Setting the right prices on your offers can be a challenge, but this week’s episode is giving you the business growth strategies you need to finally crack the code on pricing. Plus, you’ll discover a secret of how to scale a business as you ALSO learn how to earn more and work less.
Today is the last episode in our 3-part mini-series on sales systems and if you’re ready to get the inside scoop on how to scale a business, this short and sweet episode on pricing is right up your alley!
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Courtney Elmer 0:00
Welcome back to another episode of the System's Made Simple™ Podcast. This is episode 119. And today we are talking about business growth strategies and the secret to a scalable sales system. Because it's one thing to have a sale system in place so that you can free up your time and generate sales and do all that on autopilot. But you are going to unlock a whole nother level of revenue in your business growth strategies, when you take steps to ensure that your sales system is actually scalable. Hint Hint, it requires removing you from the equation. That's all coming up next. So stay tuned.
Globally ranked among the top shows in business growth strategies and education, we're known for one thing, helping overworked entrepreneurs like you learn how to run your business growth strategies like a true visionary leader, because when you get the right systems support, and structure in place, you can spend more time in your zone of genius. So if you're tired of listening to today's business growth strategies influencers teach this same old worn out business growth strategies that aren't making you any money, it's time to take a look under the hood of your business growth strategies and fix the engine itself. Because the truth is, you don't have to work as hard as you are right now to scale beyond six figures, and create the greater influence income and impact that you deserve. A secret to scaling starts on the back end of your business growth strategies. This is the System's Made Simple™ Podcast.
Before we jump in today, I have got to thank our featured listener this week, Diane who says this business growth strategies podcast is a wealth of information for any business owner looking to streamline and systematize their business growth strategies, increase their impact and decrease their stress. I especially appreciate Courtney Elmer's approach when it comes to bringing about change from the inside out. Wow, Diane, thank you so much for taking the time to let me know that the show is valuable to you that you are getting something out of it. That really means a lot to me to know that because that's really the only way that I know that what we do here on the show every week is providing value to you, you know, on a podcast, there's no way that you can double tap to like it or share it or anything like that, that it would be an indicator ofif someone really enjoys an episode, maybe one day we'll have that ability in the podcasting world, that would be cool. Hello, Apple, come on Apple Get with the times here. No. But truthfully, the reviews are the only way that we as podcast hosts know that what we do every week is actually meaningful for you. So Diane, thank you so much for taking the time.
And if you are joining us this week, and you missed the announcement a couple of weeks ago, where I shared that we're doing a brand new giveaway for those who leave a review on the show. Hint, hint, you're not gonna want to miss this go leave a review now. But that prize package includes three special things, these are three of my favorite things. Number one being the best business growth strategies building book out there, which is guaranteed to help you get some of these business growth strategies installed within your business so that you can double your revenue this year. And I'm also going to give you your choice of one of our most popular resources, either my short course on how to start a profitable podcast to generate leads and traffic to your business or an insider call to action sequence that's going to reduce the amount of time that you're spending every week writing emails to your email list. And ultimately, it's going to help you keep them warm in between your launches, so that they don't feel like you ghosted them. And the next time you go to launch something, they all unsubscribe, we're going to prevent that from happening.
And then finally, we're going to throw in a $25 amazon gift card in there that you could put toward whatever you want, buy something for your business or treat yourself to something because you work hard and you deserve it. So added up that is a total value of $150 bucks. And all you have to do to get a chance to win is scroll down in your Apple ap now. Tap the five stars and write a sentence or two and let us know how we're doing. Let me know how the show is impacting you and impacting your business growth strategies. And be sure to tune in each week because we're going to pull a winner once a month and announce that winner here on air Okay,
Courtney Elmer 4:19
so we are back this week with our three part mini series, where I've been lifting the curtain and giving you insider access to some never before seen business growth strategies content that we usually only reserved for our top level students. And we're talking all about sale systems. Now in the two previous episodes, I let you listen in on a training series that I did recently for our mastermind students and walked you through what a sale system is. If you've listened to those episodes, you remember that? We talked also about what a sales system is not and how the sales system you currently have in place could actually be costing you clients. Yeah, really important business growth strategies stuff. So I really Highly encourage you, if you haven't already listened to those episodes, go back and listen to those first. Because we also talked about the number one business growth strategies that's keeping people from buying from you right now, and how to fix it.
