8 Ways to Get Past the Sales Discomfort and Ask for Higher Fees with Confidence
As an entrepreneur, you know that when it comes to discussing the cost of your product or service, it can be quite uncomfortable, especially if you are not a natural born salesperson.
There is always that awkward moment during your free consultation when it comes to discussing costs. However, if we don't do it with confidence, it could mean losing the deal or potential client altogether.
When it comes to the “how much does it cost” part of any given consult call, we suddenly feel like we’re all thumbs. We get super nervous, or begin to stammer and clam up.
This is the part of the conversation where I would start to nervously giggle because I'm already thinking they are going to say no, or I start to feel guilty or insecure. I begin to worry that they will think it’s too expensive, or they’ll give me the old: “let me think about it and get back to you,” or one of the many other excuses (“I have to ask my spouse or business partner; I’m about to go on a trip and can’t make a decision about this right now,” etc…)
At that point, you’ve lost them. Your captive audience is no longer captive.
This is when we react and try to “save the deal”. We are often compelled to dramatically lower the cost of our product or service to keep them on the hook and hopefully gain a new client. By doing this, however, we’ve now decreased our value.
I had to get past my insecurities when it came to setting and asking for premium fees. Here are a few ways you can achieve that as well and close with confidence.
Recognize your value. Many times we feel uncomfortable discussing our fees because we undervalue ourselves. We don't have the confidence to ask for a certain fee because deep down, we don't feel we are worth that amount.
This is a mindset block that you can easily overcome. Simply take a moment and think about your experience, your testimonials, the results you have achieved for others. What has that been worth to them?
For example, I have helped companies generate millions of dollars in sales revenues. I would say that was worth every penny of my retainer that didn’t even come close to the income I helped my clients generate.
You have to really dig deep and think about the value you provide and the value you offer to others so you can be 100% confident with your fees. Be realistic, but don't ever undervalue yourself or your professional worth. You know the service you provide. You know what they will get in return. So if you are giving someone the opportunity to pursue their dream, or improve their relationships, or lose weight, or find financial freedom, what is that worth to them?
Remember you are the expert. Have you established yourself as an expert by having articles published or stories written about you. Do your years of experience and know-how put you at the forefront of your industry? You have to remember that you are the authority. A potential client is coming to you because they need what you have to solve their problem. They believe you are the one who can take them to a higher ground. You have the ability to move them from where they are to where they want to be. How much is that worth?
Make light of it. Your potential client is likely uncomfortable about this discussion too. They have been wondering all along how much everything costs. They have built up a certain resistance when it comes to finally asking: “What are your fees?” It’s like they have that ring in their pocket, wondering when is the right time to pop the question, and nervously anticipating the answer. Make everyone comfortable in this scenario by making light of it. When they ask: “Soooo, how much does it cost?” Simply say with a bit of a laugh: “Oh right! I guess it’s important to know that part…” Lightening up on the subject of money and cost puts everyone involved a little more at ease.
Get over the guilt. Guilt is a huge issue when it comes to charging a premium fee. One of my mentors once told me: “Stop giving away your business and selling your charity.” What does this mean? You want to help people. You would do what you do for free because you love it, and you’re passionate about it. You want anyone who needs your help to have access to it. You feel guilty charging a premium fee for it. But, you have to make a living. You have to support yourself and your family, so you can’t just give your business away, or sell your charity out of guilt.
Develop an alter ego. Is there a character that comes to mind when it comes to a kick ass salesperson? Maybe Leonardo DiCaprio as Jordan Belfort in “Wolf of Wall Street” or Tom Cruise’s “Jerry Maguire”. These slicksters had the ultimate confidence when it came to closing a deal. Take a few moments prior to a sales call to conjure up your best inner salesperson beast that exudes the utmost confidence and swagger.
Understanding the value of charging more. The more you charge, the higher the perceived value. As Russell Brunson states in his book Expert Secrets: “Those who pay, pay attention.” When people pay more, they are more invested in the process. They have more skin in the game. They hold themselves more accountable for their results.
Think about it this way: If you buy a really expensive car, you’re likely going to take better care of it than you would an old clunker. You will probably have it detailed once a week. You will always use premium gas. You will make sure it’s always parked in the garage or covered. You will park at the far end of the parking lot to make sure no one dents or scratches it. You wouldn’t put this type of time, money or effort into the clunker. Therefore, a potential client likely wouldn’t put as much effort into something that didn’t cost them very much. They won’t take it as seriously as they would if they paid a premium.
Charging a premium also holds you accountable. You now have a certain standard to uphold. If you are truly charging what you’re worth based on what you know you have to offer, you will provide the service that is equal to or maybe even exceeds the value. You will be compelled to deliver and delight.
Qualifying. How are you qualifying potential clients to know that they can even afford you, or that they are a fit? If the audience with whom you’re currently working doesn’t have the willingness or ability to pay you what your services are worth, then you need to get a new audience. If you want to have a business that is successful, sustainable, and provides you with the abundance and financial freedom you seek, then you have to change your mindset on this. You have to pursue an audience who are not only able to pay what you’re worth, but will gladly do so because they understand the value of what you are offering.
Also, is the potential client a fit for your program or services? Are they coachable? Are they willing to listen and take the recommended action? If not, then they are not a fit for you anyway. You can determine this before the call with a pre-consult questionnaire.
Determine the big “WHY”. This will likely come up during the call, or even prior to the call if you have a pre-consult questionnaire, which you should. Why do they need you? Why are they coming to you? Why now?
If you are a coach, consultant or service provider, they are coming to you because they have a pain point. They are seeking a solution, satisfaction, relief, and transformation.
I started looking at it this way: I co-founded a nonprofit animal rescue. I have no issue asking people for money to support our life-saving missions. Why? Because I know it’s going to a good cause; because I know it will make a difference in and transform an animal’s life.
See what I’m getting at? You have the ability to transform someone’s life. Don’t be afraid to ask for the money required in order to do so.
At the end of the day, the worst someone can say is no. It's not going to kill you. It's not going to ruin your career. No one closes 100% of their sales. It takes practice. I recommend if you are new to sales in any way, check out my simple sales script and find a few people on whom you can practice it so you can start to build your sales muscles and sell with confidence.
Need some addition help with selling with confidence and ease? Check out my FREE Sales Consult Kit, which includes winning sales tactics that I’ve learned from 7 and 8 figure entrepreneurs and successful high ticket closers. It also includes a sample script template and worksheets.