Story-Based Pricing—How to Charge More and Get It

0:01Hello, this is Mark Satterfield, and welcome to the Velvet Rope Podcast. Tonight's chapter, Story-Based Pricing, How to Charge More and Get It. All right, let's talk about Jennifer. Jennifer is a business coach, and she's damn good at what she does. We're talking about someone who's helped clients land multi-million dollar deals, scale to seven figures, and cut their working hours in half. Yet for the longest time, she was charging just$5 ,000 for her coaching practice. Now, that's not exactly pockets change, but the kinds of results she was delivering, she might as well have been running a charity.

0:41Then one day, Jennifer made a ridiculously simple shift. She didn't change her offer. She didn't pile on extra calls or come up with some new fancy framework. Nope. All she did was change the stories she told about her work. And just like that, she doubled her rates to$10 ,000 literally overnight. And here's the kicker. Her best clients didn't even blink. They just paid it. So what's the secret? That's exactly what we're diving into here. And by the way, if you are enjoying this episode and want to learn how to use storytelling as a tool for getting more new clients, head on over to VelvetRopeStorySelling.com for the details.

1:26That's VelvetRopeStorySelling.com. Here's something you need to get crystal clear on. Rich people do not make buying decisions the way middle-class buyers do. The middle-class buyer is constantly looking for a deal, asking, am I getting the most for my money? Meanwhile, the affluent buyer is over here asking, am I getting the best? Think about it. When was the last time you heard someone say, I drive a Rolls Royce because it was the most affordable option. Exactly. Affluent buyers want the best experience, the best results, and let's be real, the best feeling about what they're buying. And one of the fastest ways to signal that you're the best is by pricing accordingly.

2:16But here's the thing. You can't just slap a high price on your service and expect people to throw money at you. You've got to justify it. And that's where story-based pricing comes into play. Luxury brands don't waste time justifying their pricing with a list of features. They sell with stories. Watch any ad for a high-end watch and they're not droning on about the mechanics. No way. They're showing some ridiculously well-dressed guy sipping whiskey on a yacht in Monaco looking like he owns the world. That's exactly what you need to do in your business. So let's talk about how you do that. Number one, tell stories about transformation.

3:03Forget rattling off what's included in your service. Nobody cares about that. Instead, tell stories about how your clients' lives change because of working with you. Jennifer, for example, stopped talking about her coaching calls and started talking about how one of her clients went from burned out and undercharging to running a wait-listed program at$25 ,000 per seat. Sell the experience, not the service. Affluent buyers don't want a transaction. They want prestige, exclusivity, and confidence. If you're a financial advisor, don't talk about rates of return. Instead, tell a story about how one of your clients retired early and now spends half the year in the south of France.

3:54Third, position yourself as the prize. Want to know the fastest way to make people want to work with you? Act like they need to qualify. Instead of saying, I'd love to work with you, start saying, I only take on a few clients at a time and I'm very selective about who I work with. Boom, instant positioning shift. Four, use social proof like a pro. Luxury brands use celebrity endorsements, media features, and high-profile partnerships to make sure everyone knows they're elite. You can do the same. Mention major publications you've been featured in, high-level clients you've worked with, or even the fact that you've got a wait list.

4:39social proof cells. Fifth, leverage scarcity. Want people to act fast? Make them feel like they might miss out. Instead of saying, I take new clients all the time, try, I only work with three clients per quarter and I have a wait list. The fear of missing out is a powerful motivator. All right, back to Jennifer. Here's exactly what she did to raise her rates and how you can steal this strategy for yourself. Step number one, she stopped selling the process. Jennifer made the classic mistake so many service providers make. She was talking way too much about how she works. Her sales calls were filled with words like framework, modules, and weekly calls.

5:29And guess what? Nobody cared. So she flipped the script. Instead of saying, we'll have bi-weekly coaching calls where I'll guide you through my five-step framework. She started saying, my client Sarah was exhausted, making$150 ,000 a year but working 70-hour weeks. We worked together for 90 days and now she makes$400 ,000 while working 30 hours a week. She just took her kids to Europe for a month. No more bullet points, just pure transformation. Step two, she made her service feel exclusive. Instead of saying, I'd love to work with you, Jennifer started saying, I only take on a handful of clients each quarter and I'm really selective about who I work with.

6:17That one shift changed everything. Suddenly people weren't interviewing her, she was interviewing them. Step three, She used her price as a status signal. Once Jennifer doubled her rate, something wild happened. Her sales calls got easier. Why? Because the price itself became a filter. If someone balked at$10 ,000, they weren't her ideal client anyway. The people who were serious signed up even faster, because in their minds, it was, if it costs that much, it must be good. So, want to pull this off in your own business? Here's what you do. 1. Write down your best client wins. Pick your top three success stories.

7:06Who did you help? What changed for them? Get specific. 2. Turn those into stories. Instead of saying, I helped a client increase their revenue, write it like a story. John was frustrated making$200 ,000 a year, but stuck. We reworked his pricing and now he's pulling in$600 ,000 and just bought a second home in Aspen. Three, start using these stories everywhere. Sales calls, social media, presentations. Instead of saying I offer premium services, say one client told me that working with me paid for itself in two weeks. Four, raise your prices and let the stories justify them. Affluent buyers expect to pay a premium.

7:53If your price is too low, they'll assume you're not the best. Use your stories to show them why you're worth every penny. Five, paint the picture of the future. Instead of focusing on what you do, focus on where your clients will be. Instead of I help businesses scale, try imagine waking up in your dream home, knowing your business runs without you while you plan your next vacation. The fastest way to charge more isn't to add more stuff to your offer. It's to tell better stories about it. Jennifer didn't work harder. She just positioned herself differently. The moment she stopped selling coaching calls and started selling transformations, her price doubled, and her clients were happy to pay it.

8:48You can do the same. Shift your stories, raise your prices, and watch what happens. This is Mark Satterfield. Thanks for listening to this chapter of the Velvet Rope podcast. If you're enjoying these stories and want to get better at using stories to attract more affluent clients, I can certainly help you. I teach individuals and sales teams how to sell with stories. So head on over to velvetropestoryselling.com to learn more. That's velvetropestoryselling.com. Thanks again for listening. This is Mark Satterfield. I'll be back with you soon with another chapter in the Velvet Rope Playbook. Bye for now.