So today, we're going to continue building on the business growth strategies we've covered in these two previous episodes, and talk about pricing your offers and the mistakes most people make when pricing them. And I'm really curious to hear how many of these mistakes that you've made. So whenever you finish this episode, shoot me a DM on Instagram, I'm not going to share this out for all the world to see, we have all made these mistakes, I have made these mistakes. I'm curious to know which one of these mistakes is something that Ooh, it's like, ouch. Like I have made that mistake. Because in this episode, I'm going to give you some guidance on how to fix that. So this is not like, you know, send me send me your mistakes. I'm gonna judge you for making these mistakes. No, this is going to be me saying like, yeah, totally, I get it.
And I can offer you some business growth strategies guidance, through our DM conversation unique to your situation and your products and programs. And we can chat about that. I want to give you that support there. So here's the thing, when I was in a place where I was making these mistakes pretty consistently within my business growth strategies, I had no idea how badly they were affecting the sales revenue within my business, or lack thereof, quite honestly. So today, we're going to talk about how to put a value on your time, which is essential in your business growth strategies. If you want to begin scaling your business, you have to know how much an hour of your time is really worth.
And so often we undervalue our time, we give it away willy nilly, we don't even pay attention to the things we're saying yes to that eat up our time. And then we wonder why we don't have more of it. So we are going to unpack all of that today. This business growth strategies episode is really short, it is sweet, it gets straight to the point. And I have a feeling you're going to learn some new business growth strategies that you didn't know that is going to help you improve not only the number of sales that you make, but the quality of leads that you attract. So let's roll the tape on that conversation right now. Let's talk about a few pricing mistakes that people make when creating an offer and hopes that this will guide you in pricing your program. Again, I don't claim to be an expert on pricing programs or products. Especially in a product based industry, or business, you have to look at industry standards and things of that sort and the online course creator space that's a little bit more wild, wild west, and you're really pricing based on value.
But let's take a look at some business growth strategies mistakes here that are often made when pricing. So first and foremost, pricing your program or your product or your service based on what you think someone is willing to pay. Big mistake, huge mistake. It's not a matter of what people will or will not pay. It's a matter of how effectively you communicate the value of what you're offering. That's what makes someone willing to pull out their credit card and go oh my gosh, yes, yes, I want this. It's not a matter of the price. Think of a time where maybe you have something in your closet that you really love. Maybe it's a pair of shoes, and maybe to some people those shoes would have been considered expensive, but to you, they were worth it. They were so worth it and you feel amazing every time you put them on your feet. That's the difference. That's the difference of it's not a matter of what someone's going to pay. It's a matter of how effectively you're communicating the value and helping someone see why it's worth it.
Courtney Elmer 8:44
Another business growth strategies mistake people make is discounting your rate, or offering coupons or incentives. We often don't think of this as a mistake, because companies do this all the time. And I'm not saying it's a bad thing. But I'm saying to do it sparingly. If at all. There's there's better ways to incentivize people why I don't know if you shop at the loft, or if you have those near you, we have those here. And the loft is a store that every other week, they put the whole store on sale. Sometimes it's 40% off, sometimes it's 50% off. But if they ever don't have a sale, you don't go shopping because you know that a week or two from now everything will be on sale.
So it's kind of like you discounting your rate or offering a coupon or incentive to try to get people to buy. It's kind of like shopping at the loft. I mean, I know your intention might be to incentivize people but there are far more effective ways to do that. Because discounting your stuff only teaches people to expect a discount. That's all it does. So I highly recommend not discounting anything but instead using business growth strategies and adding more value. How can you add more value? What's something else that you can include?
Maybe as a bonus, or maybe as a gift with purchase that they get simply for purchasing, you see product based companies do this all the time. I bought a pair of leggings from aloe. Yeah, it was Aloe yoga. And they sent me some kind of facewash or something with it. And I was like, Okay, interesting business growth strategies. But apparently they came out with like a new beauty line or whatever. And they sent me that little thing to try it. I'm like, great. I also got like a bag, like a workout gym bag for free. With another pair of leggings I bought from another company like carbon 38, I think it was. And I've used that bag, I'm like, This is great business growth strategies, because it's one of those lightweight, little like racer runner type bags, you know, you throw like a change of clothes on there and go, or pair of shoes or whatever. And so it was a gift with purchase. It was not something that I was expecting, but it kind of was like, Okay, that was nice to get it increased the value of what I got.
