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What if you could get more of what you want in life? But not through pushing, forcing, or pressure.
You can.
When it comes to money, time, and energy, no one’s gonna turn away more.
And Kate Northrup, Bestselling Author of Money: A Love Story and Do Less and host of Plenty, is here to help you expand your capacity to receive all of the best.
As a Money Empowerment OG who’s been at it for nearly 2 decades, Kate’s the abundance-oriented best friend you may not even know you’ve always needed.
Pull up a chair every week with top thought leaders, luminaries, and adventurers to learn how to have more abundance with ease.
Is there a way to get paid for delivering this, but also have it further linked to my goals down the road so that I'm having, like, multiple layers of return on investment? I get paid to do it, but then also maybe down the line, it can lead to more business. So I always like things that are a two for or a three for or a four for that is leverage. Welcome to Plenty. I'm your host Kate Northrup, and together we are going on a journey to help you have an incredible relationship with money, time, and energy, and to have abundance on every possible level.
Kate Northrup:Every week, we're gonna dive in with experts and insights to help you unlock a life of plenty. Let's go fill our cups. I've been getting the same question in in a variety of forms lately, and that is, how do I price my consulting services, my speaking fee, my offerings? Like, how do I price stuff? And so I'm going to give you four things to think about when you are pricing your offers.
Kate Northrup:And this is related, you know, here we are. If you're listening to this in real time as we release things here on Plenty, it's the top of the year. So you may have set some financial goals, and you may be asking yourself now, how how am I gonna make money this year? Like, what's the plan? Now I wanna say, if you've been following along, you know that I would encourage you to instead of asking the question of how am I gonna hit these goals, to ask yourself the question, who do I need to be in order for these goals to become inevitable?
Kate Northrup:That being said, the four things I'm going to outline today are gonna help you to price your offerings as the who you need to be to make these goals inevitable. So I wanna walk you through the things that I went through when I was thinking about changing my speaking fees. And, also, this applies to consulting services, your online offerings if you offer courses or coaching packages. Here's the thing. For most things out there, you really can kind of, like, come up with whatever pricing you want.
Kate Northrup:For a lot of business owners, they really can come up with whatever pricing they want. Now, of course, there's, like, the your industry standards, there's all sorts of things that you can look at, but I would encourage you to not spend too much time looking out there and comparing your paper to other people's paper, and keep your eyes on your own paper and price your own offerings and services according to what is happening in your realm of reality, not so much like comparison, because we can really get caught up when we start looking outside ourselves. So at least begin inside your own realm. So, first things first, I want to oh, wait. Wait.
Kate Northrup:I just lost my track of thought, and there was a thing I wanted to say. Oh, I know. Okay. Alright. First things first, I have a bonus, a bonus thing.
Kate Northrup:I said there were gonna be four things. This is a bonus thing right at the top. I wanna dispel a myth. You are not going to sell more of your thing by discounting the price. In fact, it may very well be the opposite.
Kate Northrup:It's really common, especially if you have money programming, money neural patterning that is embedded in lack and scarcity, to think that a lower price is going to make it more likely that people will say yes. But I wanna tell you, you are not necessarily correct. Now, sure, certain buyers are price shoppers, but those may not be your ideal client, right? Like if you're Walmart, absolutely, your ideal client is a price comparison person. However, if you are Saks Fifth Avenue, if you're Neiman Marcus, your ideal client is not necessarily a price looking for a deal person.
Kate Northrup:They are looking for a luxury experience. Right? I personally have not purchased things because they are not priced high enough. You might be like, what? But I'm telling you, like, if I'm looking to get an amazing massage and someone's like, I've got a deal for massages, $55 for a ninety minute massage.
Kate Northrup:I'm like, that person must be terrible at giving massages because if they were any good, they would be charging more than $55 for a ninety minute massage. So that's just an example that a a lower price does not necessarily mean that more people are going to buy. In fact, I found that sometimes premium prices actually magnetize more buyers to my door because of the perceived value. Now, am I saying that you can just charge a premium price willy nilly not based on getting people a result or your experience or value? No, no, no, I'm not saying that.
Kate Northrup:But if you are delivering a result that backs up the price, premium pricing often is more of a match for your ideal buyer and will magnetize the right people to you and also repel the wrong people, and that is a win for everyone. I will also say when you charge premium pricing, it makes it so that there is more financial flow in your business which allows you to hire more people, pay them really well, give great bonuses, make investments in your company so that you can grow and get people a better result, so that you can improve your marketing, reach more people, change more lives, and also so that you can have the spaciousness to do pro bono work, offer scholarships, and improve your free content if you're in a content based business like I am, so that more people can have access to life changing material for free. So in case you have a little gremlin in your mind that's like, charging more money is bad, it's greedy, it's whatever, I have just outlined all the reasons why charging more money can actually allow you to be of service to more people. Okay, now into the four things to consider as you are pricing your services, offerings, speaking fee, consulting, whatever it is.
