This week, I’m diving into a topic that’s been on many entrepreneurs’ minds: pricing your offers during challenging economic times. As the economy fluctuates, questions about pricing strategies, high-ticket sales, and offer positioning are top-of-mind for many business owners and I’m giving you the BEST tips to not only maintain sales but increase them. 

 

I’ll be sharing:

 

  • How to balance the value and affordability to create a no-brainer price
  • The current economic impact on sales and how to create new offers to serve more of your audience during these challenging times
  • The potential pitfalls of simply lowering your price without addressing core offer issues

 

… and so much more.

 

EVERYONE is feeling the economy right now. Even in my own business people are hanging out on my email list longer, indulging in more free content, and even taking a few days after a sales call before they buy. And that’s OK, because I know that as long as I keep showing up, develop that connection, and earn their trust — they will invest in what they truly believe will solve their problem and help them reach their goals.

 

These are your burning questions answered, tune into the possibly most important conversation we’re having this year and how you can combat this economic downturn with confidence.

 

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READ THE EPISODE TRANSCRIPT

Emily Hirsh: 

 

Hello, my friends. Welcome back to the podcast. I hope you guys are having an incredible week. Alright. Today’s podcast episode, I was deciding which direction to go in, but this is a question I ended up getting asked a lot and I’m going to tie it into a few different components. So right now with where the economy is, I am frequently getting asked this question on live trainings that I do, which is should I lower the cost of my offer? Because of the economy. And another question I got asked a couple of weeks ago on a training was are people burnt out from high ticket sales, like do high ticket sales not work anymore? And then tying that back to the economy. And then also I get asked as a general question, like what should I price my offer? You know, what is the right price? And so I want to talk about all of those things. And I want to talk about what you should price your offer, which hint, I’m not going to actually tell you an actual amount. But I also want to talk about why lowering your price may not be the right choice, probably isn’t, and something else that you could do right now with where the economy is. So first of all, when I was on the training and someone asked me, what should I price my offer? Here was how I answer that for you. 

 

If you are in a place where you’re trying to determine what the price of your offer should be is look at first the outcomes that your offer provides. So if I buy your offer, I will be able to know, be, or do XYZ and ask yourself, what would that result be worth for a no brainer price? Like if I know as your ideal customer that I’m going to achieve that result, what is it worth to me for a price? That’s like, Oh, easy done. And then number two, pair that with some market research. You’re probably not the only one who sells an offer similar to yours. Yours will definitely be unique and different, but solving a similar problem and just go see what other people are charging. Because you don’t want to be triple the price necessarily. You don’t want to be way under because people might think, Oh, you know, why is it so low? What’s wrong with it? Right. So compare.

 

What is the outcome you’re promising worth at a no-brainer price and other pricing in your industry? And see if that gives you clarity. So that’s number one on how you should price your offer. Number two, The whole idea and concept of, do you need to lower your price because of the economy? And this came up in multiple ways in the last few weeks. Even in my embodied business circle chat with all of our clients, someone said, hey, you know with the economy, I definitely am seeing that it’s harder to close my sales at this high ticket cost. Should I lower my price? So you know abundance, mindset, all those things, yes. It also is a fact that the economy is not in a great place. Okay. 

 

That doesn’t necessarily mean, Oh, I should lower my price, but maybe you need to create a level right below your core offer, your current core offer that if it is higher ticket. where you can create ideal customers for the higher ticket offer. So you’re not necessarily, you are not lowering your price to your existing offer, but you’re creating a solution and a way for somebody to get the support they need that is more accessible. So this is what I’ve actually done over the last two years, is we for a long, long time only had done for you options, right? And for a long time, my done for you options were like,

 

$3,500 to $5,000 a month. Now I’m not gonna, and wasn’t going to just take those existing options and be like, oh, we’re going to lower the price because people are struggling more with business revenue and investing in their marketing. No, I created different more accessible solutions. So I said, okay, you’re not ready for done for you. I’m going to create this done with you program that gets you to the same end result of having a marketing strategy, launching paid ads, building out your marketing strategy. But the method to getting there is a little bit different because we’re not doing it all for you. And so therefore it’s a third of the cost, right? It’s accessible.

