Most often, the first question I am asked by prospective clients is: “Why are you so expensive?”
Even other marketing agencies mock me. The usual argument they have is, “Charge less money, and you will attract more customers.” That may be true. But are they the right customers? Will charging less really help you, my clients?
“We protect and value most that in which we are most invested.”
Clients who pay more are more committed.
If you’ve enjoyed the privilege of taking an expensive vacation, you already instinctively understand how this principle of “intrinsic self-leverage” works. When you pre-paid a large sum for that cruise or resort vacation, you most likely had the feeling that this was going to be a great vacation, no matter what. We protect and value most that in which we are most invested.
Clients who pay more have greater ability to leverage your advice.
If you my client, can afford our fees, this is a good indicator that you have the financial reserves and well-developed self-discipline to actually use our counsel and get a return on investment.
By impacting more influential people, we impact MORE people.
This truth is so obvious that many people miss it. Since our business truly and deeply impacts the bottom line and life-blood of a business, the fastest way to help more people is to first help influential people.
We find that our clients place higher intrinsic value on us and our services. Which is better: a Toyota or a Lexus? A BMW or a Rolls Royce? If you’re like most people, you probably answered “Lexus” to the first question, and “Rolls Royce” to the second. Yet in both pairings the automobiles are made by the same company, and very close to being the same vehicle. But we instinctively believe the Rolls has more intrinsic value than the BMW. (Yes, I know there are some differences – but they are almost all differences that affect only the perceived value of the vehicles, and not the actual utility.) To be sure, if we offered mediocre products or services at premium prices, we would not be around very long because our sins would surely find us out. But by and large, people tend to believe the more expensive thing is the better thing.
Premium clients are more self-sufficient and need less babysitting and hand-holding.
Few high-paying clients are “problem children.” They understand they are not buying magic beans or pixie dust – they already possess the core belief that it is our job to deliver quality services, and it is their job to make proper use of that product or service.
The extra wealth created allows us to help more of the poor and needy.
Volunteering personal time is noble and something everyone should do. But volunteer time doesn’t scale. Money does. The first step toward helping the poor is not being one of them.
Higher rates help create more value for our clients by being able to offer a better quality of service and results.