• 22:15
  I'm going to give them extra services and I'm going to, you
• 22:17
  know, add more time with me. And they're going to add, add,
• 22:20
  add, add, add. And they Add all of that not
• 22:22
  because the offer or the service needs it, but they're adding it
• 22:25
  in the belief that if they don't add it, they're not going to be
• 22:29
  able to charge what they want to for their service.
• 22:33
  So you're setting pricing based off the fact that you're like,
• 22:37
  I'm going to set a price and in order to justify that price, I'm
• 22:40
  going to Add all these other things to my offer.
• 22:43
  But you also note we just talked about cost.
• 22:46
  When you're adding all those other things to your offer,
• 22:48
  you're also potentially increasing the cost of your
• 22:50
  offer, which means that the reason that you justify charging
• 22:54
  X could also be the reason that it, from a cost perspective
• 22:57
  doesn't any longer make sense. So we're seeing that this
• 23:01
  actually can do a couple different things.
• 23:03
  It can impact your cost. It can actually as well
• 23:07
  overwhelm your client. And for you as the person
• 23:10
  delivering, I've seen time and time again it creates
• 23:13
  resentment. We start to resent the business.
• 23:16
  We start to resent the clients because we believe that we're
• 23:20
  just doing so much and yet you're the one who set up that
• 23:24
  so much for that price point and what you're providing.
• 23:28
  And so the thing that is important for you to know is
• 23:32
  that more access to you and more access to just more deliverables
• 23:37
  and more stuff doesn't necessarily equate or equal to
• 23:41
  value. Those two are not joined
• 23:44
  together. And so because of that, you
• 23:46
  know, I really want to invite you that setting a price is not
• 23:50
  strictly just based on deliverables.
• 23:52
  We're going to dive into things to consider with setting your
• 23:54
  price, but it's not just based off of deliverables.
• 23:57
  And the other piece that I see, which is a huge mistake is
• 24:01
  people not updating their pricing.
• 24:03
  The amount, the amount of business owners that I've talked
• 24:08
  to who are like, yeah, I really need to update my pricing.
• 24:10
  Yeah, I really need to update my pricing.
• 24:13
  Let this be a reminder that if you have not updated your
• 24:15
  pricing, let's just say in the last year, it's not to say that
• 24:18
  you should just go and I'll automatically charge an extra
• 24:20
  $2000 a month. That's not what I'm saying.
• 24:23
  I'm saying go and actually run your pricing.
• 24:25
  Go and look at is your pricing intentional?
• 24:29
  Does it make sense? Give it an audit, give it a
• 24:32
  quick reference to see is this still in line with what I think
• 24:36
  I would or should be charging. And the thing that I think is
• 24:41
  important is that you're going back to your pricing and there's
• 24:44
  two sides. I see this.
• 24:45
  I see people who either don't adjust their pricing at all,
• 24:48
  like they just have a set price they charged two years ago and
• 24:50
  they stick with that forever. The other thing that I see is
• 24:53
  people who are constantly changing their pricing, meaning
• 24:57
  it's like on a Tuesday, it's one price, you're like next week
• 24:59
  it's going up and the next month it's going up and the next month
• 25:02
  it's going up. And you're like, what?
• 25:04
  Like how, why? So like you start to think, why
• 25:07
  are you changing your pricing all the time?
• 25:09
  What even is the value of this offer?
• 25:11
  So I really believe that your pricing should be something that
• 25:16
  you adjust as the timeline and the demand of your business
• 25:20
  grows. And there's factors to consider,
• 25:22
  which is your authority. How is your authority and what
• 25:24
  you do and your offer service, How has that adjusted?
• 25:28
  We also want to look at the results.
• 25:29
  So do you have proof of results potentially that we need to be
• 25:33
  considering and showcasing really the true value of what it
• 25:36
  is that you do and then also demand, right.
• 25:39
  And I'll give you the story around this because even for me,
• 25:42
  you know, with my private coaching, I was mentioning
• 25:44
  earlier, I used to charge 997 for 12 months of private
• 25:47
  coaching, which I want to clarify is no longer the price.
• 25:49
  So don't reach out for private if you're meeting it for 997.
• 25:53
  I would love to still charge that.
• 25:54
  But just I'm going to explain a second.
• 25:55
  Why don't I over the the years added more expertise?
• 26:01
  So originally, for example, because I didn't have a team, I
• 26:03
  didn't talk about team. Now I do talk about team with my
• 26:06
  clients. Before I didn't talk about a lot
• 26:08
  of things like, you know, systems or operations, for
• 26:11
  example. And then our shout out OG
• 26:13
  Kelsey, who's our head of operations, she gave me a master
• 26:17
  class on all things click up and what that could do for a
• 26:20
  business. So once I saw her build this
• 26:23
  incredibly helpful thing inside of our business, I was like,
• 26:25
  wow, this would be amazing to transfer this insight to our
• 26:29
  clients. So then we started to have more
• 26:31
  conversations about operations that I went through leadership
• 26:34
  coaching for myself to understand how to be a better
• 26:36
  leader. Took that insight and said, OK,
• 26:38
  great. Well, how can I provide that
• 26:40
  knowledge to people that I'm mentoring?
• 26:42
  And so as time went on and I started to build my book of
• 26:47
  knowledge or my book of insights that the value and the depth or
• 26:51
  the level of coaching that I was providing was increasing
• 26:54
  significantly because I was just absorbing so much and I was also
• 26:57
  looking to learn and execute so much.
• 26:59
  We had also been doing a lot in our business.
• 27:01
  So because of that, the learning along the way, I thought, OK,
• 27:05
  well, I could do all these seven extra things that I never did
• 27:08
  for clients six months ago, like I have a lot of extra things
• 27:11
  that I want to share. So that additional insight got
• 27:15
  added as a consideration for our pricing.
• 27:17
  My authority as a result of that got added as a consideration for
• 27:20
  pricing results. Results were a huge thing that
• 27:24
  made me feel confident to charge more for my private coaching.
• 27:27
  I had a client who came to me in private coaching and she wanted
• 27:30
  to scale and you know, her testimony and all that stuff's
• 27:33
  on our website, so I'm not going to talk about it in depth today,
• 27:35
  but she had seven figures in three calls together.
• 27:39
  We literally had three calls and within those she had 7 figure
• 27:42
  business. And so that's not something that
• 27:45
  again, maybe, you know, years and years ago I would have had
• 27:48
  as proof to say why you should pay this.
• 27:51
  But we want to know that when we set certain prices, the motto I
• 27:54
  tell people is the level of the price that you charge is
• 27:57
  directly correlated to the level of the problem you solve.
• 27:59
  And I'm going to say that because I know every single time
• 28:02
  that I say that, someone says, can you say it again, the level
• 28:05
  of the price you charge is a direct reflection or is a direct
• 28:09
  correlation to the level of the problem that you solve.
• 28:13
  So if you solve a bigger problem, you're going to have an
• 28:17
  easier time charging or asking a larger price.
• 28:21
  So I had this result that then said, OK, I'm clearly solving a
• 28:24
  big problem here. People join my private and
• 28:26
  they're hitting seven figures. Like this is what really is the
• 28:29
  basis of what I'm doing here. And so then the other piece was
• 28:32
  demand. I had a season and it really
• 28:35
  adjusted my business model. I had a season where I had tons
• 28:38
  and tons and tons of private inquiries.
