Episode 77 | Live with the Pricing Lady
Your personal traits impact pricing there’s no doubt. But there’s more to it than meets the eye and you might not even know it’s going on.
- What’s your relationship with money?
- How does that impact your decision making?
- And what does it mean for your business?
The way you think and behave with money influences not just life but also business. It changes your view of the world, how you approach your business and even what you expect to get out if it – the good, the bad and even the ugly. Money and pricing are intricately related, if you’ve got issues with money it’s no doubt affecting your pricing and profits.
In this episode
In this episode of Live with the Pricing Lady, expert guest, Ilana Jankowitz and I, talked about how your personal traits impact pricing. How they influence your behavior and thinking as well as your mindset, money & pricing We talked about how those personal traits impact pricing and much more in your business. Ilana is a Money, Clarity and Success Coach helping women in business.
Watch / Listen to learn more about your personal traits (the archetypes). What it means to your pricing and how it all impacts profitability in your business.
- 00:00 Introduction
- 0:26 Who’s Ilana
- 1:18 Personal Traits Impact Pricing
- 3:49 The Martyr Personal Trait
- 5:59 The Innocent Personal Trait
- 8:49 Will it be taken away?
- 9:57 Pay yourself first
- 12:21 Scarcity mindset
- 14:54 Why you don’t change prices
- 16.20 Money Archetype Test
Best quotes from the episode:
“We all have a money story and some of these archetypes are in the shadows, somewhat active. A lot of the time people don’t even realize that they’re there.” Ilana
“There’s a fear around talking about money.” Ilana
“You don’t have to go with an attitude to try and impress anybody else. You can create the wealth that you want in your business when you’ve made peace with your mindset and your personality traits.” Ilana
Links from this episode:
“It’s about prioritizing and realizing that they need to spend money to create money, not having the fear that they’re not going to make it.”Guest, Ilana Jankowitz
Connect with Janene
Get started improving your business. Sometimes it’s difficult to know where to begin. I suggest you Download the the self assessment Pricing Scorecard. Get a view of what’s working and what’s not working when it comes to pricing in your business. Figure out where to start making improvements.
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Note: this transcript has been edited and reflects the podcast version of this episode not the live version)
[00:00:00] Janene: Your personal traits, your brain money and pricing. That’s what we’re talking about on today’s show. Hello everyone. I’m your hostess and you are Live with the Pricing Lady.
[00:00:13] Welcome to the show and welcome to my guest today. Ilana Yankowitz.
[00:00:19] Ilana: Janene, thank you for having me.
[00:00:20]Janene: Ilana, why don’t you go ahead and introduce yourself.
[00:00:26] Ilana: Thank you firstly, for having me. I’m Ilana, I’m based in Zurich and originally from South Africa and I’m a Mindful Money Coach. I help women predominantly in business with their business, getting it from a hobby to make your money.
[00:00:44] That’s how Janene and I fit in together because ultimately it’s all about the money.
[00:00:49] Janene: Exactly. Well put, I couldn’t have said that better. One of the things that we spoke about before we got on this call, Is this, these traits, these personal [00:01:00] traits that people have, and then how that plays into the topics of, of the brain money, pricing, profits, and whatever. Why don’t you tell us a bit about these traits?
Personal traits impact pricing
[00:01:10] Ilana: Okay, sure. We can call them archetypes and everybody has got different archetypes that show up in their money story. We all have a money story and some of these archetypes are in the shadows, somewhat active. A lot of the time people don’t even realize that they’re there. For instance, there’s a lot of fear or anxiety around money. Somebody doesn’t necessarily walk around saying, I know I’ve got fear around money.
[00:01:36] It’s subconscious. When we talk about subconscious and I talk about the subconscious brain, it’s explained by so many psychiatrists and psychologists, they talk about the two different brains were subconsciously. You’ve got all these traits and B, we call them behaviors or patterns [00:02:00] that you’ve taken on from your parents.
These Traits Aren’t Your Beliefs
[00:02:03] These are not your beliefs. These are not your behaviors. You’ve watched your parents and these have become, what you do. You often find, and it’s quite funny because I often hear people say, Oh my gosh, something exactly like my mother or sound exactly like something that my dad would always say.
[00:02:22] We can take the patterns and a lot of the time, those patterns and behaviors, or as you said, traits do not serve us. From birth until, we’re, in our mid teens, we watch and we learn, and that becomes who we are as adults. Unless we change that behavior. We repeat behavior. We then pass that on to the next generation.
