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Welcome to Shiny New Clients, the marketing podcast that helps you attract shiny new clients to your business. We'll talk about social media, what makes people buy, how to go viral, and marketing psychology all in 20 minutes or less. Whether you're a coach, a stylist or a wedding planner, if you've got a service based business to sell, this is the show you need to fill your calendar. I'm Jenna Warner, your new marketing coach and this is Shiny New new clients. This is fun. So you have an idea for an offer, something on the docket and you need to set a price. Can be a stressful kind of decision to have to make, but a very fun opportunity. This could be your million dollar idea. This could be the offer you put out there in the world that transforms thousands of lives. And yeah, we gotta try and get that price right. We gotta try and find the one that's really gonna resonate with your ideal client and feel good for you. But I start by letting you know this isn't your only opportunity to price this offer. You're not marrying this price. You can change it, you can change it whenever you want, you can raise it. Ideally I'd love for you to not lower it, but we'll get to that, we'll get to that. But the first thing to note is you're not sticking to this price forever. I've tried every kind of pricing model in my business. We've booped around. And then when you find one that works, you stick to it until you can't anymore. So think of your price as a living, breathing thing that is going to change and should in fact ebb and flow with the market and with your level of expertise, which is going to keep going up and up. So when you're pricing your offer, there's a lot of things to think about, a lot of mindset comes up. But we're going to hone in on two different things, the client POV and the provider pov. That's you POV meaning point of view. So your point of view and your client's point of view, most people, and maybe you can really relate to this as the provider kind of choose an arbitrary rate to start off. You almost pick a number out of the air. And honestly, a lot of like kind of more spiritual business coaches are going to tell you that's what you should do. I think there is something to be said about your instinct on that choice. And I mean, the number you choose is the number you want to be working for probably. So there is something to be said about just pulling a number out of thin air and trying it and seeing how it goes. I am a little bit more practical than that. In Denise Duffield Thomas's book, which I love, get Rich, Lucky Bitch, she talks about how it's manifesting for practical virgos. That's kind of where I'm at. Like, I love the woo. I love manifesting. I love, you know, positive affirmations and all of that. But at the end of the day, I am a practical Virgo. Wow. Jenna, two minutes in, already off track. Let's get back to it. So we need to look at this through your POV and your client's pov. Most people start by going through just their own pov. You go, I want to make a program, it's just $2,000, or I want to put together a new photography package, it's $2,000. You just like the number kind of just lands in your hands. And something that's important about that number is you must, must, must, must choose a rate. This is non negotiable. You must choose a rate that you can provide without resentment. You have to choose a rate that you're not going to resent doing the work for. And the ball is in your court on that. You might be thinking, yeah, well, I want this, but you know, nobody's gonna buy it at that. So then you do your job for a lower price. And then what happens? You start blaming your clients, you get mad at them when they ask for things. You start to hate showing up for work, you start to wish you priced higher, and then you maybe even under deliver because in the back of your mind you're like, I should be being paid more than this. So we can't have that happening, can we? We cannot risk you feeling resentment and sabotaging yourself and your business and your client work. So on the provider POV number one, do it for a price that you won't resent. Next up, you don't want to think about this price in relationship to scaling. You don't want to be concerned with scaling when you're setting a price on a new offer or service, like a program, a product, whatever. A lot of people, I say this because a lot of people come to me and they're really excited about scaling. You probably got into a corner of the Internet that talks about passive income and making sales on autopilot and exponential scaling and create a program because you can serve thousands of people instead of just selling your time for hours. You know, like all of this. And I get it. I fell into all of that too. I got really excited about that prospect too. But as you, a huge disservice to think about scaling when you're first just trying to get an offer out there into the world and seeing if it works. In the school of Jenna Harding, Business management, scaling comes second to a successful product. Don't worry about scaling till you're selling. All right, I'm going to say it again. Don't worry about scaling until you are selling. There's one more piece in the provider pov. Just you know how much it costs you to actually deliver the thing. So if you're in the online space, you probably have really high profit margins. Awesome. Great. If you serve people in a one on one setting and you need to rent space, you're going to want to figure out how much it actually costs you to provide that. Think about the time not just that you're spending with the client it, but the time prepping for it. So if you have to have an onboarding call and then you have to get your virtual assistant