Considering Lowering Prices? Apply These 4 Mindset Shifts Instead of Charging Less. Ratcheting down prices to get more sales can often do more harm than good: Try these approaches instead.
By Relinde Moors Edited by Matt Scanlon
Opinions expressed by Entrepreneur contributors are their own.
Before slashing prices or offering a sale in pursuit of growth, ask yourself: "Will this help me in a way that's sustainable, or will it end up creating more stress?" Put simply: If lowering rates will fix one problem, but cause others, it's time to do some mindset work, which plays out in just a few steps:
1. Believe in (and expect) abundance
One mistake I see a lot of people make is making assumptions about what their ideal audience can afford. They tell themselves things like, "No one's going to pay this much," or "People don't have that kind of money just sitting around."
In reality, of course, you don't know what an audience has in their bank accounts or the lengths to which they'll go to get whatever it is they value most. So, instead of simply making a negative decision on their behalf, choose to believe in abundance — that you have a great deal to offer that people can feel excited about and that there are untold numbers of people who need your help reaching goals or solving problems. A corollary belief is that there is an infinite amount of money in the world and that those in your audience who need you have access to it. Then move forward with those beliefs in mind.
Action Step: Identify the limiting beliefs you have around pricing and business. For each one, create an empowering belief statement that negates it.
An example of a limiting belief might be: "People don't have $5,000 to spend on a personal trainer." In response, embrace the more empowering, "There are people who would be thrilled to invest $5,000 to help reach a goal weight, feel healthy and love what they see in the mirror."
Whenever a limiting thought comes up, immediately focus on a belief statement that turns it on its head. Say it out loud, then repeat it as many times as you need to. The more you intentionally focus on creating a positive, abundance-focused mindset, the easier it will be to make decisions that support achieving goals.
Related: 4 Ways to Adopt and Maintain a Growth Mindset Even During a Recession
2: Manage your environment and brain space
One thing that can have an insidious mindset impact is environment, and not just the physical manifestation (though that can contribute as well), but one's emotional/psychological surroundings. What kind of media are you consuming? Is it empowering and uplifting, or is it negative and draining? And who do you have in your circle? Do they speak life into you and your dreams, or do they do little more than sap motivation and energy?
For dreams and businesses to flourish, you have to fill a mental environment with things that nurture growth, and prune things that inhibit it. And while you can't always control everything, make an active effort to positively affect the things you can.
Action Step: Take inventory of all the things in your daily life that stress you out, put fear in your heart or make you feel negative. This can include social media, the news or even certain people. Once you've identified those things, do what you can to limit your exposure to them.
This can include purging social media accounts (only following people and pages that inspire), limiting exposure to news sources and distancing yourself from those who consistently create negativity. Instead, surround yourself with narratives and influences that are aligned with your goals.
Related: Why Negativity Ruins More Good Ideas Than Anything Else (and 5 Tips to Avoid It)
3. Focus on opportunities, not obstacles
As we all know, 2020 was a period of massive upheaval for individuals all over the globe, and entrepreneurs were certainly no exception. But while many businesses closed their doors during that year (and the next), others flourished, and we also were witness to the creation of entirely new kinds of enterprise. Crafty people started selling cute and functional masks, fitness instructors offered online classes, educators created or adapted courses to make the shift to homeschooling easier, restaurants offered take-home kits and drop-shippers took advantage of Amazon's record sales by offering even more products.
The thing all of these people had in common? They saw opportunities and created products and services to fill them.
Action Step: Consider ways to turn obstacles into advantages. Think about what new needs may have been created because of a seemingly negative turn of events, and what you can do to meet those needs.
4. Be open to new things
Do not be afraid to step outside the box and do things differently. I recognize that change can be scary, but it can also be exciting, and life-changing! Sometimes the best thing you can do for yourself is to take a step back, look at a situation from all angles and ask what you can do differently to serve an audience in a way that will excite them. And, if you feel too close to things to be objective, get feedback from a network — or better yet from your audience.
Action Step: Think about how you can serve an audience in new ways that will both empower them and help meet your goals. Perhaps there's a different way you can package services or a new method of delivering them that will be beneficial for an audience.
Related: Forget Finding Your Niche. Do This Instead to Realize Your True Passion.