• 28:39
  Like I could not believe how many people were like, hey,
• 28:42
  private, private, yeah, I'll take my private spot.
• 28:44
  And I was like, oh, OK. And so very quickly our private
• 28:48
  inquiries increased. And so because of that, I had so
• 28:52
  much demand that I literally was like, I'm not taking any more
• 28:55
  private clients. Like that's it.
• 28:57
  So the thing that I think is really important is that we
• 29:01
  recognize that your price needs to evolve as you evolve as a
• 29:03
  business owner. Recognizing that if you are a
• 29:06
  service, the price you have today is probably not going to
• 29:09
  be the same pricing that you're going to have five years from
• 29:10
  now. Now, it's not to say that it has
• 29:12
  to quadruple or that it has to 10X, but it should be evolving
• 29:16
  as you evolve within the business again around your
• 29:19
  insight, your expertise, your authority, your results, and
• 29:23
  then the promise of what it is that you're actually providing
• 29:25
  within that offer. So there's a lot of things that
• 29:28
  we do as you know, common practices, right.
• 29:31
  We talked about we look at under charging to believe that we're
• 29:33
  being accessible. We look at, you know, selling
• 29:36
  our time, not maybe the value of the offer.
• 29:38
  We're looking at just taking our competitors pricing and calling
• 29:40
  it our own. We don't really think about
• 29:42
  adding in profit. And so because of that, we kind
• 29:44
  of, you know, slap on a number and then quickly realize, wait a
• 29:48
  second, why do I feel like I'm not making any money?
• 29:50
  We add lots of stuff to the offer to the service in the
• 29:53
  belief that we can now finally charge that thing that we want
• 29:56
  to charge. And maybe you're one of those
• 29:58
  who sets the price and you never look back and you never reset it
• 30:01
  or you never review it. And we've all done it.
• 30:05
  I've done it, you've done it. And this is something that I
• 30:08
  want to 1st normalize again, back to the earlier part of
• 30:11
  today. This is not a matter of placing
• 30:13
  blame. It's not a matter that you've
• 30:15
  done something wrong and that because of this, your whole
• 30:18
  business is broken. It's not that, it's that this is
• 30:21
  an awareness, OK? So this is about bringing
• 30:24
  forward that we now know, OK, maybe my pricing is not entirely
• 30:28
  strategic and I want to go back to the drawing board and really
• 30:32
  make sure that I'm doing this well, OK, that I've really
• 30:34
  thought of the pieces that are essential to determine my price.
• 30:38
  And so let's get into the steps you need to take to actually
• 30:42
  breakdown and set your price or for you to edit your current
• 30:46
  pricing to your existing business and the offers you have
• 30:48
  in front of you. So one step that you start with
• 30:53
  always is getting an understanding of your cost.
• 30:57
  You must, and I mean you must understand what the cost of your
• 31:01
  offer is. And everyone says to me, how do
• 31:04
  I do this? And I'll tell you some things to
• 31:06
  consider. You need to know the time
• 31:08
  investment. So how many hours are you
• 31:10
  spending per client? How many hours are you spending
• 31:13
  on an average project? You need to know the fixed and
• 31:16
  the variable cost. So you need to know the tools
• 31:19
  you're using, the platforms that you're using, the systems that
• 31:21
  you're using to support side clients.
• 31:24
  You want to ask yourself, how much profit do I want?
• 31:27
  Meaning how much do I want leftover after all the costs are
• 31:31
  considered and covered? Also, do you potentially have a
• 31:35
  personal income goal, meaning that you need to reverse
• 31:38
  engineer your rates based on what you need to pay yourself to
• 31:41
  hit an annual or a monthly goal. So the thing that I tell people
• 31:47
  is like this part, I know it can feel very overwhelming cuz
• 31:51
  you're thinking, OK, there's so much that I need to know, but
• 31:53
  how do I get those numbers? It is actually very easy.
• 31:57
  It's just about actually asking those critical questions,
• 32:00
  sitting down and mapping out the numbers.
• 32:02
  It's not difficult if you take it piece by piece.
• 32:05
  If you just say, you know, well, I'm going to run all the costs
• 32:08
  of it. Again, That's why I broke this
• 32:09
  in categories because you don't necessarily just want to say the
• 32:12
  total cost. It's about the cost of the
• 32:14
  delivery. You want to consider the profit,
• 32:17
  you want to consider the personal goals and you want to
• 32:20
  consider all the variable and fixed costs.
• 32:22
  OK, So I, as I said, I usually with clients, for example, would
• 32:26
  you like a spreadsheet with this?
• 32:27
  So I would recommend that you get a spreadsheet and you
• 32:30
  actually outline this before setting your pricing.
• 32:34
  I'm taking a second out of today's episode to tell you what
• 32:36
  something really exciting and it is happening right now.
• 32:39
  If you are someone who is interested in getting scaling
• 32:42
  support with your business, if you know that you've been able
• 32:44
  to get some consistency, you've been able to get some sales
• 32:47
  happening in your business, but you also know that you have on
• 32:50
  top potential. You know that you are the person
• 32:52
  who's been taking notes on the different frameworks on this
• 32:54
  podcast that you're listening to each episode, tuning into the
• 32:57
  different strategies you need. That is an incredible thing to
• 33:01
  be doing, but it also is very different to consume information
• 33:04
  versus to integrate that information.
• 33:06
  And that is exactly what we do with these types of frameworks
• 33:09
  that we teach here. And we help you to integrate
• 33:11
  those in a custom way in your business.
• 33:13
  Right now, our ITI Accelerator mastermind doors are open.
• 33:16
  We have a promotion that is happening for a limited time.
• 33:19
  And I want to make sure that you as the person diving into all of
• 33:22
  the strategy are not someone to miss this.
• 33:24
  If you are a business right now that is ready to scale, if you
• 33:27
  want to potentially 234 or five extra business in the next 6 to
• 33:31
  12 months, this is your invitation to do so.
• 33:34
  ITI Accelerator is a six month mastermind specifically designed
• 33:37
  to help you to do that. It is a combination of all the
• 33:39
  things that I love about coaching.
• 33:41
  We've got the modules and the course materials to help you
• 33:43
  learn the principles of what you need to know to scale and my
• 33:46
  strategies. We also have the one-on-one
• 33:48
  coaching, which helps you customize that and integrate it.
• 33:50
  We've got the group aspects. You can build a network of women
• 33:53
  just like yourself. And we have things like a Slack
• 33:55
  channel that you can contact in between when things come up
• 33:58
  day-to-day, as they do. If you are somebody who's ready
• 34:01
  to really step into that next level of growth that you know
• 34:03
  you have within you and that you know it's possible for you in
• 34:06
  the next 6 months, let this be your reminder.
• 34:08
  Let this be your invitation to take a step toward that
• 34:12
  potential that you know you have.
• 34:13
  So without further ado, let's get back into today's episode.
• 34:16
  So we now know things to consider around cost.
• 34:20
  Here's the thing. This is going to present some
• 34:21
  things I'm going to kind of warn you in advance.
• 34:24
  There's sometimes where you're going to find that when you run
• 34:27
  the cost of your offer, it's going to become presented to
• 34:30
  you. It's going to almost hit you in
• 34:31
  the face, to be honest. That one of two things that your
• 34:35
  costs are very low and therefore that's great because it means
• 34:39
  that you have the ability to do it very efficiently.