Kate Northrup:Number one, please keep in mind that you are not charging for the amount of time it takes to deliver the offer or the service. You are charging for the transformation that will occur when someone is receiving that offer or consulting or whatever. So you need to get out of linear thinking of, like, how much is an hour of my time worth? Well, no. That's not what this is.
Kate Northrup:Right? Like, when I go do a keynote speech, it may usually, it's, like, forty five minutes, right, and maybe a thirty minute q and a, something like that. I'm not charging for that forty five minutes. I am charging for the twenty years of experience that I have in honing my content and my expertise and my ability to deliver when I'm on stage. So, a, I am charging for the ability to deliver a compelling keynote that is motivating and inspiring to that audience, and I'm I'm charging for my experience, wisdom, and expertise.
Kate Northrup:I'm not charging for forty five minutes. Right? So you really wanna think, like, what is the experience and the expertise and the wisdom that they are receiving in the amount of time that I am delivering this? And likely, you can't really put a price tag on that. Like, let's say you have your PhD and, like, five different certifications, plus you've worked with a thousand clients getting them an incredible result.
Kate Northrup:Like, maybe you have a protocol. Actually, this is a real friend client of mine, doctor Cleopatra. So doctor Cleopatra Campervine is the head of the fertility and pregnancy institute. She has a fertility protocol, a called the trimester that is to be followed the hundred and twenty days before you get pregnant for both the male and female partner, and she has a ninety eight percent success rate for people who get pregnant even sometimes after a decade of not being able to get pregnant. It is not IVF, it's not conventional fertility treatment.
Kate Northrup:Her work is revolutionary. Okay? So she's an incredible health scientist, she was a professor, she's done bajillions of years of clinical research, and she has honed this protocol based on clinical evidence, based on experiments, based on her own experience, and based on the data, right? When someone signs up for one of Doctor. Cleopatra's programs, they are paying for the value that she's bringing, not the number of hours of content, right?
Kate Northrup:So So hopefully that makes sense. So that's number one is, like, what are they paying for in terms of the experience? What is the value of your experience, your wisdom, your expertise that that that you are bringing to the table? Number two, what is the result that they're gonna get? Right?
Kate Northrup:So a couple years ago, I came back to Miami after being gone for the summer, and our air conditioning had broken. It was freaking hot. It was August in Miami, and I was like, WTF. It is so hot in this apartment. And so Mike found an air conditioning repair guy.
Kate Northrup:Right? Immediately, we were like, we gotta get this fixed. So the air conditioning repairman came to our condo, and he was able to fix the problem in about fifteen minutes. I think in the end, I paid him about a thousand dollars because he upsold me on this other UV cleaning thing. What I don't know what it was.
Kate Northrup:I am, like, totally like the girl who's like, sure. Great. I'll buy the upsell thing if it's gonna clean my air. So I paid over a thousand dollars, I believe, for what took him fifteen minutes. Okay?
Kate Northrup:It was not about the time. I do not care how long it took him to create the result. The result is I needed to be cool inside my apartment in August in Miami, and in fact, the fact that he got it done so quickly was a huge benefit to me, that was added value. The mistake that I see so many people making is pricing based on the amount of time it takes them. No, no, no, no, no, stop doing that.
Kate Northrup:I want you to price yourself based on how much your customer will value the result. Back to the Doctor. Cleopatra example, doctor Cleopatra is working with people who want a baby. They wanna become pregnant. They wanna have the experience of being parents.
Kate Northrup:Obviously, you cannot put a price tag on that, but you could ask, like, how much is helping someone meet a deep soul longing worth to them? Well, it's priceless, right? She's not gonna charge just, like, a gazillion million she's not gonna charge millions of dollars because she wants people to be able to access this product and service, this knowledge. However, you really can think about people are not paying for the amount of time it takes to get the result. They don't care.
Kate Northrup:In fact, they'd rather get the result more quickly. They are paying for how much that result is worth to them. So you need to ask yourself that question. Then number three is how much time and energy is this thing taking away from other things in your life and in your business? So in the case of me doing keynotes, it takes a lot.
Kate Northrup:I get nervous leading up to the keynote. There are several days, if not several weeks, of me feeling nervous about it. I wish that weren't true, but that is true about me. I still get nervous speaking. I actually kind of, on some level, hope that that's always true because it means I care.
Kate Northrup:But, anyway, that's kind of distracting. So it's like the time I'm putting together the slide deck, the time I'm planning the talk. It is also the time that I am not fully able to devote myself to all the other things in my life and in my business, to working on my book, to working on my other content, to leading my other programs, to ideating, to all of the things, right? So every time we say yes to something, it automatically means we are saying no to something else. And when I'm pricing myself for a keynote, for example, I take into consideration there's a lot of time on both ends of that forty five minute gig that is required of me that is not being able to be devoted to the other things in my life or business, and so the person who's hiring me to do a talk needs to be paying me an amount that makes it worth it for me to be nervous leading up to it and for me to devote time and energy that takes away from other stuff.
