Our thoughts, beliefs, actions, and habits frequently work to protect us. If I believe my pricing is “fine,” that preempts my anxiety of feeling hurt by imagined objections or rejection. I may have a false sense of security, but believing my pricing is “fine” feels far less risky than increasing my pricing.
I may further believe that leaving my pricing alone allows me to bring in more clients, because lower prices make it possible for more people to work with me – even if they are not ideal buyers.
This circular thinking will keep me and my business very limited – but it feels safe.
If you are ready to stop running in circles, I recommend a technique called cognitive reframing, which shifts your mindset. You’re able to look at a situation, person, or relationship from a different perspective. It is a powerful way to turn limiting beliefs into opportunities for change and growth. Reframing is the first step to shift how you think and feel.
As a rule, we think the primary way to generate more revenue is to raise our prices. However, that is only one of many ways to make more money. You don’t have to choose between making a profit and making a difference.
In Linda’s case, we reframed her belief in this way: “I can add structure to my pricing, so my clients work with me longer, trust me with bigger projects, or understand the need to go deeper with their communications. I can add structure now and perhaps increase my pricing over time. My work and pricing can be aligned with my values, which ultimately makes me more effective.”
For Cindy, we reframed her belief like this: “Instead of jumping into action every time a client or potential buyer calls, I can be proactive. I can develop a process, a way to delegate, or a checklist for the most common requests. I can simplify my workday and reduce my stress by not taking action until I fully understand the situation. That will also free me up to focus on more high-level needs for my business.”
Maybe you’re afraid that if you raise prices, you’ll lose clients, you won’t attract the right clients, or you’ll have to deal with objections, and people will ask questions you can’t answer.
All those fears cause us to avoid making changes. It simply feels safer to leave our pricing alone.
In Monica’s case, we reframed her belief this way: “I have solid feedback from former and current clients who understand the value I bring. When I find ideal buyers and effectively communicate the value of working with me, it’s a win-win for everyone involved. While I worry about what people think of me, I can choose to view the money I make as a side effect of a job well done.”
We all have false foundational beliefs, and they’re deeply ingrained. We learn them early and can struggle with them all our lives. These limiting beliefs – our own personal myths – are what I call false foundations.
The patterns, beliefs, and habits I see as I work with women business owners may be limiting you too. You may be restricting your business growth without even realizing it.
If you are ready to stop running in circles, it comes down to awareness of the problem, your ability to address it, and your willingness to solve it.
-- Excerpt from Patty’s book, Your Hidden Advantage: Unlock the Power to Attract Right-fit Clients and Boost Your Revenue
How can you use reframing to shift your own thinking? I'd love to hear what you think. I read and respond to every email personally.
P.S. Are you giving 'invisible' discounts to prospects who didn't ask for them? The anxiety you feel when talking with a potential client leaks out when you slash your price because you're afraid you'll lose the opportunity if you don't.
I’ve broken down exactly why this 'discount dilemma' happens in an exclusive training called The Value Equation, which you can get for FREE by signing up for the bonuses that are companion pieces for my book, Your Hidden Advantage.
Business advisor, pricing expert, and bestselling author, Patty Block empowers women business owners to turn up their power by shifting their mindset, attracting right-fit clients, and boosting their revenue to achieve a more profitable future. Isn't it time to run your business with more confidence, profit, and joy?
Unlock the Power to Attract Right-fit Clients and Boost Your Revenue