• 34:41
  But more often what I see is that people will find they have
• 34:45
  a decent amount of Labor. It could be a contractor, it
• 34:48
  could be another service provider.
• 34:50
  You have a decent amount of Labor costs that are going into
• 34:53
  providing to a specific client. So we need to really understand
• 34:57
  where is the bulk of the cost of delivery coming from and also is
• 35:03
  it balanced. So I'll give you an example.
• 35:05
  I was working with a social media manager, and we did this
• 35:08
  for her, for her offers. So she had an editor, she had a
• 35:11
  designer, she had a copywriter. She has all these people on her
• 35:13
  team. And so we broke down per
• 35:15
  package, how much time goes into the copy for that package, how
• 35:19
  much time goes into the editing. And what we realized was that
• 35:22
  the editor that she had on staff was severely inflating the cost.
• 35:29
  And So what we recognized was that this person and the amount
• 35:33
  they wanted per video to edit a video was so significant that it
• 35:37
  was really completely tanking her ability to generate more
• 35:41
  profit. And that's because if she wanted
• 35:44
  to have all the profit in addition to what the cost was,
• 35:47
  she was going to have to charge a lot of money for her packages,
• 35:51
  so much so that it kind of would have priced her out of the
• 35:54
  market. And what I mean by that is she
• 35:56
  would be so outside of the realm of her competitors that for her
• 36:01
  brand, it didn't make sense for her prices to be that high.
• 36:04
  We're going to talk about Brandon a little bit.
• 36:06
  So put a pin in that in your mind.
• 36:07
  OK. So what we realized was that she
• 36:11
  needed to make sure that this editor, one of two things could
• 36:14
  adjust their expense or she had to find someone who was more
• 36:17
  cost effective because it really wasn't something that was
• 36:21
  feasible for the business. She couldn't keep her at her
• 36:23
  current cost. So we discovered only by running
• 36:28
  these numbers that the cost was way too high of this individual.
• 36:32
  The other thing I see when you run cost is that you also might
• 36:35
  find that your cost is the issue and it's because you're
• 36:39
  involved. It's not the package, it's you
• 36:41
  as the person that's actually tanking the numbers.
• 36:44
  And here's what I mean by that. Remember we talked to the
• 36:47
  beginning talking about your hourly rate and how much you
• 36:52
  want to in your mind. Maybe you're not showing us in
• 36:54
  marketing, you're not showing us on a website, but there's in
• 36:56
  your mind how much you want to make for yourself, right?
• 37:00
  Well, The thing is, let's just say your hourly rate is $100.00
• 37:03
  an hour and not for you as the CEO or the business owner is
• 37:06
  your goal. That's how much you want to
• 37:08
  make. Or maybe it's even higher, maybe
• 37:09
  it's $500.00 an hour. Whatever the number, if we put
• 37:12
  that into the calculator, we'll find 9 times out of 10 that
• 37:16
  you're probably not making a lot of money in the business because
• 37:20
  you're the person doing the service and your hours are
• 37:24
  valued at a higher rate, which is why you're not making money.
• 37:28
  So people say, how do I fix it? I'm like you yourself either got
• 37:32
  to pay yourself a heck of a lot less, which is not usually the
• 37:34
  answer. The ideal answer is you got to
• 37:37
  outsource if your hourly value for you to provide.
• 37:41
  And let's just say again, like do social media for a client,
• 37:44
  maybe you want to charge $100.00 an hour for yourself.
• 37:47
  That's great, I love that for you, let's do that.
• 37:49
  But it means that if you have a team member, you might not be
• 37:53
  able to pay your whole team $100.00 an hour.
• 37:56
  So you have to say, OK, well, can I find someone who's $50.00
• 37:59
  an hour to be able to help me with the editing?
• 38:02
  So this is where the cost is important.
• 38:04
  It shows us a variety of things. It can show us, you know,
• 38:07
  certain staff that are, you know, bloating the cost.
• 38:10
  It could be you being involved is bloating the cost.
• 38:13
  It could be the fact that, hey, we've realized the costs are
• 38:16
  actually very low and this is great news and you're very
• 38:18
  efficient and productive. It could show you that
• 38:21
  everyone's hourly rates are very fair, but they're taking a lot
• 38:24
  of time, meaning it's not that they're paid too much, it's that
• 38:28
  they're paid fairly, but they're spending a lot of time to do
• 38:31
  things. So we want to get more efficient
• 38:33
  with how we do it. So an example, another kind of
• 38:36
  analogy for you Starbucks, and I'm Canadian, so Tim horton's.
• 38:40
  Tim horton's are Starbucks. They actually at all their
• 38:42
  windows, they have a timer. And so they have like an an on
• 38:46
  average. I don't know the exact numbers,
• 38:48
  don't quote me on this, but generally speaking, they, they
• 38:51
  pay their staff around $20 or 20 something dollars an hour.
• 38:54
  And so they are not going to increase the cost of the staff
• 38:57
  that they have. Again, 9 times out of 10 they're
• 39:00
  going to keep it around the same number.
• 39:02
  But what they do to be able to get back money within the
• 39:06
  business and again to create more profit, is that they try to
• 39:09
  become more efficient in how many clients are served from the
• 39:14
  one person at the window. So how do they do that?
• 39:16
  They have a timer at the window. You can't usually see it at
• 39:19
  Starbucks because it's on the cashier side, but they have a
• 39:22
  timer of how fast they try to get you through the window.
• 39:26
  And so that is a goal to basically say how many clients,
• 39:30
  IE how many coffees can we get through this pipeline in a given
• 39:34
  shift of X amount of people working.
• 39:37
  And so that's really how they again look to increase how much
• 39:41
  money they're making while keeping their costs the same.
• 39:43
  So there's a lot of different ways that we'll see this in the
• 39:46
  world and also within our own businesses, but it starts with
• 39:49
  understanding the cost. We have to know the cost of your
• 39:52
  service and it's not something if you've ignored it until this
• 39:55
  point. I'll be very blunt with you.
• 39:58
  You may have been lucky, right? I had these moments too in my
• 40:01
  business. I was lucky that based off the
• 40:04
  prices that I asked and that I had requested that I was OK.
• 40:07
  Meaning I, I, I had still enough in there.
• 40:09
  It wasn't great, but I had enough in there to kind of get
• 40:11
  through. But it's only something you can
• 40:15
  ignore or back burner for so long.
• 40:17
  Eventually we have to get an intentional strategy around why
• 40:21
  we're charging what we are based off the cost of what our service
• 40:25
  actually is. So the other thing we want to
• 40:28
  consider is category positioning.
• 40:31
  We talked a little bit earlier about brand and we talked about
• 40:36
  how important brand is within your pricing.
• 40:39
  And if you have heard me talk on other episodes, and even if
• 40:42
  you've ever heard me talk on stage, if you've heard me talk
• 40:44
  on other podcasts, I talk about this a lot because I think many
• 40:47
  people ask me, Kate, how do I charge higher ticket in anything
• 40:50
  as an agency, as a coach, consultant, course creator,
• 40:53
  digital products, you name it, People ask me, how do I charge
• 40:57
  more? And the thing that I tell people
• 41:00
  is you have to consider the brand context because as a
• 41:04
  brand, you have limitations on how expensive your products can
• 41:08
  be. So I'm going to break down for
• 41:11
  you the three tiers of brands that you want to consider, which
• 41:15
  is the the starting tier is what's considered to be mass
• 41:18
  market. This is the equivalent of like a
• 41:21
  Walmart. OK, So this is something that
• 41:23
  every single person, everyday people can go into and can go
• 41:26
  shop at. That's like the level 1.
