If you’re working in the personal service industry and you aren’t charging premium rates, it’s your own fault. That’s probably not what you were expecting to read, but I’m known for getting directly to the point. If this is the first piece of work you’ve read from me, you may want to read Stop Discounting and Start Demanding so you don’t get the wrong idea.
My direct and blunt approach isn’t meant to be insulting or kill your confidence. Instead it’s meant to get you focused and straight to work.
So why did I say it’s your fault if you can’t successfully charge premium rates? It’s because you don’t deserve it! I’m probably digging myself into a deeper hole here. And that’s okay because soon you’ll see the light.
Not everyone can charge premium rates and here are the top 3 reasons why.
- You don’t know your audience
- You are not an authority
- You don’t value your services
Allow me to elaborate.
YOU DON’T KNOW YOUR AUDIENCE
Knowing your audience isn’t just having the ability to rattle off demographics. Age, gender, income level, and location is practically the easiest piece of the puzzle. Knowing your audience means understanding their values, goals, challenges, pain points, sources of information,objections, and role in the purchase process.
Too many therapists have a desire to charge a premium price and they assume only the wealthy are willing and able to pay. Because they don’t have access to the “wealthy,” they immediately lower their price to appeal to the masses. I can assure you if you’re only targeting wealthy clients, you’re going to have a rough go of it.
YOU ARE NOT THE AUTHORITY
Who are you to demand a premium price? If you don’t have an answer to that question then you are someone who is not ready to charge premium rates. Again this isn’t meant to kill your confidence of stunt your momentum. It’s meant to show you why you may be one of the MANY who haven’t successfully achieved that desired premium level.
To command a premium price, you must have something worth the price tag. What do you know that now one else does? What are clients receiving from you that no one else is offering? What makes your service more valuable than the many providers that are saturating the market?
And finally we get to 3.
YOU DON’T VALUE WHAT YOU DO
To many people, this reason seems illogical. You’re probably thinking, “I obviously value what I do. That’s why I charge a higher price.” But valuing what you do is about more than just the price you set for your services.
What value do you provide to your client? What are you doing to ensure that you are able to deliver that valuable service to every client, every time? Are you learning from the best to deliver the best? Or are you taking short cuts with quick and cheap courses? Are you spacing out your services to make sure you’re both physically and mentally able to provide a quality service whether it’s the first appointment or the last? Or are you packing in clients just to fill the gaps in your day?
Valuing your services means committing yourself to delivering high quality and value without cutting corners.
Knowing your audience, becoming an authority and valuing what you do does not happen overnight. It takes research, strategy, and a consistent effort to turn your business from average to premium.
If you’re struggling to find your client, develop a brand of authority, or add value to what you do, enter your information below. You don’t need to figure this out alone. Not everyone can charge premium rates because not everyone is willing to do the work that is necessary.
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Kamillya Hunter is the owner and founder of Spa Analytics. She encourages independent owners to focus on The Details That Matter when running a business. She’s a mom of two, an army wife, author and a self diagnosed “Spa Junkie” who lives, eats, breathes and sleeps the personal service industry.