When Black Women Consultants Tell Me Clients Question Their Pricing
As a Black woman consultant, you may find yourself facing the question of why clients are questioning your pricing. You understand the value you bring to the table. You’ve put in the time, effort, and resources to develop your expertise, and you’ve honed your skills to deliver results. However, despite your confidence in your abilities, you struggle to close the deal and make a profit. It’s a common concern among the Black women consultants I coach, and one that can make you doubt your worth. But before you lower your rates or start questioning your abilities, it’s important to consider why clients may be hesitant to pay your fees.
You’re Not Clearly Articulating Value
One of the primary reasons clients question pricing is due to a failure to communicate value. It’s not enough to simply tell a client what you’ll do for them; you need to demonstrate how your services will benefit them in tangible ways. If a client doesn’t see the value in what you’re offering, they’ll be less likely to pay your rates. To avoid this, be sure to clearly communicate what will change for them after working with you. Be super clear about the before and after states that they can expect. Describe the time you save, the risk you reduce, the money you will make them. Give specific examples of how you’ve helped previous clients and the results they’ve achieved. When a client sees the value you’ve delivered in the past, they’ll be more willing to invest in your services.
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You’re Not Demonstrating a Return on Investment
Another reason clients may question your pricing is a failure to articulate ROI. Clients want to know that they’re getting a good return on their investment, and if they’re not convinced that they will, they’re unlikely to pay your fees. As a consultant, it’s your job to clearly communicate the potential ROI your services can deliver. The key is to show the amount gained versus the amount paid. If a client pays $25,000 for a package, articulate how they will make or save way more than that. Show how your services will save them money, increase revenue, or improve efficiency. When a client sees the potential for significant returns, they’ll be more willing to invest in your services.
You’re Not Tapping Into the Customer’s Aspiration or Need
Finally, a failure to connect with the customer’s greatest emotional motivators can also lead to questioning your pricing. Clients may not say it, but there’s a feeling that comes with the results they are seeking. There’s sometimes feelings they want to stop feeling. These are emotional motivators. If you’re not addressing their emotional motivators, they may feel like you’re not the right fit for them. Take the time to understand your aspirations and pain points. Show them that you understand their struggle, their dreams, their business and their industry. Then paint the picture of how your service will produce the feelings they are seeking and remove the ones they hate feeling, and they’ll be more likely to see the value in your services and pay your rates.
Clients may question your pricing for a variety of reasons, and you’ll want to make sure your pricing strategy is solid. However, by designing proposals, marketing materials and conversational talking points that address the common issues above, you can increase your chances of winning their business. When you can make improvements in these areas effectively, you’ll be able to charge the rates you deserve, deliver the results your clients need and build a profitable venture.
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