Reimagining Your Pricing
Welcome to the UnCLoned® Insider audio newsletter. My name is Audria Richmond, and I am your marketing and launch strategist. I work directly with my clients to show them how to build unclown brands and launch profitable marketing campaigns. We are the brand that you come to when you want to become or remain the obvious choice of your industry. Hey, y'all.
Audria Richmond®:What's up? I am back with another audio newsletter. I know I'm getting this one to you a little bit later on a Monday, but guess what? You getting it on a Monday. I ain't even gonna lie.
Audria Richmond®:I almost forgot about this audio newsletter. I almost forgot. Your girl got up. I've met with my accountant. I had a private meeting with one of my private clients, and, baby, I jumped in that bed and I was like, oh, I'm gonna finish this book.
Audria Richmond®:And I said, oh, snap. Today is Monday. I gotta do a audio newsletter and boom, here we are. Right? But, anyway, as always, y'all know I'm gonna bring that straight for you.
Audria Richmond®:But, anyhoo, today we're gonna be talking about reimagining your pricing. Right? And I don't know if you all remember this, but on a audio newsletter, let me see, that we did let me make sure y'all remember. I talked about, did you all want me to do a series and so on and so forth? We got a few people who came in a group and said something, but on July 8, 2024, we did an, episode called reimagine your products and services.
Audria Richmond®:So this one is the spin off of that one, but it's also reimagining your pricing. And just to give you context, if you haven't listened to that one, we basically did a master class with our mastermind, and it was called reimagining your business. And inside of that master class, it was really like a virtual intensive for our mastermind clients. We went over different things that they may want to reimagine. I do believe I'm going to eventually turn this into, like, a more in-depth series.
Audria Richmond®:But for now, a lot of people been asking me questions around pricing. So I was like, why not talk about that? And also, if you all have a topic y'all want me to talk about, like, come in a Facebook group and be like, hey, girl. Hey, Audreea. Can you do like an audio newsletter on x or so on and so forth?
Audria Richmond®:Because baby, every Monday, I'd be wanna talk about stuff, but then I'd be like, oh, they already know that or they may already know that, and they kinda keep me, in this loop or whatnot. So anyhoo, if you all have something that you want me to discuss or talk about, you could totally make a suggestion by coming inside the free Facebook group and just say, hey, Audria. I'm a unclown insider. I'm on your email list. Can you talk about x?
Audria Richmond®:I listen to it. Because this another thing, y'all be listening private and y'all don't discuss in public. So with that being said, I need to know y'all be listening to this thing. I know y'all be listening because the downloads be there, but can I keep it a buck with y'all real quick? If I don't see the engagement that I would like to see from this, this December 31st may be the last day we do these on the audio newsletter.
Audria Richmond®:So it's not a threat, but I'm just saying, if y'all not engaging and if it's not clicking for y'all, I'm gonna assume y'all don't like this. So the best way for me to know if y'all like something we doing, you gotta you gotta participate. Okay? So after this audio newsletter, make sure you come in a group and let me know you're listening. Even if you just come to say, hey, girl.
Audria Richmond®:Hey. You know, I just wanna make sure y'all live out there. Okay? But anyhoo, reimagining your pricing. So pricing is a very, very, very difficult topic to have because in order for us to talk about pricing, we have to talk about your mindset and your relationship with money and all of those things.
Audria Richmond®:So I actually did an entire video on YouTube called increase your rates boot camp. If you just type in increase your rates boot camp, arjorie of Richmond, it's a it's a mental boot camp that you can go through to really help you think through how to go about, thinking through your pricing. Because a lot of the times when we're thinking about pricing, we kinda project what we think about ourselves. If you think highly of yourself, you're not gonna have a problem with charging a premium. If you think low of yourself, you're gonna think you're charging too much and so on and so forth.
Audria Richmond®:So I think and this another thing, you also not charge a lot if you are comfortable. Oh, what are you talking about, Audrea? For instance, if you are in a relationship, whether you're married or not married, and you have you have support where you have people paying, you know, paying you you you don't have to necessarily worry about how to make ends meet. You have someone taking care of you. You're not thinking that you don't have any you haven't you don't have any concept around pricing because when someone is taking care of you, it's easy to be like, oh, well, I'm just gonna make sure I help this person for free or almost free.
Audria Richmond®:And one thing you gotta think about when it comes to pricing is like you're running a business. Right? Like, you're running a a business. And so if you don't realize that you're running a business, you can get caught up in thinking that this is a hobby. You can get caught up in thinking that this is charity.
