How to be the Most Expensive at What You Do – In Just 7 Minutes with Andrew Griffiths

 Discover why pricing cheap or undercharging will just give you cheap customers and get you nowhere Learn what is “learned helplessness” and why you should avoid making it a part of your identity Find out what are the promising benefits and the money-making changes if you transform from being cheap to being expensive Resources/Links: Wanting to Find Out If You’re Really Charging What You’re Worth? Learn more on how you can be the most expensive at your craft and gain better clients: andrewgriffiths.com.au/masterclass-recording Summary Have you been feeling desperate to get more sales that you end up lowering your prices? Do you want to know why undercharging isn’t the right and best answer to attract new clients and increase your sales? Are you ready to find out why being the most expensive is way better than being the cheapest? Andrew Griffiths is Australia’s #1 small business author with 14 best-selling books sold in over 65 countries. In this episode, Andrew talks about his insights on why undercharging is a big no-go for you and your business. He also shares how you can overcome your limiting beliefs and charge the right price worthy of the value of your products or services. Check out these episode highlights: 01:57 – Andrew’s ideal client: “My ideal clients are business owners, of course, who are passionate about what it is they do. They’re good at what they do. They work hard. They do all the right things.” 02:43 – Problem Andrew helps solve: “For people who undercharge for their products and their services, things like that, I think they get stuck in this loop of limiting belief. Deep down, it could be, ‘I’m not good enough’, ‘Why would anyone want to pay for, you know, that much for my stuff’.” 03:40 – Typical symptoms that clients do before reaching out to Andrew: “There are a few things I think, and I’ve noticed this from working for many years, over 20 years with businesses around the world in this space. These are common kinds of symptoms. Number one, people are working really hard, but they don’t actually have a lot to show for it.” 04:59 – Common mistakes that people make before they find Andrew’s solution: “A common mistake is, the easiest way to describe it is if I say you can’t put lipstick on a wombat. And if you’re not from Australia, and you don’t know what a wombat is, you might want to Google it.” 06:26 – Andrew’s Valuable Free Action (VFA): “Find a business that you personally buy from. You know them really well that you would use this line. They’re expensive, but they’re the best. Okay, look at everything that business does and learn from them.” 07:11 – Andrew’s Valuable Free Resource (VFR): Check out Andrew’s Masterclass Recording: andrewgriffiths.com.au/masterclass-recording 08:13 – Q: What changes in a business when it transforms from being the cheapest to being the most expensive? A: Everything changes. Your level of worth, your sense of satisfaction, the people you attract as customers, the people you attract to work with you. Tweetable Takeaways from this Episode: “You can't just triple your prices today and then still offer exactly the same product or services. We have to make some changes.” -Andrew GriffithsClick To TweetTranscript (Note, this was transcribed using a transcription software and may not reflect the exact words used in the podcast) Tom Poland 00:10 Greetings, everyone, and a very warm welcome to another edition of Marketing the Invisible. My name is Tom Poland joined today by Andrew Griffiths. Andrew, good day! Sir, a very warm welcome. Great to have another Aussie on the show. Whereabouts do you base? Andrew Griffiths 00:22 Good morning, Tom. I’m in Hobart, of all places! Beautiful, snow on the mountain. Tom Poland 00:28 Oh, Gorgeous! That’s the New Zealand of Australia, I’ve been told. Andrew Griffiths 00:34 Exactly! Tom Poland 90:35 That beautiful clean and green. So for those of you who don’t know, Hobart is the capital, I think, on Tasmania, which is a little island, “The Apple Isle” we call it here in Australia, just off the southeast coast of Australia. Andrew is Australia’s #1 small business author. Now, you see that on some people’s bios, but Andrew actually is. His books- Andrew, I used to go into Andrews and Gardner, I was flying out of the airport or something and I’d see your books on the bookshelves. I mean, a lineup of your books for sale in retail outlets. And I used to be so damn jealous and wonder why mine was selling