[00:02:52]I’m talking from personal experience. With all my clients that I work with that are moms that have got families, [00:03:00] everything I learned, I’ve learned from watching my parents, I’d say I taught that to my children. Right. Unless you actually know that it even exists, you’re going to keep repeating it and they will repeat it to their kids.
[00:03:14] It’s about understanding what drives your money behavior. When you understand it, you can decide, does it serve me or do I want to change it? Some of them are not healthy.
[00:03:29]Janene: Yeah. I see it all the time in, the behavior of clients or even people who then come to me with questions who aren’t necessarily clients that, there’s a lot that plays into that. [00:03:41]Maybe you can share with us an example of what that might look like or how can you recognize some of those behaviors?
The Martyr Personal Trait Impacts Pricing
[00:03:49] Ilana: There’s eight different archetypes. One that I see a lot with, especially with women is the martyr archetype. This ties in [00:04:00] with exactly what you do. They don’t know how to charge.
[00:04:02] They don’t know how to… they doing something for somebody, but they don’t know how to send the invoice. Women talk about price a lot at the time they’ll get, the interaction will happen, but they’ve never actually mentioned price. Then the woman will send them an invoice and they will be like, Oh my gosh, how can she send me this invoice for whatever this amount was. There’s a fear around talking about money.
[00:04:28] A lot of women carry this, but this comes from deep rooted issues where they feel that they’re not good enough. They feel that they’ve got to be doing things for everybody else and not charging, keeping their prices low. I’ve got clients that have told me that before. They’re sort of working with me.
[00:04:48] Their prices have been the same for five years. They feel that it’s high enough and they keep it at that. Why? While everything else goes up around you, would you want to [00:05:00] keep something the same for five years? Nothing stays the same, right? The Martyr’s one that I see often. The martyrs connected to your self-worth. Your self-esteem feeling worthy, feeling undeserved.
The Traits Aren’t Just for Women
[00:05:17]Janene: I’ve seen it also in men. I remember I had one client early in my years and I asked everybody, I said in the group, I said, complete this phrase pricing is, and he shared later that he wrote pricing is something I avoid. [00:05:33]It’s exactly in a, in a sense to coming in with you’re talking about it’ll do anything else, but he didn’t really want to have to set the prices. He hoped that people would just order it without one being curious about the price or having to talk about it many way. It does show up a lot.
[00:05:48] I’ve seen that and it’s quite interesting because I think a lot of people know that there’s something wrong there, but they can’t quite put their finger on what it is.
Innocent Personal Trait Impacts Pricing
[00:06:00] [00:05:59] Ilana: Yeah. Janene another one is the innocent. They know what, how much salary they give at the end of the month. Especially if they’re working for a company, they know how much money they earn, but didn’t, I’ve got no idea how much money they spending because they doing it on plastic. They do not swipe in. It’s so easy nowadays to just swipe and. I find that a lot of these women would rather avoid it than actually talk about it.
[00:06:24] They kind of wish that somebody would come and rescue them, pay their bills for them sort it out. Help them because they don’t actually want to face up to it. They don’t want to be empowered. They feel a lot of women feel that it’s the husband’s job to take care of the finances, which is so archaic. Each one to the own.
[00:06:45] Janene: But it’s so, it’s so empowering, you don’t have to be in charge of it, but even to understand it know about it. A neighbor of mine who’s in her eighties, 80, I think she’s 81, 82. Her husband passed [00:07:00] away earlier this year and she has never paid a bill. In her life. She was telling me, she goes, this is so much work and I have no idea what I’m doing.
Money Relationship Influences your Personal Traits
[00:07:12]Can you imagine just having to learn a banking, all of a sudden, you, especially when you’re dealing with all this grew reef and whatever, it’s, it’s a lot. It’s empowering for her on the one hand, because now she feels like she w she had jazz music on the radio. When I came over for dinner one night and he would never let her listen to it. She’s coming out of her shell in many ways.
[00:07:34] Ilana: Gosh, why wait until you’re that age to do these things when you can do it already. I remember, I remember when my kids were just finished high school, I said to them, yes, your phone bill. You need to start paying your phone bill. [00:07:47] Why can’t you pay it? I said, because you actually are earning money and , you can pay it. I said you learn, you paid that phone bill. You learn how to manage [00:08:00] that. Don’t worry. [00:08:00] You’re getting your health insurance one next. I wasn’t very popular. They handle their own finances.
[00:08:10] Janene: Yeah. I, when I was young, we had to do our own, we earned an allowance for tours that we did, and if we didn’t have the money to buy something, then we would save up for it. That was something that was instilled in us from a very young age.