 

And now you can come into that offer. I’ll meet you where you’re at. You can spend 90 days at the most six months in there and then ultimately up level. We make you money. Now you move up into the higher level. And then I’ve done the same thing with my Emerge offer, all the way down to, oh, you’re at the very beginning stage of your business. It doesn’t even make sense for you to spend $3,000. Let’s create an even more accessible offer for you to spend 90 days in, make money, move up to the next level. Now, it may not be the right decision for you to come up with multiple offers, but if you are struggling to sell a higher ticket offer right now, just sit with and ask yourself the question of, is there an opportunity for me to create and a more accessible opportunity slash offer where I can get someone to the end result in maybe a little bit different of a way. probably with less done for you or less support and then sell that. So that way you’re not lowering the price because that doesn’t make any sense. That devalues your offer. like There’s a reason you priced it what you did.

 

For me, our highest level done for you, it’s like, it’s a lot of support. I have to price it that high because otherwise I wouldn’t be profitable. So I’m not going to just lower my price, but I can create a more accessible option for somebody to get to the same end result. So that’s something to sit with, which is very different than lowering your price. It’s being very strategic at still, is still addressing and acknowledging that money might be tighter for people. And when money is tighter for people, they sometimes realize they have no other option. It’s like, yeah, it’d be nice to get the highest level of support. It’s kind of like, yeah, it’d be nice to fly first class, but when you are struggling with money monthly, you’re not going to make that decision, but you’re still going to book the plane ticket to go on the trip that you need to go on. Right. And so you can have your first class option and then do you need to have whatever it is, economy and main class. right so People still need to get on the plane and go to where they’re going. They still need to get the outcome and the problem solved that your offer solves, but is there a mechanism and a way that you can solve it? that meets them where they’re at and acknowledges, yeah, money might be tighter right now and people are questioning their investment decisions more. So that was my answer on should I lower my price? 

 

Okay. And I don’t think that it looks good for the most part for a business to take a long time offer that was you know costing or was being charged this amount and then just lower it. I don’t think that the other piece to this is a lot of times not every single time but a lot of times the price of the offer is not the problem. I mean, if you were in a situation where you were previously selling a bunch of customers into a high ticket offer and now straight up because of the economy, you’re not, the price could be the problem. People want it. They just can’t afford it. Do what I just said, the strategy of coming up with a more accessible way versus trying to lower your price. But if you haven’t made a lot of sales and you feel it is a very reasonable price and you’re thinking, Oh, maybe I just need to lower it even more that isn’t going to equal sales. like The cost of your offer, if you have a $500 offer and then you say, I’m just gonna make it $300, but you haven’t solved the root of the fact that people aren’t buying your offer because the communication or the promised outcome is not hitting the mark, then lowering your price will do nothing. Because if you have an offer where you haven’t nailed being able to say, here’s my offer and here’s why you should buy it because you will be able to get XYZ results. If you haven’t been able to make that connection, then no matter what price you put it at, that’s still going to be a problem. And so I do think sometimes, especially when you’re in the boat of having not sold your offer at all or not very many times,

 

It’s an easier decision, an easier avenue for us to go on and say, oh, I should just lower my price, right? But if you haven’t solved that root of making your offer irresistible, of making it so that when someone hears it, they’re like, I know I really need this, then no matter what you price it, that’s not going to solve it. So like, usually pricing is not the problem. I don’t even want to call it a problem. like There is the real life scenario of people just don’t have the money you know to invest in something that they maybe previously were, and so therefore creating an accessible downsell could be a smart decision. But if you haven’t sold it and you’re like, oh, maybe maybe it’s my price.