involved in like the back end onboarding, like think about all these things that go into it, the cost of all of those things, the softwares that you use and all of that. You know, I used to work in a bar and we had a kitchen there and I learned quite a bit about how the kitchen works. And we were constantly fighting to make our kitchen more profitable because it was just a tiny little kitchen and a bar. And one of the things that you do in a kitchen is figure out how much every meal costs down to the penny. You'd go so far as to, you know, portion out. If you usually chuck a handful of cheese on something, you would portion out and measure that handful, weigh that handful, figure out how much that individual handful of cheese costs so that you know exactly how much money making the meal actually costs, right down to each individual leaf of lettuce. And you also need to make up for the food that's probably going to get thrown out. And how can you make this as sustainable as possible so less food gets thrown out and some is going to definitely drop on the floor and we've got to make up for that. And you're going to have to come in and do your prep work and cut all your veggies in advance so that you can serve it faster during the dinner rush? Like we have to think about all of these different things and plus the overhead costs of the kitchen and the power bill and all of that. So look at your service based business or your online program. In that way as well. Think about all the expenses that are going into it and what does this actually cost for you to provide to someone? If you have an online service like you're a coach or you do online therapy, things like that, your overhead is going to be really, really minimal, which is awesome, which is great. So it's going to cost you less to run things. But we don't want surprises and we want to know that we're definitely, you know, making a profit on each of these things that we're selling. So no resentment. Focus on selling before you focus on scaling and make sure that your profit is in the right place. And that's pretty much all that it comes down to on your end. Hey, I'm just going to quickly interrupt myself here so you can hear from a Magic Marketing Machine client. This is actually a dramatization of a written testimonial that we got, but I found it just so inspiring. And if you are thinking about growing on Instagram and making Instagram your main lead source this year, I wanted to make sure that you could hear this and hear the power of the program.
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Hey Jenna, your course is golden. You are human, relatable, smart and make everything so simple. Knowledge can easily be found with any AI tool, which is partly why I hesitated in making the investment initially. But your experience and practicality and the way you make everything so accessible is just wow. I totally hate it because it makes it so easy and reachable that I seriously have no excuse but to grow my following and make sales. It makes not growing my own fault. I feel like I could be making millions in no time just by applying what you are teaching. Because my whole mindset has been changed. This isn't a marketing course. That is an undersell. It makes it seem like just plain AI knowledge which is being shared, which it is not. It's years of experience. No, this is literally a 12 month mentorship and acceleration program with the value you and your team are giving. Thanks for caring about your customers. Well done. Worth every bit of the investment.
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Now from the client pov. Pricing is a tool. Pricing is a marketing strategy from the client's perspective. So now that we know how much we have to make in order to keep the lights on and keep us happy, we need to know what our clients are willing to spend. And if you just asked them like you know, a big part of what I teach and what business owners do inside Magic Marketing Machine in order to create high converting social media content is to talk to your leads and talk to your clients. But with pricing, they're gonna l if you ask someone what do you want to spend? They're most people are just going to tell you like the lowest number that comes to mind, like what they want to spend, you know. So going to people and asking typically isn't going to be the smartest move to get the the rightest answer. You can do it. I mean, why? Why not like go ahead and ask people what they're happy to pay, but it's probably not going to give you the best data to be going off of. So what will? I'll give you a couple things to think of that are marketing things to think of. And this is where I shine because this is what I teach people, right? I teach you how to create the marketing content that makes people buy. And what do people buy? People buy value and outcomes. They don't care that Your course has 12 modules. They care about what the outcome will be after they complete those 12 modules. They don't care that your one on one sessions are 90 minutes. They care that your dog will walk off leash without pulling after that session. If you are a dog trainer, you know what I mean? What is the outcome? That's what you're going to use in your marketing. What is the outcome of working with you? You might have heard this referred to as transformation or result. How are people's lives different after they work with you? Honestly, this is like one of the biggest keys to marketing. This is one of the first things we're going to talk about inside Magic marketing Machine. Making sure the outcome of what you do is really, really clear and supporting you as you carve that out. So now that we have the outcome, we can figure out what dollar value people are willing to pay for that