October 02, 2008

Quoting your fee

How confident are you in quoting your fees?

I like to think I'm confident enough but the truth is, because of the weak rand in South Africa, I find myself sometimes justifying my fees to South African clients. I do know this about me, so once I say "it" I shut up and keep my mouth shut (but the internal dialogue sometimes still happens).

With my international clients, I have no problems at all.

An interesting thing happened yesterday though. I had to get a blood test done so while I was waiting for the nurse, I took out my business folder and started working through an exercise I'd never totally finished, called "what my clients get by working with me"

I have about 10 - 15 things on my website, and I even recorded an audio with the top 10 things so people could connect with me, but this exercise says to note down 30 items, and so I got cracking.

Do you know how hard it is to come up with 30 items???

The first 10 were easy and then I just started thinking about things current and previous clients have said to me, and eventually I made my way to 30.

Good timing, because later yesterday I had the fee discussion with someone (a South African) who wants to coach with me and because the exercise was still fresh in my mind, I said my fee and there was absolutely no self-talk or justification whatsoever!

Because I know I am SOOO worth it and the results speak for themselves.

Now that's what I call progress :)

How confident are you in quoting your fees?

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Anne said...

Hi! I recently found you and your site/blogs. Love it, love it, love it! Thank you so much!

Now, about quoting fees, I am comfortable with it. But I have to admit that is only because I worked in auto sales for years and went through the say it and then try to justify it part *which totally doesnt work, btw.* I was so uncomfortable talking to people about spending their money. When I realized that if I had done my job upfront, and actually sold them the car (explained the features, advantages and benefits), talking about the money would be the obvious next step and I wouldn't feel like it needed to be justified. Building the habit of shutting up, that was harder to do, but once I realized, I became more aware of the tendancy and was able to stop. So... years of forcing myself to shut up... Now it is natural. And if there is no response, I only follow up by asking for the "sale" or commitment, not by justifying or reiterating anything.

I am impressed with your list of 30 things! Self-analysis can be somewhat painful and so most of us just procrastinate. It is wonderful to hear that you took on the task and were so successful!

Nikki said...

It truly depends on what I'm quoting for. If it's related to customer service in any way shape or form. I'm 100% confident in my customer service skills. I will say though since I'm expanding my services to include things I'm not confident about, I go low-ball on the quote and make sure the client knows it is something new to me. I would hate to quote high or within the norm and not be able to accomplish what I say I will be able to.


Jenn said...

To me, there is no right or wrong formula when coming up with pricing. It has to come from deep inside of you.

And it's a mix of what you give your clients (the value), and what you need to feel reciprocated for your work.

We have to understand why we are charging a certain fee - not just arbitrarily price ourselves as others price themselves (I see lots of coaches set their fees according to what other coaches use, and that price isn't quite right for them...).

We have to understand our pricing from a practical business sense, but also from a deep sense of worth and the value that we bring others... the outcome and results that they will see.

After all, money is an energy exchange. It needs to be equal all around.