Beyond The Mirror
Welcome to "Beyond the Mirror," your go-to podcast for business insights in the hair, skin, beauty, and wellness industry. Hosted by Adrienne Varga and Jodie Fielden, we're your guides on a deep dive into these dynamic sectors.
Discover industry secrets, actionable strategies, and inspiring success stories that drive business growth. From essential business tips and effective marketing hacks to crafting exceptional client experiences and staying updated on industry trends, we leave no topic unexplored.
Join us to unlock your business potential, elevate your brand, and embrace limitless opportunities beyond the mirror. Tune in for a transformative journey you won't want to miss!
Beyond The Mirror
Empowering Your Value: Overcome Impostor Pricing Syndrome
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Join your insightful hosts Adri Varga and Jodie Fielden in an empowering episode of 'Beyond The Mirror,' where they dive deep into the dreaded 'Impostor Pricing Syndrome' and how to conquer it in the hair, skin, beauty, and wellness industries. Get ready for a transformative session that could turn your passion into a sizable profit!
🔑Episode Highlights: -
Unravel the 'Impostor Pricing Syndrome' and why it's holding your business back 🚷 Discover the four telltale signs you're undervaluing your services ⚠️
Practical steps to confidently raise your prices without fear 😱➡️💪
Learn how to position your unique offerings to attract your ideal clientele 🧲💆♀️💇♂️ Critical pitfalls to avoid when it comes to community-driven pricing advice 🏴☠️
💡 Whether you're contemplating a price change or feeling uncertain about your pricing structure, this episode is a treasure trove of insights that can pave the way for financial and personal growth. If you're ready to escape the cycle of impostor pricing and embark on a journey to true business success, you can't afford to miss this! 🎙️ Subscribe to 'Beyond The Mirror' for more industry insights, and never miss out on crucial business transformation tips.
00:00 - Introduction to Beyond The Mirror and Episode
19 01:15 - Adri Varga and Jodie Fielden discuss the value of small-group attention in the fitness industry
03:40 - Overcoming fear of raising prices and importance of proper pricing calculations 07:00 - Attracting the right clients and transitioning out non-beneficial clients
10:15 - Risks of seeking peer advice over professional advice
13:30 - Setting prices according to one's budget, not strangers' opinions on Facebook 15:50 - Invitation to the pricing retreat or complimentary Zoom meeting about impostor pricing syndrome
18:20 - Overview of 'Imposter Pricing Syndrome' and the four most common signs 22:45 - Adri Varga on the danger of seeking pricing advice online
25:30 - Differences between value and worth across various industries
28:15 - The need for a unique point of difference in setting prices
30:50 - Tips on communicating and conveying the value of business offerings
33:40 - The importance of knowing your business fundamentals and setting specific goals
36:00 - Jodie Fielden on the significance of differentiating your business
38:15 - Concluding remarks and how pricing ties into achieving business goals
40:00 - Invitation to follow on social media and join the Nexus
42:00 - Call for messages and potential guest features for upcoming episodes
44:00 - Closing thoughts and next episode teaser
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Welcome to Beyond the Mirror with your hosts, adrie Varga and Jodie Fielding. In this podcast, adrie and Jodie take you on an intriguing journey beyond the surface, deep diving into the world of business in the hair, skin, beauty and wellness industries. From business success tips and marketing hacks to industry insights and trends, it's all here. They leave no stone unturned. So get ready to unlock your full potential. Evaluate your business, leave behind the limitations and embrace the endless possibilities that lie beyond the mirror.
Speaker 2Hello and welcome everyone. It's great to be back for episode 19. I'm Jodie Fielding. I'm joined by work wife Bestie and business partner Adrie Varga. During these podcasts, we share how you can leverage your passion into profit. Whether you're looking to launch into the next phase, take time away from the floor, or you're looking to sell your business and cash out your investment, you're in the right place because we've just about done it all and we're here to share with you that you can too, because it's time to believe your business can be everything you ever wanted.
Speaker 3Hi everyone and welcome back. In our last episode we talked about sitting on the fence and why people are avoiding making decisions and unconsciously self-sabotaging their ability to move their business forward. So today we talked with keep the same team or we keep the team and talk about a new syndrome we discovered and we call it the Imposter Pricing Syndrome.
