Episode 425: Day 8: Why Underpricing is An Insult to Your Customers

The Mind Your Business Podcast

James Wedmore

Entrepreneur, Business, Businessmindset, Entrepreneurship, Entrepreneurialmindset, Management

4.8 • 1.8K Ratings

🗓️ 24 December 2020

⏱️ 21 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

If you’ve been catching me on Instagram Live recently you would have heard the “12 Days of Abundance” broadcasts that I did daily where I talked about specific topics, exercises and philosophies specifically around abundance. The feedback was so good that I wanted to strip the audio from those lives and air them on the podcast, and in Day 8 I’ll be revealing why underpricing your products and services is an insult to your customers!

As you listen to these 12 episodes, you’ll have the opportunity to take notes, to follow through on the exercises and to listen to any trainings you might have missed! Go to https://jameswedmore.com/12days to receive access to the free training videos and to download your free 12 Days of Abundance workbook to get the most of these trainings – and easily apply them to your life and business!

During the 12 days you may have heard me mention Mind Your Money, my 31-day guide designed to help you create a brand new relationship with money. Up until now it was only available as a secret bonus for Business By Design members, but guess what? For the next few days only, you can purchase Mind Your Money for only $297 (a $200 discount). To sign up now, all you have to do is go to mindyourmoney.com!

To get my FREE Goal-Setting Guide, Breakthrough 2021, head to http://jameswedmore.com/breakthrough right now!

Haven’t left a review yet? All you have to do is go to http://jameswedmore.com/itunes, and thanks for your support of this show!

I want to invite you to help contribute to this podcast by submitting a question for a #Q&AEdition of The Mind Your Business Podcast. All you have to do is go to http://jameswedmore.com/QA and record a question (under 4 minutes or less) that could be featured on an upcoming episode.

In this episode you’ll hear:

Why I believe so strongly that “price is marketing”
What you should be asking yourself when setting your prices
The specific process that I use to price my products and services
What to do right now if you think that you are undercharging
And so much more!

For full show notes and links, visit: https://www.mindyourbusinesspodcast.com/blog/425

Transcript

Click on a timestamp to play from that location

0:00.0	You're listening to the mind your business podcast. Today we're talking about
0:05.2	abundance and how it relates to your prices. So stay tuned. my business to over $9 million in sales per year.
0:24.4	And this is the first non-business
0:27.0	business podcast that shows you
0:29.6	how to apply the principles of spirituality,
0:32.1	energy, and mindset to create true and lasting
0:35.7	success all from the inside out. This is the Mind Your Business Podcast. Hey there, James Wedmore here and thank you so much for
0:48.3	tuning into the Mind Your Business Podcast and this very special segment that we put together
0:52.4	for you called the 12 days of
0:54.8	abundance. We have a ton of content to get into for today's abundance training
1:00.8	so I will keep this very short and will play that audio clip for you right now.
1:07.0	So yesterday we moved from a conversation around money, which is a big conversation, into something specific
1:16.5	around your business as it relates and pertains to money, which is pricing.
1:22.4	And I love the quote that I shared
1:24.4	that I came up with for you guys
1:26.4	because it does sting a little bit, doesn't it?
1:29.2	And the quote was something to the effect of you undercharging and thus undervaluing your products, your
1:36.6	programs, your coaching, your services is the act of assuming that your buyers have the same limiting beliefs about money that you do.
1:49.0	Ouch.
1:50.0	So, chances are a good portion of you. I've been guilty. I know I've been guilty of undercharging.
1:58.0	Right. And a lot of it starts when people, you know, and I'm not going to do a training today on pricing
2:04.4	because I've done that before and that's a big big training I'm going to give you a
	...

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