The Mindset Mentor - How to Make What You're Worth

Episode Date: February 25, 2021

In this episode, we are going to teach you how to make what you are truly worth! Follow me on Instagram here @RobDialJr https://instagram.com/robdialjr Want to learn more about Mindset Mentor+? For nearly nine years, the Mindset Mentor Podcast has guided you through life's ups and downs. Now, you can dive even deeper with Mindset Mentor Plus. Turn every podcast lesson into real-world results with detailed worksheets, journaling prompts, and a supportive community of like-minded people. Enjoy monthly live Q&A sessions with me, and all this for less than a dollar a day. If you’re committed to real, lasting change, this is for you.Join here 👉 www.mindsetmentor.com My first book that I’ve ever written is now available. It’s called LEVEL UP and It’s a step-by-step guide to go from where you are now, to where you want to be as fast as possible.📚If you want to order yours today, you can just head over to robdial.com/bookHere are some useful links for you… If you want access to a multitude of life advice, self development tips, and exclusive content daily that will help you improve your life, then you can follow me around the web at these links here:Instagram TikTokFacebookYoutube

Welcome everybody to the Mindset Mentor Podcast. I am your host Rob Dial. If you have not yet done so, hit that subscribe button so that you never miss another episode. And if you want to follow along these podcast episodes through video or see any of the other inspirational videos we put onto YouTube, go ahead and go into YouTube and type my name Rob Dial, R-O-B-I-A-L, into YouTube, and you'll be able to watch these videos. Today, we're going to be talking about how to get premium pricing from your customers and to make more money in your business. Today is Thursday, which means that it is the business edition of the Mindset Mentor, which also means that I am joined with my best friend and business partner of 15 years, Dean DeVries. Dean, welcome to the Mindset Mentor Podcast. Happy Thursday, brother. It's great to be here and

I'm excited for today. For sure. That sounded really fucking depressing. You didn't sound excited at all. Thanks for calling me out. Yeah, you're welcome. That's what I'm here for. Let's go ahead and talk about premium pricing. Let's talk about how to charge more. There's a lot of people out there that are either, they have their own businesses or they're coaches, or at the same time, they might be sales reps. They might work for companies and they are undercharging, which means that their customers are getting less value and also they're giving less value to their customers as well.

Yeah. Well, let's just start off with like the one, let's debunk the reason why everyone thinks that they're not charging premium prices or why they're not getting premium prices. It's not because your clients or your customers can't afford it. Yep. So let's just debunk that one right off the bat.

Yep. It's never about affording it. For sure. Right? Because if the value is high enough, the price doesn't matter. For sure. Right? And so just think about the, yeah, I know we use this example all the time,

but imagine that I had, you know, just a Bic pen here that I got from Staples earlier today, and I used it, but I'll sell it to you for $10,000. Rob, can you afford it? Of course not. I mean, I can afford it, but I don't want to. Right. You don't want to afford it, so not worth it. Nope.

But I've got something else I could sell you. Yep. so not worth it. But I've got something else I could sell you. I've got a brand new 2021 Lamborghini Huracan sitting right outside, never been driven before. I got the keys right here. It's legit. And I'll sell it to you for $10,000.

Can you afford it? Absolutely. Well, what happened? The price didn't change. The value changed. Right? Yeah, exactly. Which is what, and that goes along with the fact that, you know, even if somebody doesn't,

if they're sitting out there listening to us and they don't have $10,000 in their bank account, but if I said, I will give you a $300,000 car for $10,000 and you have 24 hours to come up with it. I'm finding a way. You're finding a freaking way. You're going to call every person you've ever known. You're going to borrow money. You're going to come up with it, which shows you that what doesn't matter, the price. Why? Because the value is actually the most important part of it. If the value is high enough, the price is basically irrelevant.