[00:08:27] Still growing up in the same family and having very different relationships with money. I was kind of the one, the security. It was kind of like my security blanket. Whereas my brother, he’s the one who always had to spend everything as soon as he got it.
[00:08:41] We had completely different reactions to getting the same things from our parents, which is quite interesting.
The Effect of Losing Money
[00:08:49] Ilana: Janene, there’s also a story a link with people who have that mentality, where they feel they have to spend it quickly. It’s because they’ve lost money somewhere. They’ve [00:09:00] got to spend it before it gets taken away.
[00:09:02]Sometimes it could be a simple thing, like when they were kids, when you were kids and your dad said, if you don’t get those grades at school, if you don’t behave, you’re not getting pocket money this week.
[00:09:13] Janene: Right.
[00:09:14] Ilana: They could lose the pocket money. Yeah, and it gets bigger. It gets bigger and bigger where there’s gambling and all these different things that have happened that will make a person spend the money because they feel that they need to spend it before somebody else spends it. I had that mentality
[00:09:32]Janene: Right. Interesting. I think also some people think, well, okay, if you save your money, that’s always good. But saving money just for the purpose of, of saving it and not enjoying it and using it when you can is, in many ways, just as bad as someone who’s always spending it.
[00:09:49]There’s something to be said for balance in terms of how you utilize money in, in your life. Right.
Pay Your Self First
[00:09:57] Ilana: There’s definitely education. [00:10:00] The people need to learn. This is what comes in. What I say to the ladies that I work with around business. [00:10:06] Pay yourself first. Hey, you self first because often with businesses you’re the last person. I’ve worked with a lot of women that come to me that haven’t earned a salary in their business. They pay everybody else, but they don’t pay themselves. Pay yourself first, make sure there’s enough money.
[00:10:25] If we do expenses that will often say to, to the ladies that I’m working with, that are as said that are in business, but what it took the months, do you want to make. Certain amount of money that you know is going to pay the expenses of your business. The rest of the time, you can be creative and come up with new ideas and think of how you’re going to do something different.
[00:10:47] But to what date is it like? I can put my head down now, get up, pull the pin and see where the money opportunities.
Listen Social Entrepreneurs
[00:10:59] Janene: Okay. Yeah. That’s [00:11:00] that’s a very good point. Especially a lot, a lot of the people that I work with these days are social enterprises or doing work in the area of the sustainable development goals, the SDGs.
[00:11:15]They feel like they’re doing what they do in part to save their part of the world and they want to be fair to everyone. In the process, they usually end up being not very fair to themselves along the way. If you can’t sustain it, then you won’t be there later on to serve all those other people that you want to be able to serve so much.
[00:11:37] Ilana: I agree completely with you. I mean, a lot of the times, and that’s the martyr putting themselves last, as opposed to, in that you do need to be paid for it. I wasn’t going to another job.
[00:11:53] Janene: Right. When it comes to so we talked about this in, in, in the [00:12:00] context of just money, but when it comes to them, setting their prices, when it comes to having those conversations with customers or handling objections in any form, not just that’s too expensive, but also, you know, I’ll wait until later.
[00:12:16]How do these traits play into to that side of their business?
Fear of Investing in Yourself & Your Business
[00:12:21] Ilana: I think in general, people are afraid to pay for things they’re afraid to pay for things, especially when it’s on themselves. If it’s personal development, if it’s something that they need, they think they can go without. A lot of the time it comes from a scarcity.
[00:12:39] It comes from when I have enough money to pay for this. I always say budget set up clear budgeting your business, know how much money’s coming in. Know what your expenses are, know what monthly costs you panic. If you’ve done, if there’s a big deal, that’s come in and [00:13:00] you know, your expenses are covered for this particular thing for the next six months or for a year, you then can put our ties where you wanted to spend your money.
[00:13:09] A lot of the time, people they’ll start off the business. I’ll put a lot of money into the website and that’s about it. There’s so much more. From the business side and a lot of, a lot of the businesses. I mean, when some of the ladies that I work with us and can I have a look at the website, the website hasn’t been updated for years or it’s one page.
[00:13:32] It’s about prioritizing and realizing that they need to spend money to create money, not having the fear that they’re not going to make it.
[00:13:47]Janene: That’s very true. It’s very much about how they’re managing it and how they understand it in their businesses, in terms of, being able to reach the targets and the goals.
Why you Can’t Put up Your Prices.
