Denise Duffield-Thomas's Blog, page 18

Pricing Strategies Pros and Cons

EPISODE 128
Pricing strategy pros and cons
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Pricing is such a pain point for many entrepreneurs, so I talk about it a lot.

 You'll also have to revisit it regularly during your business journey. 

A price that feels big and scarcy at the start may soon feel normal or too small. So it's essential to continue to review your pricing so it feels like a win-win and a good energetic match. 

So, if you've been avoiding looking at your prices or need help experimenting with your prices, then today's podcast is for you. 

I share the pros and cons of different pricing strategies and why they may make sense for your business at various stages as you grow. 

Plus, we talk about the big mindset piece involved with pricing - feeling okay talking about money and learning that the price is just the price, and it's okay for you to charge (and receive). 

So much to dive into! Listen along to learn:

Why pricing is so important for your business and so challenging for your money mindset. 
Insights into various discounting and sale strategies and how they can make or break your profits.
How to align your pricing with your brand with authenticity and ease. 
The benefits of incorporating VIP upgrade pricing and tailoring your pricing to match your customers' needs.
Why it's important to regularly review your pricing and how to use price changes to create new sales and marketing opportunities.

If you've struggled with pricing, know nothing is set in stone. You can change them. 

 And being clear with pricing is kind to your clients - they'll appreciate it. 

xx Denise

How to justify a big price increase

 

Let me ask you a personal question - just how often do you increase your prices? 

When was the last time you announced an increase? 

If you’re anything like the average entrepreneur the answer is probably “never”, or “not for ages”. 

In fact, most people I know are totally undercharging in the first place, and that’s a recipe for burn-out and can even affect your positioning in the marketplace. 

Increasing your prices is something you need to do regularly as a business owner, and honestly doesn’t need to be scary – so let’s look at how you can justify it to yourself and to your clients without feeling bad or greedy.  

Be honest with me - when you think about increasing your prices, do you feel guilty about it? 

If you do, that’s actually really common. 

The truth is that pricing is one of the things that feels really emotional for people like us. It can be really tough to set your own prices, which is why so many people try and crowdsource their pricing or want someone else to just tell them what to charge.  

Think about it: if you’re in a job, the company sets the prices. But now YOU’RE the boss, so YOU have to look after it. Bummer, right? (but it doesn’t have to be.)

When I was first working as a junior in a consulting firm, I was charged out to clients at a certain rate per day. As I got more experienced and did more training, they increased my charge-out price. The company had no qualms or money blocks about increasing my rate. 

But when I started working for myself, I charged lower than all the other coaches I knew, and felt like horrible every time I increased my prices – even just a little bit. 

It’s really common to look around at what everyone else is charging and either average it out, or undercharge their competitors. And that’s a HUGE mistake (but don’t worry, I’ve got an excellent resource for you to get over that pricing block). 

If you’re in the same boat and the thought of increasing your prices makes you feel sick, I’ve got three factors for you to consider to help you justify it. 

Factor #1: Experience

Have you noticed that some hairdressing salons charge different rates depending if you see a junior or a senior stylist? If you’re after the absolute best result, you’ll go for the senior stylist, but it’s only fair that the apprentice doesn’t charge as much, right? 

There’s a price point for every market and budget, and this is true of any kind of business too. Experience often means better results for your clients, and you can totally justify higher prices.  

If you’ve got a lot of experience, you’re confident about the results you can get for your clients and you save them time or money with your expertise, then you deserve to charge accordingly.

Don’t forget that your knowledge didn’t come for free for you either! 

Lots of entrepreneurs who go into a new business, almost discount their experience in other areas as totally irrelevant, which is a mistake. All of your experience counts if it helps your clients get results.  

It’s easy to forget that learning your craft actually cost YOU money and time too. Your investment in yourself saves your clients time and money. 

Your clients are borrowing your years of training, so they don’t have to learn through trial and error themselves. They are paying you to short-cut their success. 

Remember to factor that into your pricing – experience equals the right to charge more for what you offer. 

Factor #2: Demand

Are you so much in demand that you’re booked up for weeks, if not months in advance? Well - it’s time for a price increase. 

Are you back to back to back with no time to break for a cup of tea or even a pee? I’ve been there! 

In fact, I used to get up at 5am for my first international client of the day and had client sessions all day with no buffer in between to eat or go to the loo. That’s really not sustainable. 