Yeah. Yeah. And so what we're going to really dive into is how to be more valuable, how to increase the value of your offering, you know, whether it's your product, your service, or the presentation of your offer or service. Yep. So, um, the first thing is, you know, when it comes to building value, you've got to, you know, the first thing is you have to be sold on you before you're going to sell somebody else on you. Right. So if you don't believe what your value is, if you don't really believe that you're worth premium pricing, you know, and just think about like what the top person in your market, what they charge, and then ask yourself, why aren't you charging? And whatever answer you get to that question is the limiting belief that you have to overcome in order for you

to charge premium pricing. For sure. And one of the things that tends to pop up is this is, is, you know, we used to always say it all the time, but a sale is basically just a transfer of enthusiasm or transfer of confidence from me to you if I'm the salesperson. And, you know, the thing that people have to realize about it is that if I'm not confident in what I'm selling you're going to be able to sense it like we act like

people don't understand like people can people can full on 100% sense my lack of belief in myself my lack of belief in my product

and where this really shows through and where I've really realized it the most is you and I used to sell Cutco right it doesn't

for those of you guys that don't know Cutco is just incredible sets of knives. And what I realized is that as I started to go out and sell it more, I started to meet a lot of people who had had it for 10, 20, 30, 40, 50, 60 years and never had it sharpened.

And I realized that the more people that I met that told me how amazing it was, the better I became at sales simply because I fully believed in my product because I'd seen so many other people that had had it for so long and were in love with it. So what I'm trying to say is I became more confident in my product and I sold more of the products. And so people that are out there that think, well, I don't know if I'm worth that amount. There is something else that you have to think about with that is that when you do, and we say this all the time, you and I coach, we teach coaches how to build coaching businesses,

right? And one of the things that we say is that if you're undercharging your customers, if you're charging less than you want to get from this, because it's simply because of the fact that you're not confident in yourself or you're afraid to ask for more, both of you are losing. You're losing because you're not making the money that you want to. And they're losing because they're not taking it as serious as they could. If somebody charged me $500 for something, I'm going to take it less serious at the 500 bucks a month than if it's a thousand bucks a month. And so when you charge more, your clients are going to take it more serious, more, your clients are going to take it more serious, which means that there's going to be more changes in their lives.

But if I'm charging more, so number one, it's going to charge, it's changing, charging more is going to change the customer's life for a positive because they're going to take it more serious, which means they're more likely to change their life. It's also going to make me go, oh shit, I need to show up higher in a higher level because if I'm charging more than I'm actually comfortable with, I better make sure that I show up at the highest level possible so that this person continues working with me. So what happens? Number one, they pay more attention. They take it more serious. They see more change in their life. Number two, you show up at a higher level, which means that they're actually getting double the benefit because they're showing up at

a higher level and you're showing up at a higher level by charging premium prices and everybody across the board wins because not only do they change, you also have more money in your bank account. Yeah. And I think that even if you're not sold on you, right, if you're not sold on, if you don't have the confidence yet, just have the confidence in that philosophy, right? Just know that that's how it works. And you see it all over the place. I mean, there's people that are charging more for the same thing, but people will buy more of it because they associate value with it. Right. And so cheap things aren't good. Good things aren't cheap. Right. We all have heard the saying you get what you pay for. And so, you know, especially when it comes to, you know, if you're a, you know, a coach or a consultant or, you know, some sort of service provider where you are the business, you are the product, right? If you want to provide the highest and best experience to your customer and client, well, you're going to perform better.

You're going to be more on point. You're going to make sure that they have a phenomenal experience if they're paying you more. Right. So I love what you said. I think that's, that's an amazing point. And, you know, on that same note, when you're competing with people on the market, and this is another thing that people get caught into is the idea of like, well, you know, all these people are charging less than me, so I have to charge less. And that's simply not true because you can choose to compete on price or you can compete on value. And the value has nothing to do with the price. The value is the experience or the actual benefit that your customer or client gets as a result of using your product or service. Yeah. And one of the things that's really interesting about charging more, like we've had many, many coaches that we've taught and we just say, Hey, whatever you're charging, double it.

