How can overcoming pricing fear transform your business and elevate your success?

In this episode of Live With The Pricing Lady, I’m joined by guest Stacey Hagen, a marketing and business coach from the Bay Area. We discussed the principles and strategies behind effective pricing for business sustainability. Our topics include managing pricing challenges, the impact of prices that are too low, creating valuable offers, overcoming pricing fear and the importance of understanding customers. Stacey shares insights on transitioning from life coaching to business coaching and offers actionable tips for setting initial prices, emphasizing the need to decouple self-worth from pricing. We also explore the significance of continuous improvement and flexibility in pricing strategies.

About the guest

Meet Stacey Hagen, MBA, CPC, a certified trauma-informed holistic business and marketing coach. She specializes in supporting purpose-driven coaches, healers, and wellness entrepreneurs. Stacey’s approach is centered on helping her clients create businesses that are authentically aligned with who they are. By guiding them to share their gifts and serve their dream clients, Stacey empowers them to do more of what they love.

Her expertise and compassionate coaching style make her a valuable resource for those looking to overcome obstacles and achieve their business goals.

Join us in this enlightening episode as Stacey and I discuss overcoming pricing fear and much more. Discover practical strategies to price your products and services confidently and learn from real-life success stories. Don’t miss this valuable conversation that can transform your approach to pricing and elevate your business!

Favorite quotes from this episode

Episode Links

Connect with Stacey:

Instagram: https://www.instagram.com/create_coaching/

Website: https://www.createcoachingconsulting.com/

Recommended book: “The Prosperous Coach”

Learn how to do customer insight interviews in The Customer Compass with Janene. Starting soon.

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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. Also if you’ve ever wondered “What’s a fair price?” then 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!

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Episode Summary

In this episode of Live with The Pricing Lady, I had a great conversation with holistic business coach Stacey Hagen. Stacey shared her experiences, challenges, and insights into the world of business coaching, offering invaluable advice on navigating the tricky waters of pricing and overcoming pricing fear. Here’s a comprehensive look at our conversation, and the key takeaways from this episode.

Discovering Superpowers and Overcoming Fears

One of the highlights of our conversation was Stacey’s insight into discovering her superpower—helping individuals market their businesses confidently, especially those who are initially hesitant and dealing with fear. She emphasized that even as an introvert, you can effectively market your services and thrive in business. This message resonated deeply, as many entrepreneurs struggle with the misconception that marketing prowess is tied to extroversion.

The Business Coaching Journey

Stacey’s journey into business coaching began with her own positive experience hiring a coach in 2010. Although she started with life coaching post-training, she missed using her marketing and business skills. It led her to transition into business coaching, where she found her calling. Her objective was to help people with marketing, which naturally evolved into a broader business coaching role. Stacey also shared how life coaching differed from business coaching, particularly in terms of the support required between sessions, something crucial for business coaching clients.

Navigating the Complexities of Pricing

What came up early for Stacey was realizing she would need way for overcoming pricing fear. Stacey candidly spoke about how pricing is often one of the most nerve-wracking aspects for new business owners. She recalled her own initial challenges, including under pricing and underestimating the support needed by her clients. Stacey recalls how early on she undervalued her packages, which impacted her revenue and led to burnout. She felt a lot of fear around pricing and was challenged to overcome her pricing fear.

It was crucial for her to learn to account for the time spent on services like email coaching, which often exceeded the time in actual sessions.

Tips to Help You in Overcoming Pricing Fear

Here are a couple of key tips Stacey shared for those starting their pricing journey that can help you to overcome pricing fear.

1. Uncouple Self-Worth from Pricing: It’s crucial not to equate your personal worth with your pricing. The concept of “charging what you’re worth” can be misleading. Instead, focus on the value you provide and the skill set you bring.

2. Commit to Incremental Increases: Start with a price that feels manageable and can instill confidence in you. Commit to raising your prices after achieving certain milestones like signing a specific number of clients. This incremental approach helps build momentum and confidence.

3. Do the research. Not just when you’re a new business but when testing out any new ideas as well. Get information to help you overcome pricing fear.

4. Learn how to set prices and the tactics and strategies that will work best for you, your clients and your business.

Market Research: The Key to Building Value

Stacey stressed the importance of market research in being able to overcome pricing fear when setting prices. She advises new business owners to carry out ideal client interviews, conduct surveys, and understand competitor pricing—not for copying, but for bench-marking. These insights are foundational in creating an offer that resonates with the target market.

Focusing on the Customer

I echoed Stacey’s advice, emphasizing the need to focus on understanding your clients. Many business-related queries, like where to market and what price to set, can often be resolved by understanding the needs and behaviors of the target audience. Often overcoming pricing fear has to do with having the right information. Building a customer-centric business model ensures that you are meeting the real and perceived needs of your clients, which in turn, can drive pricing decisions effectively.

Evolution and Flexibility in Business

Both Stacey and I agreed on the importance of flexibility in business. The same applies to pricing strategies—being open to evolving your packages and prices as your business grows is not just acceptable but necessary. This adaptability ensures that your services remain relevant and valued in a dynamic market. It’s also important to remember that there’s a difference between adaptability and giving into fear. You also need to learn to stand in the value your offer delivers.

Final Words of Wisdom

It’s important to know that pricing doesn’t have to be scary. Of course when you don’t know how to do something then it’s harder to dampen or be capable of overcoming pricing fear if you feel it. I highlighted the importance of experimenting and being confident in your pricing decisions. Stacey added that having a structured approach and being prepared to evolve are keys to sustained business success.

Thank you for tuning in to Live With The Pricing Lady. If you found this blog post insightful, feel free to share it with your network. Stay tuned for more pricing insights and remember, pricing is not just a number—it’s a reflection of your business’s journey. Enjoy pricing!