outcome. Sure, I might want a more organized closet, but am I willing to pay $2,000 for a more organized closet? Personally, no. Maybe somebody else is. If your closet is full of Chanel bags, maybe you are willing to pay $2,000 to have somebody come in and dust and organize it. I'm not. So I'm not going to pay $2,000 for my closet organization. But is booking five new clients and spending half as much time on Instagram than you're spending on it now worth 200amonth to you? Yes, it is. And that's why I don't get complaints about the price of my program. Because the value it's designed to give you, the outcome that you're signing up to get is well worth the investment. So what is your outcome? Who is your ideal client? And what are they willing to pay for that outcome? Make sure that it's in the right pocket. A marketing program built for people who are in their first, you know, two to six years of business. $1,000 is, is a really easy sell because you know that you can make up $1,000 really easily when. But a business mastermind for people making seven figures can be $20,000 because it is a very different target audience and a very different expected outcome. I'm going to, I'm going to throw some more jargon at you because I think some people who listen to the show are nerds like me and, and I get to be a nerd for this. So maybe you've heard the word positioning, right? An example of positioning in this context is we want to position your offer to be more valu. In marketing speak, we would say we can increase the perceived value. Stay with me here. This can be as simple as, say one of the things people get when they work with you is worksheets. So create really pretty mockups of those worksheets. Go into Canva, put them in a iPad looking frame, and then on your sales page put mockups of these pretty worksheets, which increases the perceived value of the worksheet, which then makes the person go, okay, this price was already worth the result that I'm, that I want to get by working with this person and all this extra value, all this extra cool stuff. That's why often you'll see in bonus bundles for programs, the value of the bonus bundle is like five times the cost of the program. So for instance, in Magic Marketing Machine, our bonus bundle is valued at $5,000, which is five times the investment of the program in total, right? In marketing, our program promise would be considered. Get clients from Instagram, spend less time on your phone, which is already easily worth a thousand dollars. And then the bonus Bundle is a $5,000 value. And then we add all this other stuff in. So like you're already sold on the initial price and then you get more, you see. So that's the positioning. I'm just really coming clean about everything here. Another rule about pricing is don't ever state the price until you've positioned the value. And I have jumped right to telling you my price. Magic marketing machine is 997. But I just, for the sake of this exercise, I think that it's important. So we just had a really big launch and there was a deadline for people to get bye bye and get this like certain bonus, right? So for all weekend I was Talking to people, DMs with people. We had sales flying in by the dozen, we had emails, sales coming in and we're talking to people and we're like trying to help people figure out if the program's right for their business model and all of that. And in all of that weekend, I didn't have a single person tell me that price was the thing keeping them from enrolling, which is actually wild. It's kind of rare. But we have spent so long getting clear on the intended outcome of the program. Get clients from Instagram and beefing up the value of the program so that you get even more, more than you bargained for when you join. It's totally normal for every business to get people like saying that the price is too high. And sometimes that's just the person's excuse. Sometimes it's true for them if they weren't actually your ideal client to begin with. But usually, usually it means that you haven't effectively positioned the value or the outcome. Like usually it's actually a marketing problem. It's not that your price was too high or that that person is too cheap. It's us and deficiency in your marketing and how you're talking about your offer. All right, this has gotten nerdy. If you like learning in this style, then great. I'm glad this helped. But if you need a summary and because I said a lot and I said like 10 years of marketing training and business coaching all in 20 minutes. But let's just do a little recap here from your client pov. Be very clear about the outcome and make the price you set be worth the outcome. And then beef up the value of your offer from the provider pov. From your pov. Make sure that you choose a price that you can do without resenting the work you're doing for that price. And don't even worry about scaling until you are selling on. Repeat this offer and then we can think about scaling. You can join Magic Marketing Machine by the way, if you want to do all of this, all of this work while me and my team hold your hand. You can get your posts reviewed five days a week. You can ask unlimited questions in within scope of the program. In our private Facebook group, we have loads of entrepreneurs who just enrolled. It's very exciting time, really high energy. And of course I didn't even tell you, I didn't even tell you all of the bonuses and the live workshops and the Tuesday guided co working and all sorts of stuff that you get inside the program right now. So if you want to join the program. The link is below this episode. Meantime, good luck pricing your new offer. I'm really excited that you're putting something new out there in the world. And I'll see you in the next episode.