Should You Cut Your Rates? Absolutely not!
So many of us have had to take our businesses online, owing to recent events, and we want to know how to attract new clients. What
One of my fabulous Micro 2 Millions clients raised this question with me recently, on one of our group calls. She asked:
“Should we cut our rates during lockdown, in order to attract more business?”
Absolutely not, and here’s why: lowering your rates, lowers your frequency. You will not attract the clients that you want by doing that. As one of my mentors says:
“If you’re going to change your rates, put them up. Always be expanding!”
Ultimately you want your business to grow and for you to achieve the life of abundance that you deserve…yes? So you want to attract the kind of clients who are aligned with that. They are out there, trust me.
I’m sure you’ve had some experience of this, whether it’s been from putting your prices down in the past, or just reducing the price of something on eBay. Did you get what you wanted out of it?
When we price something we assign it a value, but we also give it a frequency designed to attract people of the same frequency. Put another way: we wish to attract others who value said good or service to the same level that we do.
So how many times, when you lower the price to a level that you think will appeal to more people, do you get anyone actually willing to pay your new price? Odds are, you just get people who want to drive your price down even further and take up more of your time, trying to squeeze the maximum productivity out of you. Before you know it, your new clients are eating up your time, causing you stress and maybe even losing you money/business from other sources. No good.
Why does this pattern really happen though?
Because you made you decision from a space of lack. So lack is what you got back!
Think about it: you wanted to broaden your client base with the aim of attracting more business and therefore (presumably) more revenue. But the basis for your whole strategy was lack! “People are struggling right now. They don’t have as much income. I don’t have as much income. So if I bring my prices down in alignment with that, they’ll be able to afford my services again.” You just identified a client base that doesn’t have the means to afford your goods or services, and your plan is to target them. What do you think you’ll get back?
Now please don’t misunderstand me. I’m not suggesting that the answer is to target the Sultan of Brunei as your sole client, and put your hourly rate up to $1M (nice though that would be, I’m sure). Being generous, giving away free resources to people and creating special offers can play an important role, but it’s all about your intention.
I give away lots of free resources, I have lots of courses and group coaching that I offer at a lower price point, but my intention for all of that is to be of service. My private coaching still starts at $10,000 and even then; I am very selective with who I agree to coach. This is partly because I want to attract clients to my private coaching who are already at a certain level, and in service of that end: I make many of my resources available at a relatively affordable price.
I give away some resources for free, but again: I don’t want to attract groups who have nothing invested in my programs. Even if I’m charging a nominal fee, like $20 for a workbook, that already attracts the kind of person who wants to invest in their development. The $20 is, frankly neither here or there for me, so much as what it instills in those who buy the program.
So what to do when you find yourself in a space of lack energetically?
It may well be true that you and your regular clients have lost out financially, since the start of the pandemic (or rather; as a result of our collective response to it). First thing is to recognise when you’re in that space. Bring your awareness to the present, how you’re feeling and then work on connecting to an energetic frequency of abundance.
If you are going to be giving of your time or services, for cheap or for free; before you give it away, be sure to connect to the feelings/energy of abundance and then bless that gift before you give it away.
This thing we call ‘time’ is really just part of the cosmic, energetic soup that we’re all a part of, when you break it down. Emotional energy only exists in your body for 90 seconds at any one time, the rest of it is a choice. So choose to step into that energetic space of abundance, ensure that your business decisions are made in that space and don’t court more lack!!
Thank you so much for reading this blog, from the bottom of my heart! If you enjoyed it, I produce regular Do It With Dan blogs, podcasts and videos. I have three books published now: Stepping Beyond Intention, The Dreamer’s Manifesto and From Time-to-Time (a really great book on time mastery). All of these are here to serve you and make you part of the journey as well.
For more guidance on how to change your internal programming, to attract greater abundance and experience greater freedom: please click on the link below for free access to my…