• 41:29
  Level 2 is premium. Premium I want you to think of
• 41:32
  is like a Stanley's, the Stanley water bottles.
• 41:34
  There's a normal water bottle that you can get at Walmart, but
• 41:36
  then there's a little bit elevated.
• 41:38
  It's not the water bottle itself is not you know, like $120.00,
• 41:41
  but it is something that's considered premium for the water
• 41:44
  bottle market. The third level of the three is
• 41:48
  luxury. Luxury is when you are the top
• 41:51
  tier, your pricing is going to reflect it, your experience is
• 41:55
  going to reflect it. And typically the price of the
• 41:57
  product is not in correlation to anything other than the feeling
• 42:01
  of the brand. So I'm going to kind of break
• 42:03
  this down. Mass market is, as I said,
• 42:06
  Walmart, and that's because the person who's going into Walmart,
• 42:09
  we have a preconceived idea of how much something is going to
• 42:12
  cost. So when we go into Walmart,
• 42:14
  we're expecting average everyday pricing.
• 42:17
  Now, granted, inflation has kind of kicked our butt in the recent
• 42:20
  years, but generally speaking, all the pricing should be
• 42:23
  something that's very approachable, very reasonable.
• 42:26
  That's mass market because it's just as it sounds, it's meant
• 42:28
  for the mass market. It's meant for the masses to be
• 42:31
  able to afford and to buy. They're catering with their
• 42:34
  brand to the everyday person who can buy their products.
• 42:39
  Now the second tier is what we consider to be premium.
• 42:42
  Now premium is very different than luxury.
• 42:45
  Premium, I want you to think, is basically for anyone who's mass
• 42:48
  market who sees a little bit of an added value or added brand in
• 42:54
  buying something. But the distinction between
• 42:57
  premium and luxury is that the thing that you're holding is not
• 43:00
  a status symbol. That's the difference because
• 43:03
  premium in any category is what you're doing in the mass market,
• 43:08
  but slightly elevated, but you're still selling the
• 43:11
  product, you're not selling the brand, you're not selling the
• 43:15
  feeling. So premium is something like, as
• 43:18
  I said with Stanley, the Stanley water bottles, I feel like
• 43:20
  everyone in their mom has a Stanley water bottle.
• 43:22
  It's my personal support water bottle.
• 43:24
  I love my it goes everywhere with me.
• 43:25
  It's on the floor right now. I'm obsessed with her.
• 43:28
  This water bottle is like a $50 water bottle.
• 43:31
  And when you think about $50.00 for a water bottle, you're like,
• 43:34
  why? Like what's so special about it,
• 43:37
  right? But it's considered to be made
• 43:40
  to keep your drink cold forever. It's considered to be something
• 43:44
  that fits in your cup holder. So it solves kind of a unique
• 43:46
  problem that many other water bottles are constantly an issue
• 43:49
  with. And it's also something that
• 43:51
  over time caught on and kind of took a brand vibe of its own and
• 43:56
  kind of caught wildfire. So everyone in their mom had a
• 43:58
  Stanley, kids, older individuals, everybody wanted a
• 44:03
  Stanley. So the thing that we want to
• 44:05
  consider though, is that it's not luxury because it's not so
• 44:09
  unattainable that the everyday person couldn't buy it.
• 44:12
  It's the reason that, for example, like someone that I
• 44:15
  know, their child literally has a Stanley that they take to to
• 44:18
  school every day. If it was luxury, your child
• 44:20
  wouldn't be taking to school just the same way that your
• 44:22
  average child wouldn't be taking Dior or Chanel to school.
• 44:25
  OK, that's luxury. So then we go into the luxury
• 44:28
  bucket. And so you ask yourself, OK,
• 44:29
  well, what is luxury? Luxury pricing is when the
• 44:32
  pricing of the thing that we're selling has nothing to do with
• 44:34
  the cost. We still want to know what the
• 44:36
  cost is, but how we determine the price is not really based
• 44:39
  off cost. It's based off brand and it's
• 44:41
  based off feeling. When we go into buying a Dior
• 44:45
  bag, we're not asking what it's made of, We're not asking how
• 44:48
  much it costs. We're not looking for discounts.
• 44:51
  We're buying it because when we hold a Chanel or we hold a Dior
• 44:55
  bag or when you wear Louboutin shoes, there's a status symbol
• 45:01
  that's associated with that. And so when you're having
• 45:04
  pricing connected to it, the pricing has nothing to do with
• 45:07
  the product, has nothing to do with the service.
• 45:09
  It has to do with the level of brands that you're buying into,
• 45:13
  the status of what it means to be part of that business, to be
• 45:17
  part of that brand. That's what you're selling brand
• 45:20
  around luxury is all about feeling, it's all about status.
• 45:24
  So your pricing is evaluated based on brand and it's
• 45:28
  evaluated based on status. Meaning if I'm going to go buy a
• 45:31
  pair of Louboutin shoes, which on average can you know, start
• 45:35
  at around $1000 for a pair of shoes.
• 45:37
  If I'm going to go buy a pair of Louboutin shoes, the question
• 45:41
  that comes up for me is do I value the brand and to wear that
• 45:45
  enough to have that status of those red bottoms enough that I
• 45:49
  want to go spend $1000 on a pair of shoes?
• 45:51
  That's how we think about it. We don't ask what the shoes are
• 45:53
  made of. We don't ask how long they're
• 45:55
  going to last. We don't ask about any of that.
• 45:58
  We don't care. We just want the status.
• 46:00
  So the reason this is important for you is you have to know when
• 46:03
  you're setting your prices, what are you really selling, right?
• 46:06
  The price again is a, is a determining factor of the
• 46:10
  problem you're solving. So are you solving the function
• 46:14
  of the product like a mass market?
• 46:16
  Are you solving the function plus a little bit of brand like
• 46:20
  a premium, it's a little bit more elevated of a product or
• 46:23
  you selling luxury where all you're selling is feeling and
• 46:26
  status. And none of these are right or
• 46:29
  wrong, by the way. There's no better if you're mass
• 46:31
  market, better if you're luxury. There's no right or wrong
• 46:34
  answer. The key thing here is that you
• 46:37
  actually understand how you are sorted into one of these
• 46:41
  buckets. Where do you fall?
• 46:44
  And with that, understanding how you plan to price in accordance
• 46:47
  with that, it would be weird if you walked into Walmart and
• 46:51
  everything was 2003 thousand $4000.
• 46:54
  It would also be weird if you went into Chanel and everything
• 46:58
  was discounted in 999. The price has to reflect the
• 47:02
  category of the type of brand that you're in.
• 47:05
  It's a really important thing when it when you understand
• 47:08
  brand positioning, it greatly impacts your pricing.
• 47:10
  So there's also a brand conversation to be had here.
• 47:12
  OK. This is also I want to take a
• 47:15
  quick second to acknowledge, This is why pricing is not as
• 47:18
  simple as adding a price to your sales page.
• 47:22
  This is what I mean. We've got the financial
• 47:24
  calculations of running the cost.
• 47:26
  We now have talked about brand and understanding your brand
• 47:28
  positioning around price. These pieces matter to make sure
• 47:31
  that you actually have strategic pricing.
