Those who pay, pay attention.
You may have asked why wealthy entrepreneurs don’t give away free product.
Perhaps you’re conflicted about charging for your time. Won’t people think you’re greedy?
Not only must you charge for your time, you should likely raise your rate! To do otherwise damages your client’s experience.
Don’t believe me? Prepare to have your mind blown by this study from the California Institute of Technology.
Money: The Secret Ingredient
Prof. Antonio Rangel, and co. sought to know if price altered experience. 20 volunteers sampled 5 wines identified by retail value: $5, $10, $35, $45, and $90.
The volunteers then reported their preferred wines which, unsurprisingly, were the expensive options.
You may say that’s subjective. To control for it, an fMRI scanned their brain during the experiment. Neural activity in a region thought to encode for pleasure was higher when they drank said wine.
Here’s the kicker: There were only 3 wines!
The $90 wine was also presented as the $10 wine – Yet the $90 option was preferred!
Let that sink in. That means the volunteers had a NEUROPHYSIOLOGICAL response to the higher priced wine. It wasn’t just better because they said so – there was a measurable difference.
During a 2nd tasting, the wines value wasn’t known. They rated the cheapest wine as their most preferred!
Price clearly made their experience better! Even if the $90 wine producer lowered their price to reach a larger audience, they couldn’t enjoy it on the same level.
How Much Do You Charge?
The truly greedy behavior is charging too little so as to spare your guilt. There’s nothing noble about protecting your ego while a client misses out.
Then how much should you charge? There isn’t a simple answer without knowing your unique product or service. Past ROI is a helpful measuring stick.
In my experience, the price should be just enough to push them outside their comfort zone. A prospect of mine had said it best. When qualified for time and commitment, he responded, “For that price, you can bet I’m going to make this work.”
This is why I prefer the High-Ticket model ($2000+ price tag).
- Clientele take you seriously.
- They implement your product immediately.
- Their experience is more satisfactory overall.
The Secret To Being Comfortable Charging High-Ticket
Know why I have 0 reservations closing a $2000+ product?
Because I’ve invested $10,000s into my education.
It’s difficult to ask of a client what you would not do. If you would never pay $2,000 for a tool, good luck closing your prospect on $2,000.
A fellow High-Ticket Closer™ and I were roleplaying a partner’s product. This Closer was a business owner in his former life. When presented with the price, his “prospect” responded, “Why is it so low? What’s the catch?”
The investment was $1,500.
Because when you’re comfortable investing in yourself, any product where the benefits vastly outweigh the investment, is suspicious.
High-Ticket creates a winning cycle. You have a client’s respect, they get results.
And in the case of intangible benefits, they will expect a superior experience. It becomes a self-fulfilling expectation!
Which doesn’t mean you can charge whatever you want. You must at least be perceived as unique from competitors.
Adding a couple 0s to your offer and closing it are 2 different things.
High-Ticket Closing is a particular skillset. Though most people shouldn’t enroll, Dan Lok’s High-Ticket Closer™ certification program allowed me to understand affluent buyers.
Because group integrity is priority #1 (NO bad apples), I don’t drop affiliate links unless an actual person is available to speak.
If you’re still interested in learning a skill that lets you close $10,000s for your business or others, schedule a 15-minute call with me here: