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by Damian Reid
Earlier this year, I made a bold decision to reduce my prices. The goal of this choice is to serve more heart-centered and passionate entrepreneurs. At its most fundamental level, my commitment to making a meaningful difference in the world drove this move. I’m dedicated to helping the lives of entrepreneurs on their journeys toward creating their ideal lives. By lowering the cost of my offerings, I can make my services more accessible to my target audience. I want to make it easier for more business owners to access the support they need to thrive.
My market research for this direction began in 2023. I discovered that some of my best and favourite clients would not choose me if they had to pay my current prices. I noticed the prospects I was attracting were not the ones I wanted to work with and make a difference with—those who are a lot like me—passionate and heart-centred.
My process for this choice is rooted in my 7 Steps to Your Freedom Lifestyle System™. These steps emphasize clarity, mindset, strategic action, and continuous improvement. Please continue reading to discover my journey of making and implementing this decision. You’ll share the lessons learned and how they align with having more business owners achieve their ideal lives.
Reducing the cost of my offerings in 2024 was a strategic move to align my business more consistently with my mission and core values. The insights gained from my 2023 market research revealed that my service costs were a barrier for some of my best clients. I was also attracting many new prospects unaligned with my vision and purpose. These factors supported reevaluating my pricing strategy to better serve the heart-centred and passionate entrepreneurs I want to help.
Reducing prices was more than a financial decision. It was about embodying the vision of Damian M. Reid International, i.e., entrepreneurs around the world designing and experiencing their ideal lives with freedom. I needed to challenge myself and my business to elevate my leadership and the impactful difference we make in the world – My VISION core value.
It was a BOLD move. Most businesses continue to raise prices, and most business coaches would be against this move. It meant embracing the audacity to produce new and unique solutions and pushing conventional boundaries better to serve my clients (another core value). Every action taken was carefully considered to attain measurable, sustainable results, ensuring that my company could persevere while making a difference – my core value of ACCOMPLISHMENT.
As Simon Sinek famously articulated, “People don’t buy what you do; they buy why you do it. And what you do simply proves what you believe”. This quote resonated deeply with me as I decided to reduce my prices. Ensuring that my actions reflected my core beliefs and mission was crucial.
FREEDOM is a cornerstone of my coaching and mentoring philosophy and another core value. Designing our lives to fulfill our dreams, including living our individual definition of a “Freedom Lifestyle,” is what I am all about and what everything in my business is designed to fulfill. By offering services with increased accessibility, I will empower more entrepreneurs to live their ideal lives with freedom. And at the heart of it all, LOVE drives everything I practice (my final core value). I considered this decision from a place of passion and a genuine desire to experience fun while making a difference.
I knew I needed to plan the price reduction carefully. My business needed to remain financially sustainable while expanding my reach to a more aligned client base. According to SCORE, 82% of companies fail because of cash flow problems. Careful financial planning was crucial to avoid becoming one of these statistics. I needed a win-win situation where my customers and company could thrive.
First, I reviewed my financials to ensure that lowering service costs would still leave my company sustainable. I analyzed my research, costs, revenues, and profit margins to determine pricing that would benefit my clients and the business. This step was crucial to ensure that the reduction would not negatively impact the quality of my offerings.
Next, I updated my promotional materials to reflect the new pricing. New prospects and existing customers needed to receive consistent information. The next step is to update the website and integrate relevant SEO keywords. This will improve online visibility and attract more of my ideal clients. Keywords such as “affordable coaching for entrepreneurs,” “heart-centered business support,” and “accessible mentoring services” will enhance search engine rankings.
During this process, I faced some challenges. A couple of clients were initially skeptical about the change. They worried that lower prices might signify a reduced quality or that they were being previously overcharged. To address these concerns, I assured them that the quality of my services would remain high. I also offered personalized meetings to discuss any questions or concerns they had. These meetings maintained trust and transparency, allowing customers to feel valued and understood.