Yeah. And it makes them uncomfortable as hell. Right. And so what's interesting about it though, is that sometimes you need somebody to say yes to you when you're not confident in yourself, a hundred percent in order to prove that you're actually worth it. And so there's many times where we have people that are like charging 400 bucks a month and I'm like, go to a thousand. They're like, what? I can't, I don't know if I can. We have somebody who was charging a hundred bucks a month and I was like, go to a thousand. They're like, no, I don't know if I could do it. They did it. And they were like, holy shit. Somebody said yes to me. And then they're like, oh my God, that proves to me that I've been undercharging myself

for a really long time. But it also shows you that you will never charge less than that ever again. Because you realize you've been undercharging yourself. And so you look at that and it's almost like they have to prove to you sometimes how good you actually are. And nobody benefits from you charging less. And when you do charge more and somebody finally says yes, you go, holy crap, if I just do this forever and just continuing to, we always say it every time someone, we say every time you make a sale,

raise your prices. If you just continue to raise your price or raise your prices, you can make a six figure income really quick because ultimately, and you also show up for your customers even higher level because you go, I need to make sure that I keep them. Hey everybody, you spend one third of your life on a mattress and few things are worse than sleeping on a crappy mattress and then being sore the entire day because of it. That's why I recommend Birch mattresses. Birch makes organic, non-toxic mattresses made right here in America and shipped straight to your door with no contact delivery, free shipping, free returns, and a 100-night sleep trial. Birch mattresses are made here in America with three materials sourced straight from nature, organic latex, New Zealand wool, and American steel springs.

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five-star reviews, and over 60 million downloads. And you deserve to feel happier, and Headspace is a meditation app made simple. Go to headspace.com slash dial. That's headspace.com slash dial for a free one-month trial with access to Headspace's full library of meditations for every situation. trial with access to Headspace's full library of meditations for every situation. This is the best deal on the market right now. Go to headspace.com slash D I A L. Yeah. Yeah. And you know, I think the, the, the offer that you make to, to the market, you know, whoever you're selling to, whoever your, your target market is, your offer needs to justify your value, right? Not the price. Yeah. And so like, you know, we're not a huge fan of discounts, right? Cause discounts like, well,

what am I not getting? Right? Like that's the client's perspective of like, well, if I'm getting a discount, what am I not getting? Right. And chances are that if you're discounting your products or services, there's something that your clients aren't getting, right? If you have two clients, one's paying you top dollar and one's not, which one are you going to be more excited to work with? Well, there's your answer.

If your client actually knew that and they knew how important that, you know, them just paying, even if it was just a little bit more, but to get that much more value, to get that much more of an experience, that's worth it for people. But you've got to believe that first.

Yep. Do you want to know my favorite phrase for when someone asks a discount? So I heard this from a mentor years ago. Let's just roll play. You ready? Let's do a roll play. All right, so Dean, go ahead and let's go through.

Let's say, all right, here's my services are $10,000. Oh yeah, that's too expensive. Can I get a discount? No, I would never do that to you. That's too expensive. Can I get a discount? No. I would never do that to you. And the reason why I'd never do that to you, Dean, is because if I charge you less, you're going to take it less serious.

And if you take it less serious, you're going to have less change in your life. So if I'm trying to show up at the highest level for you, me undercharging you and giving you a better discount means that you're going to show up less. And if you show up less, it's going to make me show up less, which means that I'm not going to provide the highest value that I can. I know that my pricing is $10,000 and it's worth that amount because other people have paid it. I know that I can make changes in your life for $10,000.

And I know that if you pay $10,000, you're going to take this shit seriously. So my offer is $10,000. you're going to take this shit seriously. So my offer is $10,000. Do you want it or you not? Right. Okay, fine. Okay, fine. But in, in, in turn, if I say that to somebody, is there confidence in my voice that I can actually do what they're looking for? Right. That alone, that confidence in myself, not breaking for those of you guys that aren't watching on video, eye contact was never broken throughout that entire time. Yeah. watching on video, eye contact was never broken throughout that entire time. Because I'm going to make sure that you know how confident I am in myself, but also I'm going to justify to you why my premium pricing, because I do charge more than anybody else, is worth it. Yeah. That's a big thing that I wanted to reflect on is the level of confidence there.