If you’re super popular, it’s a textbook sign that you’re ready to put up your prices. In fact, you can increase your prices, and the demand probably won’t drop off that much. 

TRUST ME ON THIS. 

I’m not going to lie. Not everyone will stay a customer with you. Every time you increase your prices, you’ll lose some clients who are no longer in alignment with your rates – and that’s okay.

Even if you doubled your rate, and even if you lost 50% of your client base, you’d still be making the same money, only working half as much. 

Honestly, your business could easily withstand a 10-20% price increase without losing too many clients at all.

Some might even be willing to pay extra for a VIP option where they can get access to you straight away, rather than waiting in line. 

But the principle is – if you’re booked out, you can totally justify raising your prices because you’re probably getting amazing results for your clients. 

Factor #3: Awesomeness

This one’s the awesomeness factor! 

Are you just really, really good at what you do? Well guess what? You can charge an awesome price for it! 

If you get amazing results for your clients and they rave about you… you can totally justify charging a price that reflects those results. 

After all, you can help save or make your clients a LOT of money when you’re awesome at what you do. And this isn’t just for business coaches by the way - almost every industry helps people improve their lives in a way that can translate into time or money.

It might feel icky, though. You might be thinking, “But Denise, what about the people who really need what I do but can’t afford me anymore?” 

This is honestly the biggest reason why entrepreneurs resist raising their prices or charging premium rates – it doesn’t feel fair, and most of us were taught at a young age to be inclusive and friendly. 

Here’s the great news: when you’re earning awesome money for being awesome at what you do, it frees up your time and creativity. 

Then you have mental space and physical time to create products that are more accessible for those people who can’t afford your higher-end services. 

For example - you could write a book, like I did, to take your message out to potentially millions of people in a low cost way. Writing a book honestly takes a lot of (unpaid at first) effort, but if you’re completely booked out (and burnt out), you won’t have time to ever do it. 

Or when you have some headspace, you can put your methodology into a course (like my Money Bootcamp), so you can impact more people. 

Or you can free up some time to do pro-bono work that’s funded by the amazing income you’re making!  

It’s a win/win/win, too. 

You make awesome money and serve more people.  

So, Lucky Bee! These are my 3 tips on how to justify a BIG price increase in your business. 

Really take notice of these three factors to figure out just where you should be pitching your prices – chances are that you’re ready to increase them today. 

Don’t worry, it’s normal to be nervous about increasing your prices!

If you’re really struggling with justifying your prices, and need some help with it, I’m your gal!

If you’re wondering how to actually communicate it to your clients without them freaking out, then I’ve got a free resource for you to help you figure it out.

It’s my Ultimate Pricing Guide including my best pricing strategies, tips for scripts for talking to your clients and how to make this your best month ever.

Watch now at denisedt.com/pricing

Plus it’s totally free!

It’s your time, and you’re ready for the next step. 

xx Denise.

Addressing rumours of my retirement

EPISODE 127
Addressing rumours of my retirement
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If you haven't heard a single rumor about this, you're probably thinking, "Who do you think you are, Denise?"

Or you may have heard that it's a goal of mine to retire soon, and you're curious.

At a conference I was speaking at back in March, I mentioned that I'm on track to hit my goal of retiring by 45, and maybe it was an overshare, but I had a few people freak out. 

So, I wanted to record this Chill and Prosper episode to share more about what's happening for me and what I'm manifesting. 

This all started in 2009 when I was getting started in the online marketing world, and I heard Ali Brown say she was a millionaire by 35. 

It blew my mind, but when I saw it, I started believing it might be possible.

So, I set an intention that I would be a millionaire by 35, and I believed it. If she could do it, then maybe I could do it too.

I hit a million dollars, not quite by 35, but just before turning 36, which wasn't bad. Since then, I've made over $27m over the last decade, which led to a new intention… retirement. 

Listen to this week's episode for more on what retirement means to me and what my business might look like in the future.

I'll share ways I'm creating more FREEDOM in my life and how I'm changing my spending and investing priorities. 

Please don't worry; I'm not closing my business or stopping Money Bootcamp yet, and I'll keep writing books. 

I'm doubling down on freedom, simplicity, and being bold in support of people like us and the causes I believe in.

It's going to be a new, exciting chapter! 

I'll still be here to help you to create more freedom, choice, and abundance. 

xx Denise

Better business boundaries will help you love your life again (I promise)

 

  

Do you need better business boundaries? You’re not alone!