Kate Northrup:On the other like, another side note, which may be true of consulting gigs and other things, you really wanna ask yourself, like, right for a speaking gig. I also it requires me to get on an airplane, leave my kids, in some cases, work out childcare, possibly have jet lag, spend the night in a random hotel. Like, it's a lot on the shoulders of those things, and so somebody needs to pay me to be willing to do that, and that's worked into the price beyond the forty five minutes. Okay. And then the fourth thing to be asking yourself other so number three was, what is the time and energy it's taking away from other things, and what is that worth to you?
Kate Northrup:And then number four is, is this offering even related to my goals and my other intentions. So, for example, if I decided, oh, well, I can make all this money doing keynotes now that I've priced myself at a premium price. Cool. But is it even related? Like, is this offering related to my larger goals?
Kate Northrup:So for example, if my larger goal was to enroll a greater student body into Relax Money, which it is, and I know that our ideal client for Relax Money is someone who is relatively successful financially, but feels like there's a mismatch of how it looks in front of the scenes and how it looks behind the scenes financially, and they want their level of financial power internally to be a match for what it looks like externally, I would ask myself, like, would it make sense to go do a speaking gig for a small group of 10 people who, are completely not into personal development, even if that person paid me my full speaking gig fee. No. It wouldn't make sense because sometimes the money is not worth it because in the end, if that offering if if you getting paid to do something does not relate to your larger goals and dreams, no amount of money makes sense to do it. For example, many years ago, I got offered a ginormous 5 figure offer to go speak to a women a a group of female, oil and gas executives in Qatar, and I said no. There was a variety of reasons.
Kate Northrup:It was a small child years kind of thing. There was, like, a bunch of reasons I didn't do it. But in the at the end of the day, I was like, are these people my ideal client? And in order for me to fly to The Middle East and do all of the rigmarole it took, even though they were offering me more than I'd ever gotten paid in my life for a speaking gig, I just was like, it doesn't feel worth it. And so when you're pricing things, I really want you to consider that there is a bigger return on investment of your time and energy than money, And there's a way to make every single move you make in business strategic so that your one gig, right, landing one client then leads to the next thing and the next thing and the next thing.
Kate Northrup:For example, I will like, if somebody asks me to speak, let's say a friend of mine wants me to come do a bonus talk inside of one of their paid programs, I will often do that for free. Why? After me telling you all the things it takes away from and all the things about my value and the result and all that stuff, why would I do that for free for an hour? Because when someone has purchased a premium program from one of my colleagues in this industry, I know they are already a pretty well vetted ideal client of mine. And when I get in front of them, I'm getting in front of a powerful group of people who already invest in personal development and business courses and optimizing their life in business on a variety of levels.
Kate Northrup:So it's worth it to me because I know it's connected very directly to my long term goals. So that's the fourth thing is to really ask, how does this offering or this consulting gig or this speaking gig relate to my larger strategic goals to the ideal client? Is it putting me in front of more of my ideal client? Is it putting me in front of more key decision makers? Like, is there a way to get paid for delivering this, but also have it further linked to my goals down the road so that I'm having, like, multiple layers of return on investment.
Kate Northrup:I get paid to do it, but then also maybe down the line, it can lead to more business. So I always like things that are a two four or a three four or a four four. That is leverage. Alright. So in review, when you're thinking about pricing your offerings, I want you to think about the following.
Kate Northrup:Number one, a lower price does not necessarily mean more people are gonna buy it, so that was your bonus one. Then really of the four things, here's what I have for you. Number one, think through the experience, wisdom, and expertise that they are receiving. What is the value of that? Number two, what is the result that you are delivering and how much does someone value that result?
Kate Northrup:What is it worth to your person, to your customer to get that result? Number three, is the time and energy this will take away from other offerings and opportunities worth it? Or how could you price it so that the time and energy away from other things is worth it to you? And then number four, is this offering or gig related to your larger strategic and life goals, and, therefore, does it make sense? And is there a way to leverage this so that you could actually get a return on investment for it multiple times over?
Kate Northrup:So that's what you got. Think about those things as your pricing, your offerings. I hope this was helpful and may you have an incredibly abundant year where you make more money than you've ever made before. See you next time. What if managing money felt effortless?
Kate Northrup:You've worked so hard to earn money, so why does it feel stressful? Well, I wanna introduce you to something brand new that I've created called the money reset, because abundance starts in your body, not in your bank account. This free audio experience will help you rewire your nervous system for wealth, stop the money in money out cycle and create a foundation for true wealth, and relax into a new relationship with money. Plus, it comes with the five minute calm cash flow ritual so you can have financial clarity and magnetism any time you want. All you need to do to get the free money reset is go to katenorthrop.com/reset.