But it didn't discount it, it didn't discount it. And same thing with you know, with product programs, this is easy to do, because you can create bonuses that really enhance the value. Okay, next mistake undercharging because you feel under qualified. This is a big one. And if you've done this before, it's okay. You are not alone. I have absolutely done this many times. But what's more important here wasting your time and energy worrying about all the reasons why someone might not pay? Well, I don't know if I have enough experience. So they might not pay that rate yet, or I haven't worked with enough people and gotten enough success stories yet. So they're, they're not going to be willing to pay this because I don't have enough evidence to show that. Why worry about all that. What's more important, wasting your time and energy on that or focusing your time and energy on helping them see the value and why they should in while you are the perfect person to guide them on this journey.
And then finally, not understanding the value of your time and not knowing how to calculate your hourly rate. I recorded a business growth strategies podcast interview yesterday on that we talked about how many entrepreneurs forget to actually calculate their time when they're doing their bookkeeping. And so this accounting expert who is our guest on the show was talking about that she said Your time has a value to it, you are not free. Even if you're not taking home a paycheck yet even if you're not paying yourself all of those things, there's still a value to your time. And so let's do some simple math here. How much do you want to make it a year, I don't care what the number is, I don't care if it's $50,000, I don't care was $50 million, you're going to divide that by 2080, which is an average 40 Hour Workweek, which truly is a visionary leader, we shouldn't be working a bit less, but for averages sake. And that number is what you should be charging or billing your time at per hour at a minimum. And when you recognize that, and when that really starts to sink in. If you need to pause this video and go do that right now go do it come up with a number, when that really starts to sink in. And you begin to see how often you're spending your time on 1015 $20 An hour tasks but yet you should be billing it $250 or $300 or more. That's the value of your time. And so that is a huge business growth strategies shift that has to happen.
Courtney Elmer 13:39
In order for you to truly a step into the role as visionary leader own your work, and be begin to grow and scale your business growth strategies the way that you want to. So if you need more help with that, if you're looking for more business growth strategies resources, we dive really deep into pricing and offer pricing and increasing your rates and all of those things and episodes 31 and 48 on the podcast. So that's where I would say to start. And then of course there are other resources out there as well. But coming back to these basic principles here, you know, not pricing things based on what you think people will pay. Don't discount your stuff don't undercharged because you feel under qualified. And please understand the value of an hour of your time.
So you kind of start asking yourself, How can I show the value in what I'm providing so that the right clients will want to pay what I'm asking and how can I increase the perceived value and make this offer so such a no brainer, so irresistible, so desirable, that my ideal person can't help but pull out their credit card and say, Please sign me up. And lucky for you, it's very easy to do so here are three steps, walking away from this video that I want you to consider these business growth strategies and put into action from here on out every time have you sit down and knock out one of those offer templates when crafting an offer? Instead of asking yourself, What will people pay for this? You're gonna ask yourself, what do I want to charge for this, not the price, you think people will pay the minimum price that you want in your bank account for the time, energy and effort that you're putting into creating whatever it is you're creating, then you're going to make what's inside the program.So valuable, that is worth 10 times this number.
And again, this business growth strategies is recommended for more programs and courses and things of that sort. But if you have a product based business, you can do something similar here too, by adding value to increase the value. But for programs, the business growth strategies rule of thumb is you want to if you want to $1,000 for a program, that program better be worth $20,000, and you better be able to show them why it's worth that. And then after this your only job, it's really simple. It's to communicate the value to show people why it is so valuable. Because this is going to help you naturally attract the most qualified leads, who are going to be more likely to convert to customers and clients with this program, you know, an alternative is hiring someone to come implement these business growth strategies for you. I showed you why against an alternative like that there's a pitfall to that you don't actually know what the systems are to be able to know how to step in and fix them if needed. But that might cost you I'm not kidding 60k or more. And there's companies out there who can do that. But if what you're looking for is to be able to learn it from the inside out, to be able to fully step into your role as a visionary leader. And this is the program for you. Right, it's about showing people that value, showing them the difference.
Okay, so like I mentioned at the start of this episode, now that you're aware of some of the biggest business growth strategies mistakes people make when it comes to pricing their programs. I want you to take a minute and DM me on Instagram I'm @theCourtneyElmer. If you're not following me there, make sure you follow me as well. That way your message goes to my primary folder so I see it. And I will reply back personally to you with some guidance on the next steps you can take to pricing your programs, whether that's repricing them or raising the price of them adjusting that in any way, helping you coaching you through any blocks that are coming up when it comes to pricing yourself and knowing your worth. So be sure to send me a DM there so I can give you that support.
And then also coming up next week on the show. I've got a very special guest joining me who is going to show you how to level up your brand to grab the attention of your ideal client and convert more of your followers to customers. So I will see you back here next week. And until then, go live your EffortLESS Life®.