Pricing for a Luxury Brand – 5 Tips To Help You Create a Premium Price

You have all of the concepts in place.

You know how to create a luxury brand and build something that allows you to put your magic out into the world.

But there’s one question that keeps gnawing at you…

“How much should I charge?”

You know what you’re worth. You know that you offer a transformation unlike anything else out there. What you do changes people’s lives so profoundly that they’ll never see the world the same again.

But you can’t keep that little voice in your head quiet…

“You’re charging too much. Lower the price or they’ll never work with you.”

I know that fear.

I’ve felt that fear.

It builds up inside you and can make you think that nothing you offer could justify the price that you want to ask for.

You’re so worried that your market will reject the price you set. And worst of all, that makes it feel like they’re rejecting you!

Maybe I’m hitting a bit of a nerve right now. But I want you to know that everybody who creates a luxury brand deals with this dilemma. And the good news is that you’re worth exactly the amount that you want to charge for what you do.

You just need to get outside of your own head and recognize your brilliance.

I’ve designed these five tips to help you do it. With these guidelines, you liberate yourself so you can see that the magic you have to offer is worth every penny that you charge.

Tip #1 – Do the Planning

“How do I charge what I deserve?”

I know it’s something you want to know but it’s not the question I’m going to answer here. I don’t even want you to think about the “how” until you’ve done all of the planning work behind your brand.

In fact, if a client comes to me with this question about pricing, I always have the same response…

Have you done the foundational work?

You see, the foundational work helps you to set the core philosophical beliefs that underpin everything that you do. This is the work that you put into creating your luxury brand and setting yourself up as the icon for your clients to follow.

This part of the work also includes creating your offer.

What will you give to them that makes them want to work with you above anybody else?

If you haven’t done that work yet, that’s where I want you to focus on.

Without a plan in place, the pricing question will always feel overwhelming. You won’t have a framework for the transformation you want to create, which makes the price you’re asking for feel so big!

But when you’ve done the planning…

Now, you know what you’re doing.

You’ve made your core beliefs concrete and built an amazing offer. That’s what gives you the courage to ask for what you deserve.

Tip #2 – Don’t Let The “How” Limit You

This may sound a little crazy, but don’t worry about the “how” for the moment. Why? Because it’s actually the easiest part of creating a luxury brand price!

And even though it’s the easiest part, nobody ever believes me at first. They think because their minds are obsessing over the “how” that it’s the most important thing to focus.

It’s not true… at least not yet.

The reason your mind is focusing on the “how” is because it’s throwing up barriers.

It’s telling you that you’ve never done this before…

It all feels overwhelming…

You’re comfortable selling at a lower level right now…

Yes, these are all probably true. But it’s the truth of these little niggles in your mind that can hold you back.

The fact is that creating a luxury brand is a scary idea. You’re putting yourself out there as a true instrument of change for a high-end market. You probably will get to work with people at a level that you’ve never worked at before.

And that’s a really good thing.

But again, at this point, don’t get caught up in the “how.”

When you do, it limits your thinking and keeps you focused on the dollars and cents rather than giving you the freedom to dream bigger.

The “how” will come.

But you first need to get comfortable with the concept of charging a premium or luxury price before it does. If you jump ahead to “how,” your mind isn’t free to explore all of the possibilities.

Tip #3 – Resist the Logical Pathway (For Now)

I know exactly why you want to jump straight into the “how.”

It seems like the logical pathway to take. You figure out how to do something and then you put that plan into action.

You’re used to running through all of these logical mechanisms in your previous business experience. You have this skeleton of questions that you’ve already built around yourself that you want to answer.

How do I build this thing?

What’s the ROI?

What will my organizational chart look like?

Will I get my money back on the marketing dollars I spend?

I want you to throw all of those questions away…for now.

Before you focus on the logical side of things, you must master the conceptual. This comes back to my first point about doing the foundational work. Do that first and let logic follow afterwards.

Remember that a luxury brand gets led by the brand.

Then you go to the offer.

And only after that do you find the people.

Now, I’m not saying the logical questions don’t matter. I’ve been the CEO of multi-million-dollar companies twice in my life and the logical questions need answers. You do need to get practical at some point.

But before you do, I want you to get sure about your brand, your conviction, your messaging, and how what you stand for will manifest for you.

Logic comes after you’ve done the conceptual work. If you try to be logical first, you will always face resistance inside your own mind.

Tip #4 – If It Scares You, It’s a Good Price

Let’s say you’ve figured out the concept.

For example, maybe you’ve created a club-like concept where you’ll invite just four or five people to join you. Together, you’ll take a 12-month journey of transformation that changes their lives.

You know what that journey looks like…

You know how much value you can offer to the people who take it with you…

And you probably already know the price!

That’s the little secret behind the question of “how much should I charge” question. You probably already know how much…

It’s just that the number scares you.

It’s so much larger than any price you’ve worked with before. And it’s this that leads to the fear sitting in your gut that holds you back.

You have that fear living inside of you. But that very fear also tells you that you’re on the right track.

Feeling scared about the price you have in your head is a good thing!

Fear rises when you’re stepping outside of your comfort zone. It rears its ugly head when you’re on the verge of achieving something spectacular. And if you let it, fear can stop even the biggest of dreamers from realizing their true worth.

If you feel scared about the price you want to charge, that means you’re moving in the right direction.

Embrace the fear and recognize that it only exists because you’re doing things that 99.9% of people will never do.

Tip #5 – Get Out of Your Own Wallet

There’s another reason why you feel scared.

You’ve probably never invested at the level that you want to charge. The number seems so scary because you’ve never spent that much on a product or service.

This is what I call being inside your own wallet and it’s something I talk about all of the time.

When you’re in your own wallet, you’re seeing what you charge through your own concept of the dollar amount.

That’s not the same concept of money that your ideal client has.

Get out of your own mind and into your clients’. See what you do and the price you want to charge through their eyes. What may seem expensive to you will seem like a bargain to an ideal client who needs the transformation that you can offer.

Pricing Is as Much About the Mind as the Number

Deep down, you already know how much you should charge for what you do.

That big old number’s floating around in your mind but you’re not quite ready to approach it.

And that’s okay!

You’re about to create something so unique that everything you do will feel new and scary – including charging a luxury price.

My advice is to follow the tips I’ve shared in this article. Use them to shatter your preconceived notions of what a price should be so you can focus on what yours could be. Do the foundational work and accept that fear is a good thing in this situation.

Once you’ve done that, you’re ready to look at how you’ll make the price in your mind a reality. You’ll be in a position to confidently make six and seven-figure offers.

And Iconic Influencers is here to provide all of the extra guidance that you need.

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