You know when everything in your business feels like it’s all too much?

Clients contacting you day and night…

Paying late or making ridiculous demands and then not even thanking you?

What about those annoying people who ask for your time for free, or to “pick your brain”?!

F*ckers.

If you’ve had enough of taking on everyone else’s problems, you need … boundaries

Boundaries give you back confidence in your business, reduce 90% of your stress and help you go bouncing through your work day.

This is no-joke my favourite topic at the moment and is about to become yours.

I modelled this video directly from the Berocca campaign of the 80s and 90s because seriously, having no or loose boundaries in your life and business sucks big time. 

On the other hand, when you get a handle on boundaries and design your life to make YOU happy first and foremost, you’ll actually start to make more money and enjoy your life and business again.

Why do people like us have so much trouble setting boundaries around their time, money and energy?

Because we believe we have “no choice”

Because we want to be accommodating and “nice”

Because we want people to like us

Ouch! Harsh but true.

But when you really get this lesson, you’ll see that having strong boundaries is actually the most loving and respectful thing you can do and one that will attract a better quality of clients, friends and other people into your life.

Let’s start with something easy but very symbolic:

Boundaries around your time

When I first started in my business, I would coach people at 5am. It SUCKED big time and I wasn’t present with my clients or happy getting up at the crack of dawn. It made me grumpy and sleepy for the rest of the day.

Why did I do it? Because I thought that if I said no to my international clients, they wouldn’t book with me again. I wanted to be accommodating, even if it affected my quality of life.

My coach Fabienne Fredrickson told me that she has turned down many international clients because she refused to budge on her schedule. She told me;

“I am more important than money. They will find another coach who suits their needs better”.

And guess what? You will find more than enough clients that will work with your new and improved schedule, plus you’ll be WAY happier.

Your better time boundaries prescription

Decide when YOU want to work.


Do you want to do evenings and weekends… or not?
What’s the earliest or latest you’re happiest with working?
When do you work best?
Can you take off a whole day completely from client work?

It’s okay to have your business be exactly the way you want it. There are MORE than enough clients out there for you.

Create a new policy and inform your clients about it.

Just make a simple announcement on your website or newsletter:

“From 1st May, opening hours are X Y Z.”

No apologies or over-explaining (it’s your business after-all) and no need to beg for understanding. Just give them notice (anything up to a month is fine) and that’s the end of it. Remember, people make time for dentist and doctor appointments. You don’t have to be super convenient for everyone.

I know the fear is that you’ll lose all your clients, but trust me – that won’t happen. You might even free up time and energy to write a book, create some programs that don’t require your time or have energy for some well-defined pro-bono work.

Enforce the new boundary.

People will try and push the new boundary, “Can you make an exception for me, pretty please?“. Trust me. It will happen within 24 hours of you mentally and emotionally making the decision. I bet you ten bucks.

And seriously, the first time you enforce it, you’ll feel like the biggest bitch in the world, but stick to your guns and you’ll feel amazing.

Here’s something to think about – I used to offer my clients up to 55 different slots a week. I had maybe 10-15 clients a week which was my idea of a happy workload. So, I was just trying to be accommodating by offering them appointments anytime from 7am-6pm five days a week. (I stopped offering my 5am offering but 7am appointments still sucked).

One client said that seeing so many available appointments on my calendar made her think “hmmm, maybe Denise isn’t doing so well”.

So being too accommodating can backfire as well as make you stressed.

What about money boundaries?

Money blocks and boundary problems are so common for entrepreneurs and it can destroy your business!

Are you suffering from…

Clients not paying
Discounting clients
Bartering or working for free
Not earning what you think you’re worth?

OMG – there is so much I want to say about this. I’ve written about money boundary stuff and how to increase your prices several times.  But you might need a bit more help.

I’ve got a great resource for you where I help you navigate awkward money conversations, click here to download the free e-book. 

I’d love to know what boundaries you’re working on - send me a message on social @denisedt and I’ll cheer you on!

 

xx Denise

Ask Me Anything: Staying on top of your mindset

EPISODE 126
Ask Me Anything: Staying on top of your mindset
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Every day, I get questions from entrepreneurs about how to stay positive, stay on top of my mindset, or what to do when the inevitable blocks pop up. 

I’ve spent the last two decades helping people with their mindset in business because I know how crucial it is to your success and well-being. 