Speaker 2Yeah, IPS for short. It sounds kind of painful, to be honest. Adrie and I were sitting with our marketing team talking about our upcoming pricing nexus for this month, and we were talking about people who sit on the fence, which is what prompted our last podcast. And then, in the same conversation, like in that same meeting, we were coming up with what's called hooks for the marketing and we discovered this syndrome people have and this Imposter Pricing Syndrome. So we decided that we might cover today the four most common signs of IPS. It sounds really painful. So the first one it is painful really. The first one is when you're asking strangers online how much they think you should be charging. The second is stalking competitors and copying what they're charging. The third sign is worrying about who's going to complain when you put your prices up. And the fourth that one is a doozy hearing a little voice that whispers. Are you really worth it? Like that little, you know that gremlin in the ring, just that little voice. Are you worth it?
Speaker 3Yes, absolutely. And I think the best for us to start with the heaviest one, which is number four, hearing that little voice that whispers are you really worth it? And it is because, when we talk about mindset around anything, this is your first. This is your very own little, itty-bitty short city committee, you know, sitting on your shoulder and, believe it or not, this is the biggest problem out of those four, because yourself, talk.
Speaker 3What you are talking, or what you are daily confirming for yourself, it is actually the first step which is going to sabotage you achieving anything in life, not just in business. But when it comes to pricing, it really comes back to you know. What you believe is right for your achievable for you, and your business is always going to reflect you. So, whatever your thoughts are or whatever, or whoever you are at that moment, your business is completely reflecting everything about you. So if your pricing is something that you are struggling with, if your profit is something that you are struggling with, then we need to go back and have a look. What are those little chitchats which are going on in your head constantly?
Speaker 2Yeah, look, I think most people talk themselves out of anything, don't they Like the way we internally talk to ourselves? Because I know when we say the imposter syndrome, that is all about us not believing that we are worth it or we are doing something and we think someone is going to find us out and they think that we are going to be caught out doing something bad. But pricing for profit, like setting your prices for your business, isn't anything bad. We are here in business to make money. We are not here to I won't use the Australian line for it, but we are not here to dance with spiders kind of thing.
Speaker 2I changed that one up to be a little bit more podcast friendly. But money isn't a dirty word and setting your prices up you are not trying to deceive anyone, and that is what I think people need to get their head around. Is that you are not deceiving someone by having prices that reflect your value and worth? And I think they start thinking that they are doing the wrong thing by putting their prices up and they feel guilty, because I guess there is a perception in the market that it is so easy to do what you do. How is it really worth that?
Speaker 3Yes, absolutely. And the other day I actually witnessed a conversation in one of the Facebook groups and it was really interesting because one of the I think it was a hairdresser who was addressing the same problem. You know like she was really, really tired of it that customers or clients, they don't see the value that we are providing. And she was comparing that to when customers, same customers they are going to have their losses done for a hundred something dollars every two to three weeks, nails done every three weeks and that's costing like 75 dollars. So she was comparing that. You know like they normally come to visit her every six or eight weeks and they pay around 300 dollars. And she just wanted to sort of reflect on the on the value. And you know like how long you know like our service is lost. When it comes to comparing to losses, which are very, very short, you know like it's we all know. You know like losses don't last for long and it's quite lengthy service and you have to keep up doing it. And also what I know of experience you know like I used to have losses and it was a very, very high maintenance and very high you know like a time investment from my side. So that was a very interesting conversation because that helped a couple of people to put it in sort of perspective the value, what we are providing and yeah, it was, it just led into a really great conversation and the mindset around it.
Speaker 3You know like it's very interesting to watch people when it comes to you know how we are going to communicate the value, what we are providing to our clients and what we can compare with Sometimes. You know people are compared. You know like the hairdressers to ladies. You know like when you have plumbing problem or anything, you know like no one has a problem to pay 250 dollars for someone to come to your house. You know like I'm not saying it's right or not, but these are the conversations which are going in. You know people mind trying to value it, trying to compare and it's really trying to find the starting point. You know like where we are sitting in here when we are communicating. You know like what we are providing the value for it, value of it, that's right, and it's the same for studio like Pilates and yoga studio owners.
Speaker 2The biggest thing that they always say and we've mentioned it before is oh, it's industry standard, this is what the industry allows for, and that's all it is. Yep, okay, that's fine If you want to see that as an industry standard. But are you a standard Pilates studio? You know what is it, what's your point of difference and what do you offer that the other studios don't? It may be your expertise. It may be like add-on classes, it could be. You know the way you do things.
