Last week during my now slightly famous Brand Acceleration Workshop, one of my students asked the following question:
How do you go from charging $500 to $10,000 for the exact same thing?
There wasn't enough time for me to do justice to the question during the workshop session, so I figured I'd keep it for my weekly blog post.
Now before we dig into things, here are a few things we need to get out in order to lay a proper foundation.
First, if this is your first time here and you don't know what this community mastery thing is about click here to watch a quick 18mins Video that breaks down everything you need to know about the community mastery method.
Second, everything I will share with you in this post is based on the Community Mastery Method and what that means is that to a very large extent what I'm sharing will go against the grain of what you may understand about marketing and charging what you are worth.
Third, a key part of the second thing I shared above is actually having a ridiculous level of self awareness.
There are far to many people in the world today playing the copycat game rather than the Be-True-To-You game.
If you want to make lots of money, you've got to know marketing. But of you want to make a fortune, you've got to know yourself.
So now that the house cleaning is out of the way, lets dig into this: How exactly do you set yourself up to be able to charge premium fees aka what you deserve?
Step 1: Develop The Conviction That Your Stuff Works
It all starts with conviction.
Specifically the conviction that your stuff actually works.
This is vitally important especially in a world where far to many people obsess about sharing their brilliance rather than focusing on making sure that they're delivering results that their client cares about.
The key to doing this effectively is understanding that we're not in the information marketing business. We are in the business of transforming lives and empowering people to ease the pain in their lives whilst at the same time increasing the level of pleasure in their lives.
If you understand this and absolutely focus on this, your clients and customers will start to get results that they care about and your conviction about your ability to produce results that count will also rise.
First things first: Do You Really Truly Know Your Clients And Customers?
When I'm talking about knowing your clients and customers, I'm talking about knowing exactly who they are and what's important to them.
What keeps them up at night?
If you can't answer this question, how can you focus on what actually produces the results they want.
In every market no matter who your potential clients and customers are - there are only 3 main results to focus on providing for them.
The moment you understand what these three major results are, your ability to charge what you deserve goes up radically.
What are these three basic results?
Well, I'm super glad that you asked - even though technically I did the asking, but I digress.
The 3 Most Important Results You Must Produce With Conviction For Your Market Place In Order To Position Yourself To Charge Exactly What Believe You Deserve.
The first is essential what I refer to as basic results.
These are results that pretty much every one in your field is expected to be able to provide.
So things like: Make money, get more leads, sell your house, become a cook, have better sex, go on more dates.
Basic results are fundamentally responses to problems that pretty much every one in your market says that they have and if you stay at this level, you pretty much risk being commoditized or like we say here in Nigeria - dem go jus dey price you upandan like okrika!
If you want to stand out in the minds of your market you've got to go a step further and talk about what I refer to as secondary results.
Secondary results are responses to problems and challenges that your market knows about but they hardly speak about unless they're with trusted friends or they're drunk.
It's their primary motivation for wanting the primary results.
So the lady interested in losing 10kg within 2 weeks isn't really driven by weight lose but actually wants to look really good for her sweetheart in are wedding dress.
The man who wants to make that extra N4million a month ($10,000) isn't really about the money but he wants to make sure his father keep a roof over his head.
The moment you understand this about your market, it changes the way you communicate. But beyond that it makes it absolutely clear that the more specific you are about who you want to serve in the market, the more powerful you communication is and also your ability to help them produce the results that are meaningful to them.
Now the first two results: the basic results and the secondary results are incredibly powerful when you understand and use them. But add the third and things go into overdrive.
The third kind of result is what I refer to as tertiary results.
And these kinds of results are all about you and the experience journey you're talking you clients and customers on.
You've got to map out in advance what they're going to experience as they work with you 30, 60, 90 days into their relationship with you.
What are the breakthroughs and shifts you will be helping them to make as they move closer and closer to the achievement of their basic and secondary results?
Tertiary results are all about your thought leadership and the actual problems your clients and customers are facing as you see it.
These are your insights into why they have the problems that they have and without addressing these issues they will keep spinning their wheels.
Now the challenge with Tertiary problems is that more often than not, your market place doesn't know about this problem. So don't lead with this...lead instead with basic and secondary results to get the sale and then introduce tertiary results when they start working with you to help them engineer deep transformations.
The money is always on the table, the question isn't can you get it. The real question is do you have the courage, commitment and awareness it takes to get it. - Victor Ekpo Bassey
Step 2: Get In Alignment With Who You Truly Are
I mentioned earlier that we're not in the information marketing business. And if you're a committed practitioner of the Community mastery method, that is vitally relevant to you in the market place.
I see a lot of people jump into niches simply because it's an opportunity to make money and not necessarily because it in alignment with their experience or passion.
The result is this: They don't last and they eventually burn out.
Now don't get me wrong, I'm not saying don't take advantage of opportunity when you recognize it.
I'm saying make sure that the opportunities that you pursue are in 100% alignment with who you are.