in the 10s. And I don’t mean 10s of 1000s. I mean 10s. And yours were lined up there. So he really is Australia’s #1 small business author, and has been, has held that mantle for many, many years. He’s got 14 best-selling books sold in over 65 countries! So, Andrew delighted to have you on the show. And folks, you don’t know this, but we’ve- Andrew and I have spent about the last, I think, 17 minutes trading war stories and casting ideas. We thought we’d better get this interview done. So he’s a terrific guy to have a chat with. As he says he can talk through the bottom of wet cement. So just was gonna I could- The title today, get on with it, Tom, is, “How to Be the Most Expensive at What You Do”. And I love the idea behind that! Andrew, our seven minutes start now. Sir, question number one, who is your ideal client? Andrew Griffiths 01:57 Well, Tom, thank you for this. My ideal clients are business owners, of course, who are passionate about what it is they do. They’re good at what they do. They work hard. They do all the right things. And they’ve probably been doing it for a really, really long time, but they simply don’t charge enough for what it is they do. They know there’s got to be a better way, but they just don’t know where to start. Tom Poland 02:20 Especially if you’re aware. Are they aware that they’re not charging enough? Or is this kind of a revelation to them when you mentioned it? Andrew Griffiths 02:26 Great question! They’re aware that they know that they don’t charge enough. Yeah, because it’s the first thing I tend to bring up and go, “Well, you know, you’re too cheap.” “I know. I know! We hear that all the time.” Tom Poland 02:36 Oh, they do. Okay, cool! Andrew Griffiths 02:37 They do. Surprising, isn’t it? Tom Poland 02:39 So they probably- question number two, six minutes left, what’s the problem you solve? Andrew Griffiths 02:43 Well, for people who undercharge for their products and their services, things like that, I think they get stuck in this loop of limiting belief. Deep down, it could be, “I’m not good enough”, “Why would anyone want to pay for, you know, that much for my stuff”. “My competitors are better than me, etc.” But at the same time, they might have limiting beliefs around their customers in their market. People can’t afford to pay more than the market’s type, super competitive, so we’ve got to be cheaper, etc. So typically, for me, what I do is I cut away all that limiting negative self-talk and limiting belief that keeps people held in that undercharging. I help them to really see what value they bring to the table. And then how to communicate this value to their customers and show the business owner how to charge accordingly. Tom Poland 03:27 Perfect! Thank you, sir. Five and a half minutes left. Question number three, what are some of the typical symptoms? So someone listening to this, a business owner, thinking “Yeah, we’re probably undercharging”. What’s going on in their business that would give them a heads up that they probably are undercharging? Andrew Griffiths 03:40 There are a few things I think, and I’ve noticed this from working for many years, over 20 years with businesses around the world in this space. These are common kinds of symptoms. Number one, people are working really hard, but they don’t actually have a lot to show for it. They haven’t really built up a lot of valuable assets, etc. They’re burned out, fried, and exhausted because they’re working so hard and they’re fried, but they’re in that loop. They discount too fast. Someone will say something and they’ll offer a discount before- you know, they don’t need to win every job that they quote for. And people say to me, “Oh, we get every job we quote for” and I go, “Oh, that’s a shame.” You pour in because they think it’s a badge of honor! To me, you’re too cheap. You get five out of 10 of the jobs you quote for tells me your pricing is about right. Tom Poland 04:25 Interesting. Andrew Griffiths 04:26 They have a lot of limiting talk. You know, why they- “Oh, we can’t charge more.” That conversation comes up. And also they’ve often become quite comfortable with where they’re at. It’s a term called “learned helplessness”, which is not a nice phrase, but we get comfortable with the struggle. It’s become a part of their identity. Tom Poland 04:41 Right. The battle, ouch. Okay, so thank you for that. Very, very articulated. Four minutes left and question four. We’re talking about smart people. They’re gonna try stuff. They’re getting sick of being, kin...