The confidence is the most important thing because confidence creates certainty. And especially in the type of sales where coaches are basically selling something that doesn't actually physically exist, right? So if you're a service provider, there's nothing really tangible. You're kind of just selling a vision of what this is going to look like,

of how this is going to unfold. And so when that's the case, you're, you're what you're actually, the thing that's most important is the level of confidence because it creates that certainty. You know, when you have a product, you know, when we were selling Cutco, it's like, Hey, yeah, cut the piece of rope and cut the piece of leather and see how it sells itself. Yeah. It sells itself. And you know, it's certain it's like, it's right there. But as a service provider, a coach consultant, you know, as a real estate agent, you know, it's the same thing where I had to be really certain I had to provide certainty where it's like, Hey, I'm 100% confident that I can support you and, you know, helping you achieve your goals. this is my price and looking back on it, if you got this and this and this accomplished and you're able to step into a new life and step into a new situation,

if you were to even spend this amount of money, do you see how that'd be worth it? And I think that's another point is like, really don't just talk about the features of your service or your product. Talk about the benefits, right? What's the vision? Because people will buy something not because they understand what you're selling, but it's because they feel understood. And also they're also connected to how they're going to

feel when they use that product or service. So especially like in, in coaching, painting the vision of what possibilities are on the other side of them taking action. Right. And they're paying money for, you know, to step into that new possibility. Yep. People, the only two things that people really buy is confidence and an end result. If you're, if you're killing them with the features of benefits, they really don't give a shit. Yeah. Like we could talk about, you know, what we could do and all of this stuff that somebody gets when they sign up for one of our programs, but ultimately they just want to know, can you help me make more money? Right. Yes. You know, if we're going back to the whole Cutco thing, they're not buying the knives. They're buying more time because they're not spending as much time

cutting their stuff up. They're buying, not struggling. They're buying, not cutting their fingers off because they have dull knives, whatever it is. They're buying the end result. They're not buying the actual product itself. So if you're just boring them with the features and benefits, nobody gives a damn about the features and benefits. They care a little bit, but what they really care about is number one, your confidence in if it's going to actually work for them. And number two, the end result that they're going to get. And I want to go back to one thing that you said too. If we talk about premium pricing and someone's perception of it, which you talked about just a little while ago, if you read the book Influenced by Robert Cialdini,

he actually gives an example of a lady who owns a thrift store. And inside the thrift store, she has the discount rack. She's been trying to get rid of this shit for the longest time. And she goes on vacation for two weeks. And as she's walking out, she walks up to one of her employees and she says, hey, with all of the stuff that's on that rack right there, just make it all half off. And you know, I just, just make it all half off and I'll be back in two weeks. Just got to get rid of it. She comes back and the entire rack is cleared. And she's like, Oh God, we finally got rid of all of that stuff. She goes, you know, I wish I would have gotten more for it, but you know, I guess it is what it is. And the person's like, I don't know what you mean. Like,

what do you mean? She's like, well, you, you made it half off. Right. And she goes, no, I thought you told me to double all the prices. And so what happened, she had a thrift store with a whole bunch of shit that was just on a rack for the longest time discounted. Yeah. But people saw it and they're like, ah, yeah, I don't want that crap because it's discounted, right? And then at the same time, they go up to it and it's double the price and they think, oh, this is more, but it must be good.

Yeah, it's the premium stuff. Right, yeah. If you look at like any quote unquote premium brand, like Louis Vuitton and Fendi and all of these, they're not that much better than anything else. Like when we go to Italy, for instance, we go to the school in Florence, we go to the school of leather that's out there, right? They make like the highest quality stuff

and you can get like, you know, they have expensive bags, you know, a thousand, 2000 bucks. But if it were to be like a Fendi bag or Louis Vuitton bag, it'd be like eight, 10, like Hermes or Hermes. I don't know how you say it, whatever it is. There's one of those little Hermes down the street. That bag would be $40,000 there. There's no difference in quality. It's just the name of that's on it. But people see the price and they think that it automatically means that it's higher quality.

