I discuss the essentials of thriving-base pricing through the lens of my upcoming group coaching program, One Year From Now: The Residency. Using my own experience with my $20K invitation, I aim to motivate and embolden you to examine your current pricing model and how to make improvements to solidify the integrity of your triangle (yourself, your clients, and your business) of thriving.
In this episode, I cover:
- Pricing as an invitation to your customers
- Defining the word “thrive”
- Keeping your triangle intact
- Delivering proportions to stay in integrity with your pricing
- Putting together the necessary mindset ingredients for thriving-based pricing
- Experiencing and coping with pricing discomfort
Pricing as the invitation
Pricing is not its own separate aspect of your business, unlinked and disconnected from everything else. I want you to think of the price point of your offering as not only a reflection of packaging or of the transformation being offered but of an invitation to your customers and clients to become the person that would pay that price for your services, for that experience of your transformation. Comparable to sitting down for a memorable meal at a 5-star restaurant, you want to invite your customers to experience who they want to become and feel committed to your price level.
“Pricing is a part of packaging and I like to think about it as an invitation to who the purchaser is becoming.”
The triangle of thriving
Thriving-based pricing is pricing aimed to keep all levels of your life, your clients, and your business happy, healthy, and safe. With 3 points to consider (yourself, your business, and your clients), examine how your current price level compares to the optimized version of the triangle. Where does the triangle begin to lose integrity? What can you do to your current pricing to improve this situation? Pricing correctly allows you to thrive as a practitioner, your business to afford materials and staff, and your clients to feel like they’re investing in something of the quality they expected.
“Part of our work is to choose pricing that keeps all parts of the triangle in integrity with each other.”
Promised transformation & the proportions of that
Your pricing not only has to maintain your triangle of thriving, it also has to properly match the transformation you’re promising. When I consider the $20K investment my clients make with The Residency program, I weighed a mixture of tangible and profitable figures alongside the priceless figures I hope clients will be able to receive from this 12-month group coaching session. The price has to account for the clients needing at least 5x the proportion in their favor, meaning that they receive a transformation of very high value for such a high value investment.
“Pricing has to be in proper proportions, which is not a 1-for-1. It needs to be AT LEAST 5 x the price in the purchaser’s favor.”
Discomfort & its role in transformation
None of us wants to feel uncomfortable, but entrepreneurs have to become comfortable with discomfort to achieve a proper balance in their business— especially when it comes to pricing. If you’re unwilling to approach discomfort in your pricing and examine the uncomfortable feelings you have around your pricing model, you won’t be able to grow and scale to receive larger profits and ask more of customers. When it comes to The Residency, I had to confront my own discomfort with the pricing structure head-on before I could focus in on my triangle of thriving-based pricing and develop a genuinely successful model that ensures the happiness, safety, and health of myself, my clients, and my business.
“You have to trust your customers. You have to trust that people want what you have.”
Applications for One Year From Now: The Residency will be open from now until December 1st at brainspaceoptimized.com/residency.
Schedule a clarity call with me here: https://oyfn.co/clarity/