So how do you do that?
First get clear about your values - what's important to you.
Each and everyone of us comes to the market place with an agenda. That agenda could be conscious or unconscious but it's always there guiding our actions like an invisible hand.
It is literally impossible for you to do anything that is isn't aligned with your most important values and be happy or access you're highest states of creativity, productivity and flow. It's IMPOSSIBLE.
Second be true to your experiences and your passions.
There are far to many people who are so busy chasing after trends and the latest shortcuts to wealth rather than just simply taking the time and making the effort to fully mine the wealth in their experiences.
Case in point is a lady I use to work with who is fantastic at weaving stories and could actually make a fortune and influence a lot of people if she only focused.
But no...she's busy chasing the make money from your expertise crowd where she is ultimately another commodity in the space with no power or differentiation.
She's literally sitting on acres of diamonds and yet she's looking everywhere for money except in the one place that ultimately counts.
Here's a video from Earl Nightingale that helps drive this idea home:
There are so many benefits to being in alignment with you you are as far as the content you're sharing on line is concerned but I'm going to focus on just a one here, in a future blog I'll dig into that a whole lot more (probably next week).
I think the biggest advantage of being in total alignment is that you attract the opportunities that are just right for you.
Because you're clear on who you are, what you're about, what you bring to the table and who you solve problems for...you bring a clarity to your communication in the market place that is hard to beat and as a result you become instantly referable by your market place.
You start to have people speaking for you behind doors that you do not have the credibility to open for yourself. I've seen this happen over and over in my life and in the lives of my private clients and its a beautiful experience.
It's a whole lot easier and far more pleasant to 5x your income in the next 30days than it is to spend the next 30days insisting on continuing to promote the lie that stepping up to your next level is harder than it actually is. - CTM
Step 3: Develop Conviction That You Are Worth Every Naira You Charge
A few years ago I had the privilege of being trained by Innocent Usar, founder of InnocentMinds, the foremost NLP training company in West Africa.
Total cost of tuition was roughly $5000 equivalent in Naira.
That training brought in an extra $30,000 in revenue for me that same year.
In my class we were a total of about 24 students - most of them didn't make anywhere what I made from the training.
Now don't get me wrong - we all experienced mega shifts in our overall performance in or businesses and in our personal lives...
However when it can to taking those same skills and turning them into viable income streams - I literally left my classmates in the dust.
The big difference is this: I DON'T DO PERSONAL DEVELOPMENT FOR PERSONAL DEVELOPMENT SAKE.
As simple as that might sound, that was pretty much it.
Most of my classmates came into the class without a clear intent to develop a skill that would immediately impact their ability to command higher fees in the market place.
Now there's a very clear connection between how much you consistently invest in yourself and what you're able with integrity to ask the market for.
That's why someone with an MBA on the surface is expected to earn more than someone with a basic business degree..
However the real trick to it is your mindset around what is possible for you and what's not possible for you.
Once the mindset issues are out of the way: the second hurdle to being able to charge whatever you want in the market place.
It's one thing for you to say this is worth $10,000. It's a totally different thing for your market to agree with you
How the market sees you and what you bring to the table affects your ability to charge what you want big time.
The best way to position yourself effectively in the market is to NOT try to be everything and anything to everybody and anybody. But to focus 100% in being the big fish in a very small pond.
The Chief TribeMaster
3 Strategies for making your market agree that your fees are just right.
First, speak the language of results.
Remember when we talked about the 3 results you provide?
Well make that the focus of all communication in the market place.
Drop all industry jargon and just simply talk to your people from the stand point of simple language they understand and that addresses what's important to them.
The idea is to make them believe that you know them better than they know themselves and that you really get where they are in that moment in time.
Second, be consistent in showing up for them online.
You don't need to be everywhere, you just need to be where your people are and in order for that to happen: YOU HAVE TO BE CLEAR WHO THEY ARE.
Your best opportunities for charging what you deserve online are people who know they have a problem and are actively searching for a solution to that problem.
Your job is to present them with exactly the solution they need. Here's something to keep in mind though..
People will often pay a whole lot more to get rid of a pain than they will to access a solution. It's fundamental to human nature. This is important because as experts in our space we can sometimes obsess about the quality of solutions we bring and forget that the only thing the market cares about is getting rid of their pain.
Third and final thing to do to shift how your market sees you is to build connection with your market place and the key to that is community and conversation.
One of your key jobs is to lead conversations that are meaningful, relevant and engaging to your market place.
In order to effectively lead conversations that matter, you've got to learn to build community around your message.
Fortunately for you, that's a core part of what we do with the community mastery method.
Leadership ultimately is the new marketing and the person providing the best form of market place leadership will dominate their field and command the highest fees.
So Now You Know...
If you want to set yourself up for accessing high fees and being able to charge what you believe you deserve the ideas in this blog are exactly what you need to be focused on.
Let me know your thoughts.