Throughout the implementation, I closely monitored the impact of the price reduction. I gathered feedback from customers and adjusted my approach as required. This allowed me to remain responsive to my client’s needs and make any necessary adjustments to ensure the new strategy’s success. I collected feedback through direct conversations, which helped me gauge satisfaction.
Shortly after implementing the price reduction, a potential client approached me whom I never anticipated would seek my services. She was an entrepreneur with a thriving business who seemed to have it all together. To my surprise, she strongly desired to work with me privately. Her enthusiasm and commitment to her journey were terrific. She is a dream—passionate, driven, and deeply aligned with my values.
Working with her has been an incredible experience. She has shown remarkable growth, and her dedication has reaffirmed my decision to lower prices. This unexpected turn of events felt like the universe was broadcasting that I was on the correct path. It was a confirmation about having my services more accessible. I was attracting clients who genuinely valued and benefited from my guidance. This experience has been both rewarding and validating. It demonstrates that the universe responds positively when we align our actions with our purpose.
Reducing prices was a significant decision that brought many valuable lessons. Here are some key takeaways.
One of the most important lessons I discovered is the power of accessibility. By making my services more affordable, I can hit a broader audience and aid more business owners who want support. This reinforces the idea that accessibility is crucial for creating a material impact. According to the 2023 Global Entrepreneurship Monitor (GEM) report, 55% of Canadian adults say they would not begin a business for fear it might fail. This number has been on the rise over the last decade. By lowering prices, I reduce the barriers for more entrepreneurs to pursue their dreams and Freedom Lifestyles.
As Nelson Mandela once stated, “Education is the most powerful weapon which you can use to change the world”. While Mandela spoke of education, the underlying principle of having valuable resources accessible to all is universal. Reducing prices made my services a powerful tool for change in the entrepreneurial world.
Communicating authentically with customers and colleagues about the price reduction was essential. Handling all the client conversations myself allowed me to address their concerns directly and assure them of my services’ continued quality and value. This personal touch helped build trust and strengthened our relationships, which is fundamental for any successful business. Maintaining open lines of communication also helps foster long-term loyalty.
This experience reinforced the importance of staying true to my core values. By focusing on my mission and values—Vision, Boldness, Accomplishment, Freedom, and Love—I made decisions that felt good for my clients, my company and myself. This alignment guided the price reduction and also strengthened my overall business strategy. Choosing based on core values reduces dissonance in how we live our lives and ensures consistency and integrity. These are essential for establishing a reputable brand.
The process of reducing the cost of my services taught me the importance of being flexible and adaptable. Many business coaches insist on raising prices and charging more to better yourself financially. This approach had the opposite effect on what I wanted for my business. Doing the research and gathering feedback allowed me to adjust along the way. As entrepreneurs, being open to change and adapting is crucial for long-term success.
As Charles Darwin famously stated, “It is not the strongest of the species that survive, nor the most intelligent, but the one most responsive to change”. This quote perfectly captures the importance of adaptability in business decisions and creating long-term success. Adaptability allows companies to stay resilient in the face of challenges and seize new opportunities.
Another important lesson was the emphasis on value over cost. By lowering the cost of my offerings, the goal was not to devalue my services but to highlight their accessibility and the significant impact they could have for my clients. Communicating the continued high quality and value they provided was essential. This approach helped customers see that the price reduction was a strategic move to enhance their experience and support their success.
Implementing the price reduction also highlighted the importance of leveraging technology in my business to improve efficiency. Updating my communications material, automating customer processes, and leaning into AI to streamline the process and support with the heavy lifting allowed me to find ways to tighten time and costs. Embracing technology enables me to preserve high service standards while managing a growing client base.
Engaging with my community and seeking their support was another valuable lesson. By collaborating with other entrepreneurs, I gained insights, shared experiences, and tapped into a supportive network. Community engagement fostered a sense of belonging, not feeling alone (or crazy for doing this) and provided extra perspectives to enhance my approach. According to research, strong community support networks increase the success rates of small businesses.