• 47:34
  Now, third is your competitor landscape.
• 47:38
  So do you know who your competitors are?
• 47:40
  If you don't start there, I want you to make a list of if someone
• 47:43
  is thinking about investing with you or investing with somebody
• 47:46
  else, who are the top three to five people that they're
• 47:48
  thinking about investing with or that they're comparing you, your
• 47:52
  offers or your product to? That's something you need to
• 47:55
  know. And whether you consume those
• 47:56
  people at length or not, I don't care.
• 47:58
  It's more a matter of understanding that they exist
• 48:01
  and also what they bring to the table that you want to know what
• 48:05
  your ideal client is comparing to.
• 48:07
  So you want to know what are they charging, what is included
• 48:12
  with what they're charging and how again, as a brand are they
• 48:15
  positioned. And the reason I covered brand
• 48:18
  before this is you have to consider, are they in the same
• 48:20
  category as a brand of a brand as you Dior, if they sold a
• 48:25
  purse, should never consider or compare themselves to a purse
• 48:29
  that's being sold at Walmart because they're not in the same
• 48:31
  brand category. So This is why I understand
• 48:35
  these pieces matter because when you're looking at competitors,
• 48:37
  again, This is why it's a big, big, big mistake to just see
• 48:40
  what someone's charging and say, great, I'm going to charge that.
• 48:43
  If you don't fall into a similar category of brand, you're really
• 48:48
  undervaluing yourself. You're really somebody who is
• 48:50
  going to be pricing off of information that's not accurate
• 48:53
  for you. So you want to know how they're
• 48:55
  positioned. And with that, you want to know,
• 48:57
  are you going to be the person who's considered more premium in
• 49:01
  comparison to them? Are you considered to be more
• 49:03
  affordable, more for the everyday person in comparison to
• 49:05
  them? Are you potentially more proven?
• 49:09
  Do you maybe have more results? Do you maybe have more proof of
• 49:11
  process than they do? Are you somebody who maybe is
• 49:14
  more specialized, you have more specific insights and
• 49:18
  awarenesses than that person does?
• 49:20
  And it's important for us to know how do we differentiate
• 49:23
  from our competitors? How are we different in the way
• 49:26
  that we do things and asking ourselves those questions when
• 49:28
  we're setting the price. And you also want to think about
• 49:33
  if you're comparing your price to your competitor, do you know
• 49:36
  how they came up with their pricing?
• 49:39
  Because you want to also recognize that if you are
• 49:42
  someone, let's just say right now who's like, OK, and even
• 49:45
  just listening at this moment, I recognize I probably could
• 49:48
  increase my prices. Well, what if someone's
• 49:51
  comparing their pricing to yours?
• 49:53
  What if someone sees yours and you know you're under charging
• 49:56
  and now they're comparing their price to your pricing that you
• 50:00
  and I know are under charging. So This is why all of this is a
• 50:06
  curiosity and all of it is an investigation.
• 50:09
  I want you to think about setting your price is not always
• 50:12
  an equation. It's actually an auditing of
• 50:15
  these questions and of these categories to then say with all
• 50:18
  this information that I've gathered with kind of
• 50:20
  investigating all these areas of, you know, for example, brand
• 50:23
  or competitors or cost. Now that I have all this, I get
• 50:27
  this in front of me and I say, OK, great.
• 50:29
  What based off this feels like a good price point and how do we
• 50:33
  explain why we've chosen that price?
• 50:35
  Competitors are important because you have to know that
• 50:38
  your pricing is not like in a vacuum, it's not just you.
• 50:42
  When you have an ideal client that comes to you, they will
• 50:45
  cross reference your pricing with your competitors.
• 50:48
  And so if you're higher, that's fine, but you have to have brand
• 50:52
  and marketing that makes sense why you're higher.
• 50:54
  It also on the flip side, if you're seeing that your
• 50:57
  competitors are higher and you want to go lower, you want to
• 51:01
  make sure that your brand and your marketing correlates to
• 51:04
  that goal. So This is why all this is super
• 51:06
  important, OK? Now, number 41 of the things
• 51:09
  that I really do take in consideration with pricing is
• 51:12
  credibility factors, which is your price should actually
• 51:16
  showcase or match your perceived expertise.
• 51:20
  As a facilitator, as you know a service provider in anything you
• 51:24
  do, your price should match your perceived expertise.
• 51:29
  Now you'll notice the word perceived in there because
• 51:32
  perceived means in the eye of the consumer what they perceive
• 51:36
  to be your level of expertise or authority, not necessarily
• 51:39
  always what it actually is. So what do we look at when we
• 51:43
  think about credibility, We look at do you have proof of your
• 51:47
  process? Do you have testimonials?
• 51:49
  Do you have case studies? Do you have wins from clients?
• 51:52
  Do you have reviews of the experience?
• 51:54
  Do you have proof of process and proof of the concept of your
• 51:57
  business reputation? Are you known to be trusted?
• 52:02
  Are you someone who has credibility and leverage within
• 52:05
  your space? Or are you brand spanking new
• 52:08
  and you just got here yesterday and because of that you're new
• 52:11
  to the market? Again, things to consider
• 52:14
  doesn't mean you automatically have to discount because you're
• 52:16
  new to the space. It's just things to be aware of.
• 52:19
  We also want to know do you have a unique lens?
• 52:21
  Do you have a unique methodology or a unique framework that you
• 52:25
  bring as insight or expertise to the table?
• 52:29
  And again, as I said, when I first started my business, I
• 52:31
  didn't have a framework because I was just starting and I had no
• 52:35
  proof of process with clients. But over time in working with
• 52:39
  people, my signature process, which by the way, we have
• 52:42
  episodes on. So I really recommend you go
• 52:44
  listen to that if you don't have one.
• 52:46
  That started to present itself. It started to show me, OK,
• 52:49
  great. I have, you know, something here
• 52:51
  that is showing me there's a lens of development around what
• 52:55
  I'm doing with clients and how I'm doing it.
• 52:57
  And that became our IP, our intellectual property.
• 53:01
  It became the frameworks of how we do what we do and why we do
• 53:04
  them that way. So I really recommend asking
• 53:09
  yourself, do I have intellectual property here?
• 53:11
  Do I have a unique framework? And also, you know, visibility.
• 53:15
  Do you have more demand? Do you have the ability to
• 53:20
  increase your price because you have a flexible amount of people
• 53:23
  that are looking to work with you?
• 53:24
  There's an aspect of credibility that is important.
• 53:27
  And you know, I want you to think about an analogy maybe
• 53:30
  outside of you and me. So let's think about, I'm going
• 53:35
  to, I'm going to let you get coached by Tony Robbins.
• 53:38
  OK, Let's just say the price is $300,000 and Tony Robbins team
• 53:45
  says that they will coach you for $300,000 and he's been
• 53:50
  around for decades. And then you have a new coach
• 53:53
  who pops up on the Internet and they say, guess what, I'm also
• 53:57
  $300,000. Who do you think is valued
• 54:01
  $300,000 and why? There's a couple of things to
• 54:04
  consider, right? Brand is piece of it.
• 54:06
  We have more of an acknowledgement of Tony Robbins.
• 54:08
  But what we really have is we have credibility.
• 54:12
  We have the understanding of his perceived expertise and we also
• 54:17
  have an understanding of what credibility he has.