 

Probably your offer positioning or your offer itself is the actual problem because the reality is people will pay to solve their problem especially if it is a realistic price now if you decided oh I’m gonna charge $3,000 and this is three or four times what anybody in my industry is charging and here’s why yeah, maybe maybe it was too much, you know, and you can adjust it but Priority with your offer is number one, the outcome that you are solving is clearly defined and able to be clearly communicated the right price cannot override that. That has to happen no matter what. Number two, meeting your audience and your potential customers where they’re at today. So if they are specifically struggling with finances right now, but they still want to solve their problem because of course they do. Like in the economy, your problems haven’t gone away. They’ve actually just heightened. And so our job as an entrepreneur, serving our customers is to say, how do I still solve their problem in a way that they can afford? And that is accessible to them. You know, every single one of my clients would love to sign up for our highest level elite done for you package, obviously, right? It’s the least amount of work on their end with the highest level of support, but they all can’t do that yet. Right? 

 

So the problems are still there. It’s been my responsibility as the entrepreneur, as the creator to creatively come up with a way to still solve those problems in different accessible ways depending on the level. that my ideal customer is at. okay And then number three, identifying if there’s an opportunity in this season of business in this year to maybe have a downsell. And then the final thing I’ll say is it is taking sometimes leads a little bit longer to buy right now. right When you have an economy that is struggling,

 

you typically have an increased amount of buyer hesitancy, which means you have people questioning if this is what they should do, right? And thinking a little bit harder before they make a buying decision. When that happens, what do you think you do to offset that? More nurturing, right? And so one of the conversations in the embodied business circle WhatsApp was that people are taking longer. So for this client who is getting a lot of leads and is selling a lower percentage of those leads right now, I said, okay, what are you doing after your initial nurture sequence to keep following up with those leads? Are they getting one to two times a week content value emails? Are they getting sent back to your offer? Are you live launching, right?

 

Understanding that if you consistently add leads to your list, it is only a matter of time until you sell them. But that doesn’t happen magically. That happens with intention. That happens with intentional nurturing and intentionally bringing people back to your offer over and over again. And I’ve seen this in my own business too. People are hanging out longer on my list. Before buying, people are also sometimes having a call with us and then not buying for a little bit longer, whereas they used to pull the trigger that day. That’s okay, right? We have to, no matter what, we just meet our leads, meet our audience, where they are at and still support them and make this decision a no-brainer because they still, again, need the help. They still have the problems. Those have not gone away and people still will find the money to solve those problems to an extent, right? So instead of looking at the economy, looking at selling and thinking, oh, it’s so hard and my business is going to struggle. and sales are down and this is discouraging and I’m just going to wait this out. Instead, look at it as how do I shift? How do I pivot? How do I adapt to make sure that sales are still happening within my business and meet my customers, meet my potential customers and my leads where they are right now.

 

And that can take creativity, like I said, that could take coming up with a downsell, that could take adding more nurturing to your strategy, shifting your communication, talking about why right now people should be buying your offer and what the outcome is around that. And with all of that, sales are still absolutely possible. And you can still be successful through a tougher economic time, but you can’t just sit and wait it out and then be like a victim of it, right? You have to take control of the situation. So within all that, if you’re brand new, I answered how you can potentially price your product. I’ll also add on that I do prefer to start lower and raise it when you’re brand new. It’s a lot easier to raise the price of something than to go out the gate, charge too much and have to lower it because you were way above kind of what the average or it’s okay if you’re a little above average, but like within reason, I have seen people go like, oh, my coach charges 3000. And so that’s what I want to do. Remember, like everything we do is for our ideal customer, not because of what somebody else did, not because of something you saw, it’s for our ideal customer.

 

So how to price if it’s brand new, how to address if sales have slowed down, especially if you are in high ticket sales right now, and maybe even creating some sort of downsell, some sort of opportunity for your ideal customers that is relevant to you right now. Relevant to them right now in this season or maybe it’s adding more nurturing adding different communication maybe it’s looking at your sales communication right now and asking is this communicated as a need to have as a you need to have this it will solve your problem and here’s the benefits here’s the outcomes and improving that communication I think when the economy is tougher. It is just a test for us to dial everything in, our messaging, our strategy, our nurturing, our whole ecosystem within our marketing. And if we dial that in, we can still absolutely be successful. So I hope you guys found this helpful. I will talk to you next week.