Written by: Vickie Sullivan | October 06, 2022
How to Avoid Sticker Shock and Get Buyers to Accept Your Fee
You probably assume well-funded buyers will pay a premium fee. The truth, however, is more complicated.
Yes, high-end buyers have bigger budgets. The risk is lower for those in high-growth mode, as the money can be easier to replace. Those buyers, though, are also deluged with pitches at all price points and may not understand the nuance behind the difference. And as for the boot-strappers who are now successful, seeing a premium fee may surprise them.
It’s imperative, therefore, that you go beyond showing your value. Because value alone is not enough to justify investing in you. You must position your impact to get buyers past the initial shock of your fee schedule. Here are two ways to do that.
2 Ways to Get Buyers to Accept a Premium Fee
• Focus on outcomes, not activities. Many premium-priced options feature a long list of activities. The pitch: This comprehensive approach justifies the fee. The problem with that strategy, though, is it creates a race to the bottom because low-cost high-volume options sound too similar.
Instead, focus on the experience and the outcomes. Example: Will your work reduce implementation time? Reduce risk? Use your track record to boost your odds of success. Go beyond the stats and tell stories that show your nuanced approach is worth more than a list of activities.
• Get emotional. The higher the price point, the more emotional the decision. That’s because bigger commitments require a bigger leap of faith.
In this scenario, use the above outcomes and help the buyer dream a little. For example, what would it like if the problem you solved went away? What else could the buyer do if they didn’t have to deal with the day-to-day challenges this problem brings? Painting the picture of the pain you take away can make investing in you even more worthwhile.
Listen: How to Respond When Buyers Have Sticker Shock
If you charge above-market fees, market strategy is more than finding the right buyers. You have to position your services in a context that heads off sticker shock at the pass.
Now Read This:
- How to Deal with Delusional Buyers Suffering from Sticker Shock
- Strategic Sounding Boards Give Real-World Advice for When the Rubber Meets the Road