• 54:20
  He has so many events and so much social proof and
• 54:22
  testimonials and impact that has been created as a result of him
• 54:26
  and his brand. So to assume that someone new on
• 54:30
  the Internet is going to charge $300,000 when someone else like
• 54:33
  a Tony Robbins is charging $300,000 for a similar delivery,
• 54:38
  there's a disconnect. And what will naturally happen
• 54:41
  with your consumer is they'll say, OK, well, if again, they're
• 54:44
  price shopping and they see someone more credible than you
• 54:47
  or more experienced than you has higher pricing, the question
• 54:51
  becomes, OK, well, where does your price come from?
• 54:54
  Meaning, how can I understand how we got to this price?
• 54:57
  So how can the new coach explain why they're the same price as
• 55:01
  Tony Robbins? So This is why.
• 55:04
  And again, it's not to say that they can't charge that, but you
• 55:07
  better be able to explain or to position or to market why that
• 55:12
  is. But often if you have, again,
• 55:14
  for example, a Tony Robbins price at 300,000, maybe you
• 55:19
  start at a 150 because you're not quite at that level yet.
• 55:23
  You want to anchor into understanding what are the other
• 55:26
  pieces of pricing that are happening on the market.
• 55:28
  The other thing that is number 5 is actually understanding the
• 55:32
  client desire and the outcome value.
• 55:34
  The thing I tell people is again, the level of the price
• 55:38
  you have is a direct by product of the level of the problem you
• 55:40
  solve. And the easy example I get to
• 55:43
  all clients around this is valet parking when you were in the
• 55:46
  midst of a crazy city. If you are in Washington, if
• 55:49
  you're in Chicago, if you're in New York, if you're in any
• 55:52
  major, if you're in Toronto, if you're in any major city, you
• 55:55
  know the feeling of just wanting to get where you're going,
• 55:58
  especially if you're late and you know where you want to go,
• 56:01
  but you just have nowhere to park.
• 56:03
  You're like, why can I not find a parking spot to save my life?
• 56:06
  And then you see this beautiful valet sign and you think, OK,
• 56:09
  well, the valet parking, let's just say in Toronto could be
• 56:13
  $50.00, right? Or $60.00.
• 56:15
  But the normal parking is 20. Well, in a moment where I need
• 56:20
  to get to where I'm going and I need to get there quickly, it
• 56:25
  would not pass me to say, OK, great.
• 56:27
  Should we just valet? That question comes up for
• 56:30
  people when they're looking to park in those situations.
• 56:33
  Why is that? It is because of the outcome
• 56:36
  value. By paying that extra money, you
• 56:41
  are going to have the ability to achieve the outcome you want
• 56:44
  faster, easier or better. So understanding what is the
• 56:50
  actual pain that you're solving, Valet charges more than the
• 56:54
  traditional parking lot because they understand that the problem
• 56:58
  that they're solving is not just parking your car because you
• 57:01
  could park your car. They're parking your car when
• 57:05
  it's difficult to find parking. And often times it's closer,
• 57:09
  meaning it's right in front of the door.
• 57:11
  You get dropped off, you're getting dropped off in front of
• 57:14
  the door to park the car because you're able to then just walk
• 57:19
  right inside. So there's a convenience factor.
• 57:21
  The value is you literally get dropped off and walk in.
• 57:24
  You don't have to worry about getting across the street and
• 57:27
  finding the entrance and then getting back to your car and all
• 57:29
  of that. And the best part is they'll
• 57:31
  bring it right back to you when you're done.
• 57:34
  So there's an aspect of problem solved here that warrants the
• 57:39
  price being more. And the other thing that's also
• 57:41
  relevant with the valet parking is there's also typically an
• 57:44
  aspect of urgency and readiness. So what we see with, again, more
• 57:49
  elevated pricing is, is there an aspect of urgency, meaning are
• 57:54
  clients willing to pay more to get results faster or to get an
• 57:58
  outcome faster? And with valet parking, that's
• 58:01
  exactly the case. We are paying to be able to get
• 58:04
  to our location faster. We're paying to save time.
• 58:07
  We're paying for convenience. So even, for example, an Uber
• 58:11
  Eats order, that's another example.
• 58:13
  When we pay 499 for something to be delivered to our house, we're
• 58:17
  paying a premium because we don't want to go to the
• 58:19
  restaurant, We don't want to go to the grocery store.
• 58:21
  We want it delivered to our house.
• 58:23
  We're paying a premium for convenience.
• 58:26
  So it's not about why I could go to the grocery store.
• 58:28
  Well, then yeah, you could go to the grocery store, go do that.
• 58:30
  But what's the perceived value? Perceived value is I don't leave
• 58:34
  my house, I can stay in my pajamas.
• 58:36
  Maybe let's just say you're working.
• 58:37
  You could work and have lunch delivered so you're not having
• 58:39
  to take time out of your work day to go get lunch.
• 58:42
  And yes, you're paying a little bit of a premium to have it
• 58:44
  delivered, but that to you offsets and makes sense compared
• 58:49
  to what you have to give up to go get it yourself and to wait
• 58:52
  for the order to be made and then to drive home.
• 58:54
  So you'll see here that the outcome or the value of the
• 58:58
  problem solved can also be something that makes to be
• 59:01
  honest, most people either minimize the price in their head
• 59:05
  or not see it entirely. When we are having a day and we
• 59:09
  do not want to leave the house, Uber Eats is like our saving
• 59:12
  grace because we would love to have food delivered.
• 59:15
  We don't want to have to get off the couch.
• 59:17
  Or if you felt really, really sick and you're like, I can't
• 59:19
  get to the store. There's an immense value that
• 59:21
  comes with having it delivered to your home.
• 59:24
  We want to recognize that your service, your business has the
• 59:28
  same ability to tap into that you as well can tap into the
• 59:32
  opportunity to say what's the value here?
• 59:34
  What's the urgency, what's the readiness.
• 59:37
  Now number six is energy. And this is, you know, emotional
• 59:44
  alignment, if I could label it that.
• 59:46
  And it's because you want to ask yourself, am I feeling excited
• 59:49
  or drained to deliver what I'm delivering to clients at this
• 59:52
  price? And if your answer is drained,
• 59:56
  like if you think about the clients that you're serving and
• 59:58
  you say, am I excited to deliver to them for this kind of money?
• 1:00:00
  Am I excited to support them in this way for this investment?
• 1:00:04
  If you feel like you are drained, that's a very clear
• 1:00:09
  indicator that your pricing is too low.
• 1:00:11
  And that means you probably are really over delivering for how
• 1:00:13
  much you're actually asking or charging.
• 1:00:15
  And it's a gut check that I do as my last step, which is why
• 1:00:19
  it's the last step that I mentioned.
• 1:00:21
  It's the last step in really determining.
• 1:00:25
  Does this feel right for me? And it's the most non strategic,
• 1:00:29
  but it is something that your price should be energizing.
• 1:00:33
  It shouldn't be something that makes you think, OK, like here
• 1:00:36
  starts the suffering for this amount of money, right?
• 1:00:38
  Like it should be something you feel good, you feel excited to
• 1:00:41
  show up every day because I will be honest, if you don't do this,
• 1:00:45
  you will start to resent your business.
• 1:00:47
  You will start to resent your clients.
• 1:00:48
  You can sometimes resent present your team because your team is
• 1:00:51
  the cost that you're paying out for serving those clients,
• 1:00:55
  right? This dominoes into so many
• 1:00:56
  areas. It's really important for you to
• 1:00:59
  have a price that you feel good and you feel excited about.
• 1:01:02
  So if you are someone who feels like right now thinking about
• 1:01:05
  doing what you do for your clients, for how much you're
• 1:01:07
  being paid, you're like, oh, I'm not getting it paid enough to do
• 1:01:10
  this. Please let that be your sign
• 1:01:13
  that unless you change your pricing or change the way that
• 1:01:15
  you're delivering to clients, meaning to reduce cost,
• 1:01:17
  something here has to change because over time it's just
• 1:01:20
  going to build and build and build and build more and more
• 1:01:23
  resentment in your business and frankly within your life.
• 1:01:27
  So the energy piece is important.
• 1:01:30
  And someone actually asked me, I went to a speaking engagement
• 1:01:32
  recently and someone asked me, they said, you know, how do you
• 1:01:35
  get your head around pricing? How do you get your head around
• 1:01:38
  charging that number? And I shared with with her that
• 1:01:41
  there was an opportunity. I had a coaching call with my
• 1:01:43
  business coach at the time. I said to him, you know, I
• 1:01:46
  really same thing. I had this feeling, I said, I
• 1:01:48
  really feel like I need to charge more.
• 1:01:49
  I am busting my butt to provide in this and I feel like I'm
• 1:01:53
  putting a lot of hours, but I definitely for how long it's
• 1:01:55
  taking me, I'm not being fairly compensated.
• 1:01:58
  So he's like great. Well, what what's her number?
• 1:02:00
  I remember the time I said, you know, something around like
• 1:02:02
  $30,000 and he's a great on your next call pitch that and I was
• 1:02:08
  like pitch 30,000. He was like pitch 30,000.
• 1:02:12
  I was like, yeah, but like I should change this.
• 1:02:13
  I should change that. He's like, no, we've gone
• 1:02:15
  through all the stages, the cost we know with the profit margin
• 1:02:18
  that you need to have. We know.
• 1:02:20
  But it was this, this increase that I was like, I energetically
• 1:02:24
  am having to do so much for this client in emotional support in,
• 1:02:29
  in extra TLC and accountability and all of these things that I
• 1:02:33
  was like, I just feel like at the end of the day, it doesn't
• 1:02:36
  feel fair enough. Compensation for all the costs
• 1:02:40
  that's baked in, but then also all the extra things that are
• 1:02:42
  there emotionally. And so he's like, name your
• 1:02:44
  number. And so I did.
• 1:02:45
  And so he's like, what I want you to do is I want you to get
• 1:02:47
  on your next sales call and I want you to pitch that number.
• 1:02:50
  And I remember I was like, what? I don't have a contract.
• 1:02:53
  I don't have a payment link. I don't have, I don't have any
• 1:02:55
  of this. And I remember him saying like
• 1:02:57
  it's going to be 321 go and you're going to get on your next
• 1:03:00
  call and you're going to pitch that number.
• 1:03:02
  Well, let me tell you that I pitched that number on that next
• 1:03:05
  sales call and that person paid in full.
• 1:03:08
  So I was like, holy shit. Because it was the sign to me
• 1:03:14
  that my pricing and that like no one's going to pay that and I
• 1:03:17
  can't charge that. Like I had all these reasons why
• 1:03:21
  I couldn't increase my price. And what I recognized was it was
• 1:03:25
  my energy around the price. It had nothing to do with
• 1:03:27
  calculations. I had done all these steps.
• 1:03:29
  The last piece was the energetic aspect, which was like, what is
• 1:03:32
  a number that I will feel good about asking and be like, I am
• 1:03:37
  jumping out of bed excited to go serve you tomorrow.
• 1:03:39
  And that's what the price was. So I said, OK, great, 321 go.
• 1:03:42
  And so I did and I asked and I charged that price.
• 1:03:46
  And so I just want to, you know, finish today would give you some
• 1:03:48
  insight around our pricing and what I've learned.
• 1:03:50
  And it really does correlate to the steps we talked about today.
• 1:03:53
  As I gained more knowledge, as I said, that's really what allowed
• 1:03:57
  me to feel more confident logistically in charging more.
• 1:04:01
  I also will say something that helped a lot was getting more
• 1:04:05
  results. One thing I really emphasized in
• 1:04:07
  my entire business was getting proof.
• 1:04:10
  I asked every single client for a testimonial.
• 1:04:12
  I asked every single client for a review of their experience
• 1:04:15
  because I want to be able to have people understand.
• 1:04:17
  It's not just me saying that I think I'm great or me saying
• 1:04:20
  that I think our programs are great.
• 1:04:22
  But instead it's actually looking back to say, OK, great.
• 1:04:25
  Well, how can I ensure that other people also are
• 1:04:28
  communicating the same thing and share with new people who want
• 1:04:31
  to work with me that same feeling?
• 1:04:33
  So it's why, you know, on our website, you're going to go
• 1:04:36
  check it out to kind of see how I laid it out.
• 1:04:38
  But we really emphasize having the testimony on the social
• 1:04:41
  proof area, which is literally an entire scrollable page of all
• 1:04:44
  different reviews and testimonials of people who've
• 1:04:47
  gone through our programs and gone through our coaching.
• 1:04:49
  And that for us is very important because if we didn't
• 1:04:52
  have that, I would be the only person who's saying it's great.
• 1:04:54
  So results were a big thing over the years that I really
• 1:04:57
  emphasize, which has made charging high ticket very, very
• 1:05:00
  easy now because I have proof of concept from other people.
• 1:05:04
  I also will say our brand, we've, I've done a lot of work
• 1:05:07
  on making sure that people are able to understand what category
• 1:05:10
  we're in. So we're definitely considered a
• 1:05:11
  premium brand, not luxury. I wouldn't say because I don't
• 1:05:14
  really sell status, but I sell more than just strategy in the
• 1:05:19
  sense of like, we really care about our media, we care about
• 1:05:21
  our marketing, We care about the feeling that people get inside
• 1:05:24
  of our world. And so it's not luxury because
• 1:05:26
  like I'm just like, you know, I'm not selling like you can sit
• 1:05:28
  with me because I don't really believe in that.
• 1:05:31
  But for me, I am selling the fact that we're doing things in
• 1:05:33
  an elevated way than most of the coaches you're going to hire on
• 1:05:36
  the market. And so we fall into the premium
• 1:05:39
  bucket. So by reinforcing the premium,
• 1:05:41
  having a premium website that was a brand deliverable that
• 1:05:44
  showed that our premium content, having really good quality video
• 1:05:48
  and media that translated that premium brand that also to be
• 1:05:52
  honest, made it really easy. I was closing $50,000 packages
• 1:05:56
  left, right and center with basically no objections.
• 1:05:59
  And that's because I had the brand to kind of anchor people
• 1:06:04
  into what they thought my pricing was going to be.
• 1:06:05
  I had people who came to me who said, honestly, I thought
• 1:06:09
  working with you was a lot more. So like, for example, inside of
• 1:06:12
  our accelerator mastermind, you know, the starting rate to work
• 1:06:15
  with us a month is 1975. So people are like, Oh my God,
• 1:06:18
  like I thought, I thought it was easily going to be like $3500 a
• 1:06:21
  month. And I was like, no.
