Who doesn’t want to make ‘Rockstar Money’ right?
It’s a tricky thing though.
Making ‘Rockstar Money’ requires a lot of pushing outside of comfort zones, stretching and valuing yourself, your products & services at levels way beyond their practical value.
I was having lunch the other day with a friend and this exact topic came up. We were discussing how some of the really big speakers in the US have $30,000 1 Day consulting packages as part of their offerings. One even had a 1 Day Group Training for up to 20 people at $7,000 per person.
That’s $140,000 per day. Do the math on that hourly rate!!
My friend (let’s call her Mary to protect the innocent!) felt this was completely ridiculous, that no one in their right mind would pay such a fee.
I really don’t know if they would or not but it got me thinking about what it would take to stretch to this level.
I remember reading an article once about selling art. The article was titled:
“How Big Paintings Sell Little Paintings”
I remember it because although it was an article about art it was some of the best business strategy I think I have ever read.
Basically the article was saying that every artist needs a huge painting at a fairly ridiculous price. A painting that is their life’s work but that will probably never sell.
It seems so counterintuitive to spend all that time laboring over a piece of work that is unlikely to sell yet the logic is beautiful.
It’s the big, ridiculously expensive paintings that ensure record sales of the smaller paintings by the same artist.
It is these epic pieces of work that raise the perceived value of the smaller pieces.
The big paintings are outside of most people’s budget but they do the work of creating a perception about the artist’s status in the art world. If they have paintings like that for sale they must be someone!
What my friend Mary missed was that these high priced offerings might just be the tools to drive more traffic into the smaller, less expensive programs on offer.
If we think someone can charge $140,000 for 1 day of their training then they must be a total rockstar right?
So we feel absolutely grateful to be able to sneak into their group training for the lowly sum of $5000 which we previously would have balked at!
Don’t you just love the psychology of it all?
If this really works then why don’t we all just throw some crazy prices up on our websites and watch the $$$ roll in?
Like everything in life it’s not quite so simple!
Doing something like this forces us to question our value and what others will think of our value.
Are we worth it?
Will people see through it and find out we are in fact a fraud and not worth that ridiculous fee?
How ridiculous is the fee really when you think about the results your clients get from your products or services? How much is that change worth to them?
Often as business owners we price our offerings based on how we value ourselves. We forget to consider the value of the results our clients get by engaging with us.
We also fail to realise that in every client list there are always those 1 or 2 people who want the diamond package, the top of the range offering, the high end option.
So why not have one available!
Stretching outside of comfort zones is hard. But it sure is rewarding if we can get the strategy right!