[00:13:58] I had this recently with a [00:14:00] client as well, where we, there was a vision of how much money they wanted to earn and a vision of what they thought the pricing was. Then we started doing the math and within five minutes, her face just dropped because she realized, okay, something has to shift here because you know, one of these things has to give. And I have to make a choice about, you know, what I need to do differently in my business.
[00:14:26] And she was sharing with me that in her first business, she didn’t. Understand the financial part of it. She didn’t do that planning. She didn’t really take the time to think about those things. Now she she’s doing it differently. She was disappointed to see that it wasn’t quite what she wanted, but happy that she knows that now. Rather than two or three years down the road, when she’s not earning what she, what she wanted.
Ohhh…the Stories we Tell Ourselves
[00:14:54] Ilana: A lot of the time, a lot of the time, the reason why they can charge, they can’t put up the [00:15:00] prices in their business is related to their mental, to the mindset, to how they feel about money. What they’ve been told about money. A lot of times people have been told, and especially a woman, if I become successful and I make certain amounts of money to.
[00:15:19] I’m not going to be there for my family. I’m not going to be there for my kids or so there’s a lot of sometimes it’s guilt connected or judged. Exactly. I always say there’s a glass ceiling sort of just there. There’s a lot of limiting beliefs that they have. Women don’t think that they can work, be successful, and have a family or work be successful and charge the right prices and get the results because of things that they’ve been told.
[00:15:50] I call them many myths. If you’re doing well in business, you’re cheating, lying or doing something bad. Or if you’re doing well, [00:16:00] you must hide it. There’s a lot of myths. Money’s dirty, money’s evil, people that have money are greedy. There’s a lot of fear and anxiety because nobody wants to be called those things. [00:16:14] I can’t have money, success and worthiness. I have to choose.
[00:16:20]Janene: This has been really interesting. What is one thing that you’d like people to remember from our conversation today?
Main Takeaway from Episode
[00:16:28] Ilana: Understand your money story, understand how you, how you see money. What money, if I have to say to you, what emotions come up for you when you think about money, think about that emotion.
[00:16:45] If it’s a negative emotion, take my quiz. If it’s a positive emotion well done. That’s fantastic because a lot of women were not ask them what emotions come up. They tell me. Not being worthy, fear, [00:17:00] paying bills. Will they have enough more month than money? If emotions come up, money’s great. It gives me opportunity to do things.
[00:17:11] It opens doors. If they’ve got that perspective, that mindset it’s okay. But if they’ve got the mindset where they’ve, where there is any anxiety, do something about it. We don’t have to be fearful about money. Money is a tool. It’s an energy.
[00:17:35]Janene: It doesn’t harm you, right? Yeah.
[00:17:39]Ilana: It’s good. It creates good. It creates opportunities and it can give you the lifestyle that you want. You don’t have to go with an attitude to try and impress anybody else. You can create the wealth that you want in your business when you’ve made peace with your [00:18:00] mindset and your personality traits.
Take the Money Mindset Quiz & Find Out Your Archetype
[00:18:02]Janene: Right. Ilana, if people would like to take your quiz or reach out to find out more about how you work with people, where she’ll they go.
[00:18:11] Ilana: mindfulmoneycoach.com, take a quiz. It’s a free quiz. If they want a free consultation afterwards, they’re just going to click on the link on the blue link to the calendar and literally the archetypes.
[00:18:29] I explain it to them. What comes up? You know, why they got a high ruler or, what are they controlling? Why they feel the need to control the victim mentality? A lot of people have victim. Where they live they live in, in the past. They believe self-fulfilling prophecies.
[00:18:45] Oh, never make it in this world. I’ll never make money. If those things come up. It’s chat. Let me try and help you to get out of that because you didn’t meet it doesn’t mean there’s enough negative stuff in the [00:19:00] world. Your money doesn’t need to be negative.
[00:19:02] Janene: Yup. Yup. Okay. Very good. Head on over to the, let me put that up there.
[00:19:08] One more time. mindfulmoneycoaching.com and take the quiz there. Find out more about your money traits and explore how that’s presenting itself in life, in business. Thank you so much for being on the show with me today, Ilana. It was a real pleasure having you here.
Wrapping It Up
[00:19:26] Ilana: It’s an absolute pleasure.
[00:19:28] Janene: Thank you. Everyone, that’s our show for today. I’ve got one more thing for you. If you’d like to find out more about what you’re doing with pricing in your business, you can head on over to www.janeneliston.com/pricing-scorecard, and download that Scorecard. Have a look at what’s going on with your pricing and more in your business.
[00:19:49] Thank you so much for joining us today. I wish you all the best and as always everyone enjoy pricing. [00:20:00]