Every day, people call the Four Seasons Hotel in Atlanta to book a room.
And every day, dozens of people decide not to book at the Four Seasons because they think it’s too expensive.
They end up booking some place cheaper, like the Ramada Inn.
When the Four Seasons loses this booking, does its executives debate whether they should lower their prices to Ramada Inn levels?
Unfortunately, many creative professionals don’t follow the example of the Four Seasons.
And so they undercharge for their services.
Here’s what you should do instead.
You’re Focused on the Wrong Indicators
Most creative professionals undercharge and need to bring up their fees.
It’s a sad fact.
But why do so many of them undercharge in the first place?
It’s because they’re looking at the wrong indicators to determine whether or not they ARE pricing correctly.
They give way too much weight to every no they get from a prospective client.
And they especially give way too much weight to the last no they got.
Let’s go back to our Four Seasons example.
Does the Four Seasons freak out whenever a potential customer decides it’s too expensive and books elsewhere?
No. Because the Four Seasons isn’t trying to serve everyone. It’s serving a select market.
The same applies (or should apply) to you.
Which is why using “nos” as an indicator of how you should adjust your pricing is not a good practice.
Isn’t It Time to Start Quoting Higher?
Recognize that you’re very likely undercharging.
You may not know it now, but you’ll realize it when you start to quote higher and still land some projects.
Not ALL projects. But some of the ones in your target market.
So why not start quoting a little bit higher now?
And when you get a yes, take that as confirmation that you’re on the right track.
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