#235: Selling with Your Wallet

A coaching client of mine recently quoted a brochure project for a client.

This wasn’t your typical brochure. It was a specialized, story-based piece of marketing for a $25 million property.

My coaching client proposed some new ideas that her client really liked. Then they got to the money discussion.

My client had about $2,000 in mind. But she didn’t say that. Instead, she stuck to the process I taught her and asked the client for his budget.

He replied that he could pay up to $3,000 for the piece.

In this short podcast episode, I reveal the dangers of letting preconceived notions about what’s “reasonable” set the parameters for pricing client projects.

And what can happen when you take those notions out of the equation.

The notes that follow are a very basic, unedited summary of the show. There’s a lot more detail in the audio version. You can listen to the show using the audio player below. Or you can subscribe in iTunes to get this show delivered straight to the Podcasts app on your smart phone, tablet or iPod.

This isn’t a lesson about asking clients about their budgets. (Although this story demonstrates it’s always a good idea).

This is a lesson about not “selling with your wallet.”

This writer was pricing the project in her head based on:

  • What she felt was reasonable
  • What she’s gotten for this kind of work in the past
  • What she felt the client might be able to pay
  • What she felt comfortable quoting.

That’s how she arrived at $2,000.

But that’s “her wallet.” She was selling as if SHE were the client.

But she’s NOT the client.

The client was thinking bigger. The client lives in a world where he’s marketing multimillion-dollar properties.

And having a marketing piece that would increase the chances that the RIGHT buyer would come and pay asking price … what’s THAT worth to him?

My point is this: The way you view the world, your business, and your value isn’t the way everyone views it.

The way you view the world and your work isn’t the way everyone views it.

And when you come across a client or prospect who’s thinking bigger, quoting a very low fee can have a detrimental effect.

It will make them wonder, “Why so cheap?”

And it could make them look elsewhere.



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