• 1:06:23
  And So what we do is we have the premium pricing that, if
• 1:06:26
  anything, because the way we've done it has actually made people
• 1:06:29
  think that our pricing is more expensive than it is.
• 1:06:32
  So that's actually a new problem that we found in our business is
• 1:06:35
  that our brand and our marketing became so elevated.
• 1:06:38
  It became so premium that what we realized was people thought
• 1:06:42
  we were more expensive than we were.
• 1:06:44
  And so we had two invitations with that we could say, OK,
• 1:06:46
  great. Well, you know, do we need to
• 1:06:48
  increase our prices then because people think we're more
• 1:06:50
  expensive. Should we increase them or like
• 1:06:51
  we shouldn't do that because we're not a luxury brand,
• 1:06:53
  meaning we're not selling status.
• 1:06:55
  We are still an aspect selling brand in connection to the
• 1:06:58
  product. So now we're really all about
• 1:07:00
  fair pricing. It's not accessible necessarily,
• 1:07:03
  meaning the fact that it's like for the everyday person, it's
• 1:07:06
  not mass market, but it is still like the Stanley, something that
• 1:07:10
  if you are like, I don't want a water bottle, I want like the
• 1:07:12
  Stanley water bottle. It's a little bit more
• 1:07:13
  expensive, but it is something that I feel like it's worth the
• 1:07:16
  investment. We are basically trying to be
• 1:07:18
  the Stanley of business coaching.
• 1:07:19
  And so that's kind of our perception around what we're
• 1:07:22
  focusing on right now. The other thing I will also say
• 1:07:24
  is practice. If you are someone who's now
• 1:07:28
  decided maybe after today that you want to change your pricing
• 1:07:30
  or you want to elevate your pricing, but you also have this
• 1:07:33
  kind of little voice in your mind being like, will people
• 1:07:35
  close? Will people buy?
• 1:07:37
  Like will they close at that price?
• 1:07:39
  Will people spend that on me? That is something that I want to
• 1:07:43
  invite you to unpack because I was not always someone who
• 1:07:46
  closed big packages. Like again, my first offer for
• 1:07:49
  12 weeks was 997. So this is something that over
• 1:07:52
  time I have needed practice with.
• 1:07:55
  I have needed reps in. And if you are someone who's
• 1:07:58
  doing this for the first time, you're not going to necessarily
• 1:08:00
  always out the gate for the next 7 calls you put the price on.
• 1:08:03
  They may not all close, but just like that situation where my
• 1:08:06
  coach prompted me to take the leap I did and that person
• 1:08:09
  closed into a client that I just became a like I just adored and
• 1:08:13
  loved working with. And so these are invitations.
• 1:08:16
  This is an invitation for you to step into your worth.
• 1:08:19
  It's an invitation for you to dive into those numbers that
• 1:08:23
  kind of make you a little bit anxious, but you know that you
• 1:08:25
  need to run those. That's something I want you to
• 1:08:27
  use as an invitation today to dive into, dive into what kind
• 1:08:30
  of brand are you, what category do you fit into and asking
• 1:08:34
  yourself those questions that you have a basis from what your
• 1:08:37
  pricing is and why you're charging that pricing.
• 1:08:40
  And most importantly, if if you are somebody who after today
• 1:08:44
  feels like you have like, okay, like I am claiming my new price,
• 1:08:48
  I'd love to hear it. I would love to hear it.
• 1:08:49
  If you're like Kate, my pricing used to be 2000.
• 1:08:52
  I've decided it's four beautiful.
• 1:08:54
  I would love to hear from you. If you also feel like, you know,
• 1:08:56
  maybe even today validated that your current pricing was
• 1:08:59
  actually strategic all along. Amazing.
• 1:09:01
  Like that's even better, right? Like whatever you feel is the
• 1:09:05
  take away today. The number one thing that I
• 1:09:06
  always say that I learned from an incredible mentor of mine is
• 1:09:09
  that there's transformation. But the most important
• 1:09:12
  transformation that you can ever have is the one that you're
• 1:09:14
  witnessed in because it allows you to have this aspect of
• 1:09:17
  accountability to change. And so I want to invite this for
• 1:09:20
  you to reach out, just share a win.
• 1:09:23
  I was a highlight of today's episode.
• 1:09:24
  You guys know that I always, by the way, love, love, love
• 1:09:26
  hearing from you. It like fills my bucket in a way
• 1:09:28
  that I cannot describe when you reach out.
• 1:09:30
  And so if you want to slide into my DMS on Instagram at Kate
• 1:09:33
  Perkovic, I'd love to hear from you.
• 1:09:35
  Any takeaways, downloads that you had from today?
• 1:09:37
  And I also have a quick ask by the way, I, I know I very rarely
• 1:09:41
  do this, but it would just mean the absolute world to me.
• 1:09:43
  If you are someone who listens to this episode and even the
• 1:09:46
  ambitious show every single week and you're watching on YouTube
• 1:09:50
  or if you're listening on Spotify or Apple, it would mean
• 1:09:53
  the absolute world to me if you would just take a couple seconds
• 1:09:55
  before you move on with your day to subscribe or to follow our
• 1:09:59
  show on Spotify. In doing so, like what it really
• 1:10:02
  does help myself and our team to do is to get our show.
• 1:10:05
  As a result of that, it gets it more seen on these platforms and
• 1:10:08
  it helps us to be able to get this message and these
• 1:10:11
  conversations to even more women just like yourself who need this
• 1:10:14
  to be able to scale their business the next level.
• 1:10:16
  So it would mean the absolute world to me if you would take a
• 1:10:18
  moment to do that. And I also wanted to say a
• 1:10:20
  massive thank you if you are someone who's consuming every
• 1:10:22
  week and you're like an OG listener and you guys know who
• 1:10:25
  you are. I just had the ambitious
• 1:10:27
  networking dinner in Toronto just recently and I got to meet
• 1:10:30
  some incredible listeners of the podcast.
• 1:10:31
  And it was just such a full circle moment.
• 1:10:33
  It like filled my heart in a way I can't scribe.
• 1:10:36
  It means the world to me that you tune in every week.
• 1:10:38
  And so I want to say thank you and also congratulate you for
• 1:10:40
  taking this time to focus on you and your mindset and your
• 1:10:44
  business every single week. And also, if you are someone
• 1:10:47
  who's brand spanking new to the podcast, welcome to the
• 1:10:50
  Ambitious family. We are beyond excited and happy
• 1:10:52
  to have you here. We also have a little family
• 1:10:54
  community, which is called the Ambitious Network.
• 1:10:56
  It is a free community. We can get resources, giveaways,
• 1:10:59
  all kinds of stuff, connects to the podcast, downloads,
• 1:11:02
  templates, all kinds of great stuff.
• 1:11:03
  So if you're also not in there, message me the Word Network on
• 1:11:06
  Instagram and I can always send you a link to join us in there.
• 1:11:08
  But all that should be said, I hope today was helpful for you
• 1:11:11
  and that you took some pricing notes.
• 1:11:13
  I can't wait to see you out here, just like commanding your
• 1:11:16
  price, charging that high ticket if you know, running your cost,
• 1:11:19
  all of it. Like I'm just beyond excited for
• 1:11:21
  how you take this and integrate. And so with all that being said,
• 1:11:24
  thank you for spending today with me and I will see you on
• 1:11:26
  the next episode. As always, stay ambitious.