I guarantee that if you were to take one of those little Hermes bags, one of those little Hermes bags and compare the $40,000, I think it's called like the Birkin or whatever it is. I think they're even more than that. But if you were to compare that to one of the ones that's at the school of leather that's

in Florence, I guarantee the quality is not different. What's different is the perception that people have because of the name that's there. Yeah. Yeah. And something about that, that name represents something of value. So yeah, I love that point. And, you know, just going back to the, you know, the, the benefit that somebody gets, the experience that somebody gets is actually like the thing that you're selling, right? You're not selling, you know, if you're a fitness coach, you're not selling, okay, you know, six, I get, you get a 60 minute session once a week and you get a fancy app and then you get a nutrition guide, right? It's, that's actually, those are features, but it's

not the actual benefit, you know, instead like, you know, if you're, you know, in the fitness space and a fitness coach, like just imagine coaching somebody for six months and maybe they come to you with like some sort of challenge or struggle where they're overweight or maybe they're not, they don't weigh enough there. Maybe they need to build muscle. They, they at least have some sort of, you know, challenge with regard to their health and wellness. And then throughout six months of coaching them, they have a complete transformation. Not only do they lose the weight or gain the weight or whatever their goal was, but they become more confident in themselves.

They start to feel better about themselves. They become happier with not only themselves, but everything around them and their relationships get better. They get promotions at their job. So the fitness coach doesn't just help somebody get more fit, right? They really help them step into a new life, a new reality, a new transformation, a new identity, right? And so that's what we're talking about here is, you know, really selling the benefit and the experience and the emotions and the feeling that somebody gets while owning that product or experiencing that service. like, like I'll give you an example. Let's say someone's a relationship coach and they're like, I don't know if I'm worth a thousand dollars a month. Right. Let's just say that's an example. I'm a relationship coach. I don't know if I'm worth a thousand dollars a month, but if I walk up to somebody who could be a potential client for you and I say, they're like,

oh yeah, my relationship is on the rocks. You know, my marriage is on the rocks. I think about divorce. How much would they pay to save that marriage? 50,000, a hundred thousand dollars, probably a lot more than you're actually charging. How much would that person, as you were just giving the example of, pay to finally feel confident in a bikini because they've never felt confident? They've always worn a one-piece because they didn't want to wear a bikini because certain aspects of their body they weren't confident in. So it's not, hey, you know, you're going to show up on Monday and we're going to do this workout. We're going to do four sets of this. We're going

to do 10 sets of this. We're going to do goblet squats. We're going to go ahead and do curls. They don't give a shit about that. They give a shit about, am I going to be confident in a bikini in, you know, April? Yeah. That's what they care about. A hundred percent. Yeah. And, and taking that example, the person that after six months, let's say they become confident in a bikini and they're just living life, they're experiencing themselves totally happier, everything around them gets happier. And imagine asking that version of thisso that just had this incredible transformation, how much would somebody have to pay you to undo and unlearn and just forget everything that you did over the course of those six months? How much do you think they would say? A lot more than you're probably charging. 100%. I mean, it really is like a priceless experience, right? There's probably no amount of money that somebody that experiences that, that's on the other side of already having paid

for the service would even pay to go back to their old life. And so that's the other thing that, you know, an exercise I love going back to, to really like communicate what the value actually is. Yeah. What it comes down to is whatever you guys are charging, it's probably not enough and you get more value and you give more value when you charge more because you feel like you have to show up more. Yeah. And they get more value because they take your services more seriously. And so whatever it is, whether it is a product or whether it is a service, there's always value

in you spending more. Are you having you, you, you charging more and them spending more because they are going to win, but also you're going to win if you end up charging more as well. Yeah, love that. So whatever you're charging, everybody, double it right now. Double it. Go make some more money,

go impact some more lives, go help some more people. So that's what we got for you for today's episode. If you love this episode, please share with someone that you know and love. If you're out there and you want to see if there's a way that you can work with Dean and I, whether that happens to be on your mindset or whether that happens to be in your business

or your coaching business, or if you want to grow a coaching business, all of those things, go to bookwithdean.com. You can go ahead and fill out a quick application and survey. If you are someone that we could help, we will definitely let you know. If you're not someone that we can help, we'll definitely let you know as well, but you can go ahead and fill it out at bookwithdean.com. And I'm going to leave you the same way I leave you every single episode. Make it your mission to make someone else's day better. I appreciate you and I hope that you have an amazing day.