Working on your mindset is one of the only things in business that you can’t outsource to anyone else, and in my opinion, it is the number one thing we have to master as entrepreneurs.

When I talk about mindset work, I mean believing in yourself, nurturing an abundance mindset, and challenging your negative beliefs. 

It’s not a one-and-done thing, and it’s not one-size-fits-all. You must learn to continually watch your thoughts and feelings to ensure they don’t derail you. 

Because we all have negative thoughts, and you can’t ever truly get rid of them, but you can learn to dance with them so they don’t undermine the pursuit of your dreams. 

So, this is the topic we’re diving into on today’s podcast. 

Listen along to learn:

How to deal with overwhelm
How to balance ambition and guard against taking too much on
Tips to staying focused when you feel like it’s not working 
Overcoming setbacks and how to be gentle with yourself 

 

One of my most important lessons about staying on top of your mindset has been the value of masterminds and having a space to be vulnerable and honest. 

Because it’s okay for you to be vulnerable, have mindset wobbles, and ask if you need a little extra support. 

And if you need money mindset support, my Money Bootcamp community and I are waiting to welcome you when you’re ready. 

Take care,   
xx Denise

What’s a realistic conversion rate for a launch?

EPISODE 125
What’s a realistic conversion rate for a launch?
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After every launch, I’m nagged by the question - why didn’t more people buy? 

Despite the success of my business, and even when we’ve had 7-figure launches, the question still haunts me. 

If you’ve ever thought this or had a launch that missed expectations, then today’s podcast episode is for you. 

We’re talking launch conversion rates and the real reasons why people don’t buy. 

Instead of internalizing a perceived failure, questioning your worth, or letting self doubt overshadow your achievements, you need to get to grips with real conversion rates.  

How many people really saw your sales page? How many people bought? 

How did you do against the industry standard conversion rates? 

Listen to this week’s podcast to learn: 

Realistic conversion rates and how to predict launch success
How to stay on top of your expectations and mindset during a launch
How different pricing options may affect conversion rates 
How to make your buying experience easier and seamless for your customers

 

Remember, not everyone is going to buy anyway. Even if you were perfect and every aspect of your launch went great, a small percentage of people typically buy - but this is still a huge achievement. 

This affirmation has helped me with varying conversion rates…

“They would if they could, and they will in the future” 

Don’t take it personally, make it easy for people to buy from you and trust the process. 

xx Denise

Is launching getting harder?

EPISODE 124
Is launching getting harder?
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Back then when I first tried my hand at launching an online business, it was a whole different ball game. 

In 2009, social media was an infant, graphics creation was a nightmare and hosting your own videos? Forget about it unless you were ready to shell out some serious dough. 

I still remember the days when PowerPoint or Paint were my tool of choice for creating graphics and I continually tweaked HTML struggling to center things on my webpage. 

Fast forward to today, and things are wildly different. 

Creating graphics is as simple as a click with platforms like Canva and hosting videos? Platforms like Teachable and Kajabi have made it as easy as pie. 

But amidst all the convenience, I hear from lots of entrepreneurs that launching has become more challenging. 

The need to keep up with the ever-evolving social media platforms, the struggle to stand out in an increasingly saturated market - it's enough to make even the most seasoned entrepreneurs want to stop. 

So, is launching getting harder? I'd say yes and no. 

Yes, because the demands are higher and the competition is fiercer. But also no, because with the right mindset and strategy, launching can still be really rewarding. 

It's easy to feel overwhelmed and start doubting yourself when you're about to launch. I've been there, trust me.

The online business landscape is constantly changing, and what worked yesterday might not work today. But that's where the thrill lies, in continuously learning and growing. 

Listen to today’s podcast episode for my take on the challenges and winning strategies I’m seeing online.

Yes, it might seem daunting, but with the right mindset and strategy, launching can be an exciting adventure. 

So tell me, what's holding you back from launching? I'd love to hear your thoughts on today’s ep. 

xx Denise

P.S. Remember to get registered for Jeff Walker’s Launch Masterclass this week - it’s the perfect way to get caught up on AI and up-level your launch skills with the latest and best teaching. 

I’ll be watching along - I do every year and always learn something from Jeff. 

Click here to register for free via my affiliate link

 

Preparing my business for long term travel

EPISODE 123
Preparing my business for long term travel
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As an introvert, the thought of living out of suitcases, constantly on the move with my family was simply overwhelming. 

