EP293 | Why Pricing Your Service Too Low Will Deter People
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Alright, today we're diving deep into pricing. I've had a bunch of consulting calls lately and noticed a scary pattern: almost everyone starting out is massively undervaluing their services, charging like $70 to $99 an hour. They think being cheap gets people in the door, but it actually does the opposite. I share a story about a guy confused why people weren't booking even though he was cheaper than insurance rates, and break down why that happens using a bike shop analogy. If something seems too cheap, people think something's wrong with it. This episode is all about the psychology of pricing, why you can't be the cheapest in cash practice, how your own self worth ties into what you charge, and why justifying your price actually kills its value.
🔑 Key Takeaways:- ✔️ Pricing Too Low Screams "Something's Wrong": Just like a $2000 bike offered for $200 raises red flags, charging significantly less than perceived value makes potential clients suspicious, not excited.
- ✔️ Cheap Doesn't Work for High Value Service: Cash PT is built on quality, time, and results, not volume. Trying to be the cheapest contradicts the value proposition and attracts price sensitive clients, not value sensitive ones.
- ✔️ Your Price Reflects Your Confidence: If you doubt your worth, it shows in your pricing and sales conversations. You need conviction that you are the solution.
- ✔️ Stop Justifying Your Price: The more you try to explain why it costs what it does, the less value the client perceives. Confidence in your price speaks volumes.
- ✔️ Value Expertise, Not Discounts: Attract clients who value their time, individualized care, expert results, and a relationship, not just the lowest price point.
- ✔️ Sales Skills are Essential: You need to learn how to effectively communicate your value and lead a sales conversation naturally. Pricing feels awkward if your sales skills are lacking.
- ✔️ It's Your Duty to Help: Realize the value you provide in guiding people away from the often confusing and detrimental traditional healthcare path (unnecessary imaging, negative framing, etc.).
Stop pricing your high value, one on one service like it's on a clearance rack. Pricing significantly below the perceived value makes potential clients think something is wrong with you or your service. Align your price with the premium outcome and experience you provide, and state it with confidence.
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