Audria Richmond®:You can get caught up in thinking that, this is something that I do for fun. This is a side hustle. Like, a lot of that language keeps you small. Right? And so, like, what are you saying, Arjia?
Audria Richmond®:What I mean is if you are thinking about your pricing from a from a low, you know, low compass and you're just not thinking about yourself in a high high highly in a highlight. Right? Like, if you're not thinking about yourself in the highest version of yourself, it is easy to downplay what you do. Because if you don't have a lot of followers, if you don't have a big email list, if you're not where you wanna be in business, it's easy to think that your pricing should reflect that. And you gotta learn how to separate your emotions and how you see yourself from your pricing.
Audria Richmond®:So I wanna put that out there so as we navigate into this audio newsletter, you have an understanding of of of the foundation of what we're gonna be talking about. So I'm gonna go over kind of more so like some mental thoughts and then we're gonna get into some questions that you wanna ask yourself when you're thinking about your pricing. So again, the name of this audio newsletter is reimagine your pricing. Let's get into those few thoughts and then we're gonna get into the questions and then we're gonna wrap up. Right?
Audria Richmond®:Okay. So the first thing I want you to know is that what you charge has nothing to do with the worth. Like, it it has nothing to do with worth. You know, you hear a lot of people say, I'm gonna teach you how to charge your worth and no. No.
Audria Richmond®:No. No. I mean, I probably have said it at some point, but you can't be your worth is so it's like, how can I say this? Because it's such a iffy thing. Right?
Audria Richmond®:Like, you can't be charged by your worth. Right? Because when you think about yourself, what are you worth? Right? You're priceless.
Audria Richmond®:Meaning you can, you know what I'm saying? Like there's no price that I can say to to amount for my life or or the work that I do for a client, right? But I can look at what I charge through the lens of value. Right? So what you charge has nothing to do with worth.
Audria Richmond®:What you charge has everything to do with the value you bring to the marketplace with your offer. I literally just did an entire YouTube video around, you know, how to create $10,000 offers. Make sure y'all go and watch that. It's so good. I did it last Wednesday.
Audria Richmond®:It should also be included in this audio newsletter email. So if you can't find the link, just go back to the email, click that, and then go watch the video. But I went over you know, I went I kind of drove deep on really understanding the value you're providing and knowing that it's more about the value you're providing and less about your quote, unquote worth. Okay? Now, providing and less about your quote, unquote worth.
Audria Richmond®:Okay? Now value is in the eye of the prospect and the client. Meaning, we can come up with the value, but it's up to the person who's buying your products or the service, buying your products or services, or the clients who are paying you for your service. They are the only ones that can tell you the true value and magnitude of what it is that you are offering. Right?
Audria Richmond®:So, like, I when I go and get my hair done, right, my hairstylist has her price, I pay her price, I don't blink an eye. Right? And I value the service. So when I go, I pay. You know what I mean?
Audria Richmond®:And so if I didn't like getting my hair done by her or if I didn't like getting my hairstyle then I wouldn't even go there and spend the money. So I value getting my hair done so I'm going to pay whatever it costs. If she goes up up on her rates, I don't care. I'm going to pay because I value the service. And that's how you want people to think about what it is that you do.
Audria Richmond®:Now you might say, well, that's easily justifiable. Right? Like, oh, you know, you wanna get your hair done. That's easily justifiable. Well, let's use something else.
Audria Richmond®:Right? So like, let's say that, I'm having health complications. Right? And as a result of having those health complications, I'm looking for someone to help me with this health complication. At this at this moment when I'm looking for that person, I am valuing an expert who can tell me what's going on with me from a health perspective.
Audria Richmond®:So that's one angle of like, oh, that's valuable if I can find someone to tell me what's going on with me. Let's say that you want to learn how to launch your products and services. For someone who seriously want to bring that that thought or that thing to pass, they're not gonna have any problem with seeing the value of the launch circle. You will not value the launch circle if you don't take your project seriously, if you don't take launching seriously, if you think launching is not for you or whatever the case may be, you're not gonna value being in the launch circle, or you're not gonna value reading my book, or you're not gonna value using our planner, so on and so forth. You get the point.
Audria Richmond®:Right? The point is the value is in the eye of the prospect and the client, and the only thing that shows me that a client care about what I got going on is when they pay. Okay? Because a lot of the times when you give people things for free or very, very little, little, little, little, little, little money, sometimes they don't really get to see the true value of that because they didn't pay anything for it. So with that being said, just keep that in mind.
Audria Richmond®:Right? So value is in the eye of the prospect and the client. The next thing, don't forfeit your profits trying to make things affordable. So this is probably one of those things that mess me up. I now have a really good accountant, And the accountant that I have now, we meet every single Monday.