But, when Mark and I first starting talking about the idea of taking on some extended travel, there was a determination deep within me to turn this journey into something more than just an extended vacation. 

It was about breaking free from the daily grind, to create vivid memories that would last a lifetime. 

In a couple of weeks, my family and I will begin four months travel in Europe, mainly based in the UK but with a few adventures and weeks away on the continent. 

I’ve never been a very adventurous traveller and I haven’t loved traveling with young kids in the past, so it’s taken some time for me to prepare for this trip. 

There are a lot of logistics to plan in our business but it’s also taken some mindset work. 

I bet many of you entrepreneurs and business owners can relate to this, especially if you’re planning to hit the pause button on work for an extended period. 

So, how am I managing to streamline my operations without breaking our business? 

Here are three simplified steps I took, which I believe would be beneficial for you as well:

Delegate and Automate: I identified tasks that could be managed by my team or automated with the right software. This will reduce my workload considerably. 
Plan Ahead: I’ve planned my work schedule for the next four months in advance, ensuring that my business can run smoothly even in my absence. 
Stay Connected: I’ve made sure that I can connect to the internet no matter where we go so I’m connected to my team, community, and keep an eye on my business. 

Listen to today’s episode to learn:

Strategies for achieving balance between professional commitments and family life while traveling.
How to lighten your business processes for extended time away, improving efficiency.
The art of saying no to pave the way for more personal space and mental peace.
Insights into my techniques for content batching and repurposing pre-existing work.
The liberation that comes with decluttering and relinquishing relentless commitments. 

Now, over to you. 

Simplify your business and make space for new adventures. It's time to be present and experience life outside of work.

How story-telling can help market your product-based business

When it comes to selling things there is a slightly different way to launch or market things but I truly believe that it comes down to creating a desire for a product or service.

If you have a product or service that solves a problem or provides a desired feeling then it really comes down to sharing it with people, story telling and connecting to your audience on a consistent basis. 

Story telling can help you build exclusivity, intrigue and a passion following for your product-based business. 

If you share it with enough people then the numbers will always play out and pay out.

It doesn’t matter what or how you’re selling - story telling is the key to engaging your audience and building connection. 

When it comes to selling there are many different way to launch or market products or services but I truly believe it comes down to creating a desire for your offer.

If you have a product or service that solves a problem or provides a desired feeling then the secret to sales is to share it with people, tell a story and connect with your audience on a consistent basis. 

Story telling can help you build exclusivity, intrigue and a passion following for your product-based business. 

If you share it with enough people then the numbers will always play out and pay out.

I learned the process of the Sideways Sales Letter from @jeffwalkerco, where he teaches how to weaves intricate story telling into your launch. 

I use his Product Launch Formula in every promotion I do because it helps you to build anticipation and desire, and convert more sales. 

Watch Jeff’s free training on the sideways sales letter by registering for his Launch Masterclass here: https://www.denisedt.com/plf

The truth about failed launches & the juicy lessons you can learn from them!

EPISODE 29
The truth about failed launches & the juicy lessons you can learn from them!
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As a money mindset mentor, I’ve seen so many people throw in the towel after one crappy launch. There seems to be more and more talk about launching getting harder or conversions being down in today’s economy. 

I’ve been there – it’s rough! 

You released your book and… crickets, or you've launched your first program and nobody has bought it. This feels devastating. But I’ve got some tips on how to bounce back after a failed launch and some juicy lessons you can learn from these experiences.

I want to talk to you about sales page conversion stats and share more about my failed (and successful) launches.

Do you know what? Having a successful launch isn’t about branding, or colors or pretty ads. It isn’t even (gasp!) about pricing! 

I’ve dug old this throwback podcast episode to share my ultimate successful launch secrets!

Listen in today to learn: 

How to set goals for your launches
How not to freak out!
The 1% rule
How to reframe failure
The importance of getting back on the horse and relaunching the same program

 

Denise xx

P.S. This episode was originally released in November 2021 and is one of my most popular on the topic of launching. 

With so many mindset gremlins to navigate when launching, I highly recommend following a proven process and taking the guess work out of launching. 

I’ve been talking about my launch mentor Jeff this month and want to make sure his free training masterclass is on your radar - the first lesson is coming later this week. 

Click here to join the waitlist to learn the step-by-step process I use in my business from the man who invented online launching.