️Episode 135 – Consultant Pricing Upper Limits

In today’s episode, Melisa describes the concept of pricing upper limits for independent consultants. Your pricing upper limit is foundational of your approach to pricing in your business. 

Too often, independent consultants generate prices based on a perceived notion about a client’s willingness or ability to pay. However, this approach creates a ceiling for your business and does not align your consulting fees with the value you deliver as a consultant. 

During this podcast episode, Melisa challenges consultants to rethink their upper limit, so they don’t create a false ceiling for their consultancy pricing.

Melisa explores all aspects of pricing upper limits and hits on these key topics:

• Defining pricing upper limits
• Why pricing upper limits matter
• Client case study examples
• How to shift your mindset and implement higher pricing

Are you ready to break through the price ceiling you have self-imposed for your independent consulting business? 

Listen to learn how to set pricing upper limits as an independent consultant. 

KEY POINTS IN THIS EPISODE:

• [00:45] Personal Update
• [02:50] Companion Resource Recommendation – Independent Consultant’s Pricing Assessment
• [03:45] Episode Agenda
• [04:13 What is a pricing upper limit?
  • [04:30] Normal thinking: What is the client willing to pay/can afford
  • [05:21] New way to price: What do you think your work is worth?
    • [05:50] Breaking through your price ceiling
    • [06:11] General definition
• [08:00] Why does this upper limit matter?
  • [08:30] Impacts realm of possibility in terms of pricing
  • [08:55] Impacts the presence in how you show up
  • [09:28] Impacts creativity with which you approach sales conversations
  • [09:45] Impacts service offerings
• [11:33] Case Studies
  • [15:00] Example #1: Two consultants with similar offerings, but vastly different pricing
    • [15:08] Difference is not willingness or ability to pay – it is the difference of pricing upper limits
      • [15:49] Excuse to charge less: I’m charging less because they won’t want to pay more than what they would pay a full-time employee
      • [16:25] Logic to charge more: They’d never be able to afford an employee who does my level of work
  • [18:45] Example #2: Consultant moves pricing for services from $5k/month to $30k/month
    • [20:58] Thinking started with “I’m lucky to have this client”
    • [22:04] Mindset shift to “30k is a bargain for them considering the millions I help them accomplish with their increased employee productivity” 
• [24:27] Put this into action
  • [24:50] Ask yourself these questions to :
    • What are the thoughts and assumptions leading you to your current pricing limits? Make a list then go back through each one and ask yourself, 
    • How could the opposite of each of those be true?

MENTIONED IN THIS EPISODE —

• I invite you to book a Strategy Consultation call with me. On this call, we’ll dive into your business, get clear on your goals and challenges and determine an action plan for you so that you can create the business impact, income, and flexibility that you desire. To book yours, click here.
• Most independent consultants have hidden pricing opportunities waiting to be discovered. Evaluate your independent consulting pricing strategy by taking this assessment.

FOR MORE RESOURCES SPECIFIC TO THE INDEPENDENT CONSULTANT —

1. Discuss working with me as your coach – Click here to schedule your consultation
2. Watch my YouTube Podcast Channel 
3. LinkedIn 
4. Website 

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