Are you a shy pricer or do you feel confident about your prices?
If you feel shy or uncertain about your prices, you’re not alone. Many people feel this way, what’s most important is that you identify that’s you and start taking steps to shift things.
In this episode of Live with The Pricing Lady, we discuss the Shy Pricer mindset—why so many entrepreneurs struggle with pricing and how it can hold your business back. I’m joined by Jeannie Dougherty, a money coach and expert, who shares her insights on overcoming the fear of rejection, ditching comparisons, and stepping into your true value.
We dive into what a shy pricer is, how to shift from hesitation to confidence, how to better understand the value you bring, and why value-based pricing is the key to sustainable success. We also talk about the shy buyer and where it comes from and what it means to your business. If you’ve ever found yourself discounting, feeling shy about what you charge or unsure about how to price your offer you just might be the shy pricer and this episode is for you! Step into the light and join us.
Tune in as we explore the challenges and the practical strategies to help you move past pricing doubts and confidently charge for the value you deliver.
What to Listen out for:
- 05:17 The shy pricer
- 05:51 The money brain concept
- 08:55 What are the characteristics
- 15:18 Understanding the shy buyer
- 15:55 Overcoming shy pricing
Favorite quotes from this episode
“The “shy buyer”, they’re checking you out, maybe want to ask question but don’t. They’re lurking and might only purchase after they’ve studied you carefully and maybe they’ll come back if there’s a deal.” Jeannie
“…if you feel at least 80% certain on the price, go for it. You can always change it later.” Jeannie
“When you haven’t raised prices with some consistency the price discrepancy get so big that the conversation feels impossible.” Jeannie
“The shy pricer needs to understand that you need to be doing something with your prices regularly rather than waiting 5 or 10 years to make a change.” Jeannie
“…if people don’t understand, if they’re a confused buyer, that’s the worst. They will not buy from you.” Jeannie
Episode Links
Connect with Jeannie:
Website: https://www.linkedin.com/in/moneyexpertforcareerchange/
Instagram: https://www.instagram.com/iamjeanniedougherty/
Money Type Quiz: https://jeanniedougherty.com/take-money-type-quiz/
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Get started improving your business. Beyond this pricing podcast there’s more for you to explore. Sometimes it’s difficult to know where to begin. I suggest you Download the the self assessment Pricing Scorecard to get a view of what’s working and not in your business. Ever wondered, “What’s a fair price?”, check out my on-demand webinar “Getting to A Fair Price“. Two great places to get started with pricing in your business today.
Get in touch with Janene, your Business Strategist & Pricing Expert. If you’ve got a business question that needs answering, a pricing challenge you’re facing or you have suggestions for future topics or guests, let me know. Your questions and insights often become episodes. Share yours with me and let’s see where it goes. Contact Janene.
Transform your business and life. My mission is to help you build a more sustainably profitable business. One where you can confidently charge for the value you deliver. Curious about my coaching and consulting offers, check them out. Let’s see how we can work together. Book a complimentary Call today!
Episode Summary
Building a sustainably profitable business is an ongoing journey, and understanding the art and science of pricing is pivotal to this success. In this episode of “Live with The Pricing Lady,” I sat down with Jeannie Dougherty, a money whisperer and expert in money coaching, to dive deep into this intriguing topic of pricing shyness. Here’s a comprehensive look into valuable insights and tips on transforming from a shy to more confident pricing.
Introduction
Welcome to the realm of shy pricers—a world where setting prices is more about comparison and pleasing others than understanding and charging for true value. Jeannie shares her journey, which started with uncertainty, handling comparisons in her counseling job, and the realization that she needed a change. Feeling shyness in pricing is often due to lacks confidence in their pricing strategy and struggling to know your true value and how best to represent it.
Identifying the Characteristics
Jeannie and I discuss key characteristics indicating a shy pricer. Such individuals often experience confusion when determining their pricing, operate heavily from a place of comparison, and frequently offer preemptive discounts out of fear of rejection. They tend to be people pleasers, wanting to set the perfect price but often defaulting to discounts as a method of gaining approval.
The Money Brain and Understanding Pricing
An important aspect of pricing is understanding the concept of the “money brain,” as Jeannie explains. This concept revolves around the left and right brain hemispheres—where one side handles logical and numerical aspects of money and the other focuses on emotional resilience and creative solutions. Activating and balancing these areas could help transform your pricing mindset.
Transforming to Confident Pricer
For those identifying with the shy pricer persona, Jeannie advises making a shift by aiming for approximately 80% certainty with your pricing. Be bold in increasing your rates over time and be clear about your ideal client. As you understand your offer’s economic value better to specific clients, your confidence in pricing will naturally grow.
Recognizing Your Value
The discussion emphasizes the need to not just list the benefits but also truly grasp the economic value of your services or products. Jeannie calls this understanding the “little secret in your back pocket” because knowing your value empowers you to price confidently, helping you articulate this value to your clients or customers.
Confronting Comparison and Competition
Comparison can often lead shy pricers to dilute their unique offerings to align with perceived market norms. Instead, Jeannie suggests you focus on setting intentional and well-researched prices that reflect the unique value you bring to the table.
Our core takeaway is clear: pricing struggles often stem from deeper money-brain issues and experiences. It’s not just an isolated concern; the habits you form around money management, often influenced by broader consumer experiences, shape your pricing behavior.
Understanding pricing is complex and nuanced, yet crucial for your business success. Whether you identify as a shy or confident pricer, it’s essential to continuously evaluate your methods and strive for better self-awareness and market understanding. Remember, it’s not merely about arriving at the perfect price; it’s about charging confidently and ensuring that pricing aids you in achieving your business dreams.
Whether you’re a long-time listener of “Live with The Pricing Lady” or new to exploring pricing methodologies, May this exploration spark renewed insight and motivation in your journey toward pricing excellence. And if you’d like more tips, explore ThePricingLady.com, where you’ll find resources like our pricing strategy self-assessment tool to support your journey. Remember, effective pricing is a powerful step toward elevating your business success. Until next time, happy pricing!
And don’t forget: Listen to the full episode for even more in-depth advice! Tune in wherever you get your podcasts.
