Wouldn’t it be nice if you could just double your training prices all at once? That way you could massively increase your profits in an instant!
And the crazy thing is, that might actually work.
There’s that one famous story of a woman with a jewelry shop who couldn’t move a case of turquoise, but then her assistant accidentally doubled the prices and the case cleared out almost instantly.
However, it would be a pretty big gamble to do that with something as key to your business as your training…
What if instead you had a system to reliably raise your prices, grow your profits, keep your clients happy, and keep closing new clients at a healthy rate?
I’ve got just that system for you right here…and I can tell you that it works because in my franchise, Fit Body Boot Camp, this is the system that we use to make sure every new owner gets to open with a full house of clients and steadily grow their profits from there.
Where to Start
Buddy, I’ve got news for you: your current prices are probably too low.
“Hang on Bedros,” you might be saying, “I’m having a hard time even getting people to buy! I’ve already been reducing my prices to try to make sales! How could my prices possibly be too low?”
If you’ve been driving your prices down to try to make more sales, STOP! IMMEDIATELY!
Because first off, I guarantee you could be demanding much HIGHER prices than what you’re at right now.
Also, driving down your prices is a terrible, self-destructive strategy.
Think about it this way…
Low sales are a bad thing because they mean low revenue, right?
Well, every time you lower your prices, you’re lowering your revenue per client.
And if you’re getting less revenue per client, that means you need to close even more clients overall in order to increase your profits.
But the fact that you were struggling to get clients to begin with means you’re probably still going to struggle at it, even if the price drop gets you a few extra sales in the short term.
AND, because you now have lower prices and you subconsciously realize that the math is working against you, you’re going to be too stressed out and confused to sell effectively.
Do you see the picture I’m painting here? Can you see how price drops quickly become like quicksand that just pulls you down further into danger and stress?
THE SOLUTION IS NOT TO CUT PRICES! THE SOLUTION IS TO LEARN HOW TO SELL!
So here’s what you need to do: whatever your prices are right now, freeze them in place.
There’s one condition where you get to change your prices, and I’ll get to that in a moment.
For now, we need to talk about how to sell.
Selling on Value, Not on Price
The vast majority of new business owners and entrepreneurs fall into the same mistake I just described at some point.
It all comes down to a fundamental misunderstanding that I am going to clarify for you right now:
The key to effective selling is VALUE, not price.
Now let me break that down for you…
Price is just a number. It can be a big number or a small number, but a price alone is never “too much.” It’s just a number. It is what it is.
VALUE, on the other hand, is something deeper and more personal. Value includes whatever thoughts and feelings your prospect has about you personally, your training, and themselves.
People may argue that they make their purchases based on price, but that’s really never true. Whenever people consider a purchase, they really are asking themselves value questions, either consciously or subconsciously.
Value questions are things like…
What is the ultimate result I desire from this?
What does this product/service say about my personal identity?
What is the story of this business?
How much do I trust this business?
What will my friends and family think of me if I buy this?
Will this purchase help me become a better person?
Those are just some sample questions, and not everyone is going to ask each of those, but can’t you see how different this is than thinking about price? None of these questions have anything to do with price directly. Instead, they’re all about value.
Close 8/9 Out of 10
At whatever price you’re at now, you need to work on your selling skills until you’re closing 8 or 9 out of every 10 prospects who sit down in front of you.
Now I could talk for hours and hours about the art of selling (if you’re interested, click here) but I’m going to see how much wisdom I can squeeze into just this one post.
Ready? Let’s go:
Take a moment to relax and center yourself before each consultation. If you have anxiety like me, do some breathing exercises or positive affirmations so you can level out.
EDUCATE your prospect. Explain to them how your program works. Give them knowledge they can take home with them. This builds trust and authority!
Find their deepest emotional need first and foremost. Use the PAR-Q form to start the conversation. Tie everything back to that need.
Be playful! If you loosen up and realize that it’s just a conversation, selling can be extremely fun!
Mirror your prospect’s body language. I know that sounds weird, but trust me: it works. If they lean back in their chair, you lean back in your chair. If they talk with their hands, you talk with your hands. This subconsciously tells your prospect that you understand them and belong to the same tribe.
Trust your own intentions. You’re here to give them a life-changing, healthy experience. In return you’re asking for the profits you deserve for all your hard work and expertise. There’s nothing sleazy about selling when you’re selling something real.
Remember that objections are just unanswered questions. If someone bothers to sit down for a consultation, that means they want to get fit. Assist them in discovering and overcoming their own psychological hurdles.
Be ready to adapt. Two clients may come in with the same emotional reasons, but they won’t both respond to the same pitch. Pay close attention to your prospect’s tone and body language to make sure they’re interested the whole time.
Be kind and encouraging…but don’t back down. Be obsessed with getting the sale. Don’t settle for “good enough” from yourself. BRING YOUR PASSION and make your prospect LOVE the idea of training with you.
When it’s time to close, ask clearly and then say NOTHING! If your prospect needs time to think, let them sit there and think. You can kill a sale by speaking too soon. Don’t be afraid of the silence.
Last thing for this part…if you’re feeling a bit overwhelmed by all that info, don’t sweat it. Just pick one of those things and focus on implementing just that for the next week. Once you’ve got that down, move on to the next thing.
When You Can Raise Your Prices
I told you earlier that there is only one circumstance where you can raise your prices.
Here it is…
Whenever you reach a closing rate of 8 or 9 out of 10, raise your prices until you get down to 7 out of 10. Then keep practicing your selling until your closing rate goes back up. Repeat.
“Oh come on!” you might be saying, “I just worked so hard to get my closing rate up to the top! Why would I want to go back to 7 out of 10?”
I’ll tell you why: growth.
If you truly want lifelong financial security, and if you also want the freedom and opportunity and abundance and happiness that come with living your passion to the fullest, you need to give up on the idea of “good enough.”
The honest truth is that growing your skills and profits is the only real defense against the chaos of life. There’s always the chance of something, somewhere going wrong. The key to survival is not so much what you have, but what you are capable of building.
And on top of that, you aren’t going to be satisfied with the things you’ve earned in the past unless you are also in the process earning more, learning more, and doing more.
Because growth is a fundamental human need. We all have it. When we aren’t growing we get depressed or we lash out.
So give up on “good enough” and chase something bigger. Go for “outstanding” or “unforgettable” or “legendary”!
Work constantly to improve your training so that you can demand greater value in return. And work constantly to improve your selling so that you can actually get that value!
Now go follow the system I’ve just laid out for you, and you’ll have a steady, sustainable path to constant improvement in your business.
Committed to your success,