The ‘No One Will Pay That’ Myth – And How I Learned to Crush It

Many entrepreneurs and business owners limit themselves by believing that no one will pay a certain price for their product or service. This self-doubt causes them to undervalue their offering and lose out on potential revenue. However, this notion is often just a myth we tell ourselves. With the right messaging and value proposition, people are willing to pay more than you may initially think.

Pricing psychology shows that customers make emotional purchasing decisions first. The logical reasons come later to justify what they already decided emotionally. So even if you feel your prices are on the higher end, there are strategic ways to get customers to appreciate and pay the extra value.

First, ensure you have concrete proof that people have already paid your price. Social proof goes a long way. For example, if you’re launching a new training program for $1000, mention upfront that 12 previous participants have already paid this amount. This demonstrates that multiple people already see the value to commit at your price point.

Second, be explicit about the transformation your customers will experience thanks to your product or service. Don’t assume people will automatically understand the outcomes they’ll get for paying a premium price. Spell it out clearly. For that same training program, state upfront that participants will learn three techniques to double their revenue in 6 months or less. The more clearly you tie your solution to tangible business growth and wins, the more buyers will appreciate and pay for that level of transformation.

Third, structure your offer so customers pay in stages instead of all upfront. You can utilize methods like payment plans, deposits upfront or milestone-based payments. This allows you to anchor around premium pricing while giving customers mental accounting breaks along their buying journey. Using the training example again, instead of $1000 at once, offer 3 payments of $350 over the course of the 6-month program.

Lastly, remember that the student is never above the teacher. If you don’t value your own wisdom, expertise and time, neither will your customers. Have the courage to charge according to the immense transformation you drive in other people’s businesses and lives. Of course, balance confidence with compassion. Ensure those facing hardship have flexible ways to access your services as well.

At the end of the day, help enough people get results and your reputation will spread. Satisfied customers will gladly refer others once they experience real change from your product or service. That word-of-mouth will build the social proof and market demand needed to sustain premium prices long-term.

If limiting beliefs around pricing have held you and your business back, it’s time to start transforming that script. You offer incredible value that many people are ready for. I can help you reframe your mindset while also establishing strategic messaging and offers. Let’s connect to unlock your true revenue potential!