The lessons from these collaborations strongly impacted my approach to price reduction. They helped me serve my clients better and strengthened my commitment to my mission. I recommend embracing the surrounding communities to positively affect you and your company.
One of the rewarding outcomes of reducing my prices was the increase in satisfaction and loyalty. Clients appreciated the transparency and felt valued, recognizing that I took their feedback seriously. According to HubSpot, 93% of customers will likely make repeat purchases with excellent customer service companies. By actively engaging with customers and addressing their needs, I built stronger relationships and fostered long-term loyalty.
Lowering my prices also allows me to broaden my market reach. I can attract a more diverse clientele, including small businesses that before found my services unaffordable. This expansion will increase my client base and enrich my coaching practice. Research shows that companies serving diverse customers are more likely to outperform their peers. This diversification helps stabilize my company for the future and opens new growth opportunities.
Finally, the decision to reduce prices enhances my brand reputation. Clients and industry peers recognized the move as a commitment to accessibility and quality. This positive perception boosted my brand’s credibility and positioned me as a leader who genuinely cares about making a difference. A strong brand reputation is invaluable, as it attracts new customers and encourages word-of-mouth referrals, further driving business growth.
The decision to reduce prices fits into the first few steps of my 7 Steps to Your Freedom Lifestyle System™. Here’s how:
STEP 1 – ASSESS: The initial assessment of what was essential to my clients and my business helped me realize the need for change. Following a clear vision, mission, and core values, I made my services more accessible.
STEP 2 – ANALYZE: Analyzing my clients’ outlooks highlighted that my current pricing was a barrier. Testing the market and reevaluating my business stage (from my 6 Stages of Business Mastery process) suggested that lowering the cost of my services would positively impact my customers and support their entrepreneurial journey.
STEP 3 – ARCHITECT: Creating a clear path for me and my business involved modifying my Life Plan to ensure the price reduction aligned with my long-term goals and vision. This structured approach helped determine realistic and achievable milestones.
STEP 4 – ACTUALIZE: Implementing the price reduction plan required careful organization and focusing on ensuring success for my clients and my business. By setting quarterly goals and applying tools like the Full Focus system, I ensured the new structure was effective and sustainable. I can also break down the goals into milestones that I can impact daily, weekly, and quarterly.
The subsequent steps, Step 5 – Align, Step 6 – Adjust, and Step 7 – Ascend, continue supporting and refining this decision, ensuring it remains aligned with my client’s needs and business goals. By adopting these steps, I committed to improving and providing the best possible support to heart-centred and passionate entrepreneurs.
Reducing my prices to help more heart-centred and passionate entrepreneurs has been a transformative experience. It has allowed me to remain faithful to my mission and values while significantly impacting my clients’ lives. The lessons acquired from this journey have strengthened my approach and reinforced my commitment to helping small business owners accomplish their dreams.
If you are an entrepreneur searching for ways to design and live your ideal life with freedom, I invite you to explore how my services can support your journey. Whether you require mentoring, coaching, or comprehensive consulting support to reach your goals, I’m here to help.
Call to Action: Reach out today to schedule a complimentary discovery call and discover how to work together to create your Freedom Lifestyle. Let’s embark on this journey together and make your vision a reality.
Damian Reid is an international best-selling author who started ten businesses. He’s the CEO of Damian M. Reid International (www.damianmreid.com), a Performance and Freedom Lifestyle Mentor, Coach, Consultant and International Speaker. Damian is known for rapidly assessing what is missing across the 12 Key Life Areas™. He defined these in his #1 international (US, Canada and Australia) bestselling book. He is the creator of The 7 Steps to Your Freedom Lifestyle™ system, a simple and easy way to design and live your ideal life. His practical, unconventional solutions produce significant breakthroughs in clients’ businesses and personal lives. Damian is one of 225+ Full Focus Planner Certified PROs worldwide (fullfocusmentor.com).
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