Audria Richmond®:Hey. Today is Monday. And so we talk about money. We talk about financing. We talk about finances.
Audria Richmond®:We talk about budgeting. We talk about debt. We talk about everything. Okay? And one thing that that that makes a business valuable is profitability.
Audria Richmond®:And so let's say and I'm just gonna use this as a scenario. Now don't come for me because I am not no accountant guru. Okay? But let's say you sell a service for a $100, just using that as an example, and it costs you $50 to render that service. Meaning, you had to pay for Zoom, you maybe had to pay for Canva, you had to pay for, like, all of these things.
Audria Richmond®:So let's just say it cost you $50 to render the service. In order to do the service, you gotta charge $50. I mean, it it's gonna cost you $50 to do the service. So you now add a $50 profitability. Right?
Audria Richmond®:Then when you pay your taxes, whatever that is, that's coming off the 50 that's left. Then after you pay your taxes, you know, are you gonna have some reserves to put towards other things? So pricing has nothing to do with what I said with worth because at the end of the day, you will bankrupt your company not charging accordingly. So charging what you need to charge has a lot to do with the business model you have. It has a lot to do with what you sell, what you offer.
Audria Richmond®:And so if you are one of those people who are forgetting the fact that you're running a business, because in order for a business to be to sustain itself, it needs profitability and cash flow. And so if you every time you charge for a service, you making like $5 afterwards, you're you're not profitable. Right? Now it's easy to say, well, Amazon and all of these big corporations, they can operate for years years years and not be profitable. That is absolutely true, but you need to know the game you in.
Audria Richmond®:Are you in the game of running a business and wanting to see profitability, or are you trying to build some conglomerate and you can go and get funding and financing cash? You know what I'm saying? So you need to know the game you playing. Alright? And then the next thing is you need to, you need a budget to market your business so you can charge accordingly.
Audria Richmond®:A lot of the times, the reason you all cannot market. Right? You always say, we ain't getting no money to market is because you're not charging enough. If you charge enough, you will have enough to pay your pay for your expenses. You will have enough to pay for any professional service that you need.
Audria Richmond®:You will have enough money to pay for a team. You have enough money to pay for, any advancements you wanna make in your business, any, you know, things you wanted innovations you wanna be a part of. You can sponsor to go to events. There's so many cool things you could do when you have money and you charge accordingly. So when people be like, oh, that person's price is is too high.
Audria Richmond®:What are you 1, what are you comparing it to? And 2, do you or, like, are you sitting on the board of this person's business? Do you, like are you a decision maker within the company? Like, who are you to tell someone that their prices are not, quote, unquote, doing what it need to do? You don't have no clue what it takes to bring something to life.
Audria Richmond®:So, again, if you all can kinda break through these things, you can really, really, really answer these next questions with, you know you can answer these questions from a place of, like, knowing that, like, okay. I thought about all of these things that Ardren just said. Okay. So these are some things I really, really, really need to consider, right? Okay.
Audria Richmond®:So now we're gonna get into questions. Now I'm not gonna sit here and like, you know, wait on you to give me the answer. Right? These questions are meant for you to write down, think through, and answer. Okay?
Audria Richmond®:So again, remember the name of this audio newsletter is reimagining your pricing. Alright? So let's get into these questions. Alright? We have let's see.
Audria Richmond®:I'm gonna number these. We have 9 questions. Alright? Question number 1, what fears do you have when it comes to your pricing? Write it down.
Audria Richmond®:Question number 2. How do you feel about your current prices and pricing? Number 3. Do your prices reflect your brilliance? Number 4, are you cheaper or more expensive than your competitors?
Audria Richmond®:Number 5, if you are more expensive, how do you feel about that? Number 6. If I told you to triple your rates, how would that make you feel? What would come up for you? Number 7, do your prices allow you to hire a team and get help when you need it?
Audria Richmond®:Number 8, based on the lifestyle you desire, are you charging enough? And number 9, what date are you increasing your rate if you are not satisfied with your current business pricing? Y'all, I really do hope that you enjoyed today's audio newsletter. Like I said before, let me know your biggest takeaway inside of our Unclown Marketing free Facebook group. Yes, we do have on post approval.
Audria Richmond®:So that doesn't mean don't come in a group and post it. Just mean you ain't post nothing crazy, it's gonna get approved. Right? So come in a Facebook group, let us know your biggest takeaway. And if you're not a member, please visit the description section of the audio newsletter to join our free Facebook group.
Audria Richmond®:Until next time y'all, let's go live an UnCloned® life and build an UnCloned® brand. Bye y'all.
Creators and Guests