Speaker 2So all these small things elevate your business and it makes you stand out and it's your point of difference. And that goes into the value of the class, because I would much rather pay for, you know, a smaller group than where I'm getting attention and I have someone that can read my body, give me feedback on my body, you know, map out my progress and really be dedicated into seeing me achieve results, as opposed to it could be they're just there because they enjoy Pilates, they need to do exercise and they're quite happy to be in a group class or you know it's the latest trend or that's where all their friends are, you know. So knowing who you're targeting means that you can validate what you're charging. And then you don't feel like you are an imposter, because you know there's a formula and a method and I can see why I'm charging what I am, because we even had it when we were talking with a client the other day and they really put me over the coals, didn't they About? You know what's your point of difference.
Speaker 2You know like, yeah, this is someone that's been in the industry for 30 years. They own, you know, they're quite well known in that, and so they really had me on the hot coals going. Well, you know, why are you charging this much when someone else might do that? Like, what can you actually give me? I'm like, oh, I haven't been in this hot seat for a while and then, once we started to get into the conversation and we were having that, his wife and business partner was telling us about the way she views her because we're talking about pricing and the way she views her numbers, and then we, adriana, started speaking to her about that perception and we're sort of going backwards and forwards about the strategy that we create to dependent upon who has what relationship with the prices and what we had to implement. And then all of a sudden he realised oh okay, there, this is the value. So I think you know educating goes a lot into it as well.
Speaker 3Yeah. So the next biggest one is, I think, worrying about who is going to complain when you put your prices up. I think this is something, when we are talking about pricing, either in group settings or in our retreats or in our one-on-ones, you know like that Really fearful way of thinking about putting your prices up, because maybe you can comprehend, to work out your pricing and know what's the difference between what you are charging now and what you should charge in order for you to be profitable. And this is what we are basically working on and this is how we address let's see where you are right now and where you should be in order to be profitable. So normally that's a big, big moment for someone when we use our calculator. We put the numbers in there and then the numbers Obviously don't match because the calculation wasn't right or it wasn't even a calculation, it was a gut feeling or whatever which was driving your pricing the way where it is. But this is when we have all right. So we know now what you should be able to, what you should charge if you want to be profitable.
Speaker 3But then the next step is how am I going to do that? You know, like, how am I going to say to my clients do I need to send out email? Do I need to put a note on the front desk? Or what if they're going to say something? What am I going to do then? I'm going to feel stupid because I don't know what to do or what to say and I don't want to be confronted by anyone regarding my pricing because I don't know what to say. So when it comes to that, you know like it's really the preparation is the only thing that is going to lift you over that barrier when you need to figure it out in your head try to wave someone is asking a question about your pricing what you're going to do.
Speaker 3And this worry can be so heavy that sometimes we don't even sleep at night because we know tomorrow Katie is going to come, and Katie is never easy when it comes to money. And then all these scenarios we are praying in our head. You know like what if Katie says that? What if Katie says that? And you know the worst thing, what we can get into if someone says something to us, to get into a lengthy conversation trying to be either defensive or, you know like, moving back, and you know like that thing them to take, take the lead or take the conversation over us. So, yes, I think really is just comes back. What am I going to say? How am I going to go about it? And honestly, there is so many ways and with each order's ways you can go about it. You just need to decide which one is easier for you. You know to go with it, but as soon as you have a plan, all those worries, they will go.
Speaker 2Yeah, and that also highlights the intricacies of when we're doing pricing and the things that come into it how much you have to make to have a viable business to be, you know, to achieve what you want to achieve. Then you have to look at the clients that you're attracting to be able to get there. And then all these clients that are the ones that are what Adriana would call the C&D clients, that are the ones that are going to complain and do keep you up late at night is that those are the clients that we will slowly transition from the business because you need to attract a certain demographic to be able. You've got to make sure that you can service that demographic, but you need to be able to attract it. So it all kind of comes in.
Speaker 2It gets really convoluted and I think that's a good thing about the formula that you created with the iceberg strategy is that the iceberg method getting our own acronyms all mixed up in my head is that you're able to create that, the strategy and the system and the pathway to do it, so that you don't get overwhelmed and you don't get lost and confused. And then that's when you just don't do anything because you're like no, it's too hard. I've been, it's been fine the way it is. I'm just scraping by, you know, like as long as I can pay the my team's wages, or as long as I can pay the rent, I'm happy. You know, I think we hide in that statement to avoid anything that you know gets a bit overwhelming for us.
Speaker 3Yeah, and then it's so true, because confused people they don't move anywhere. They they frozen in time, you know, and this is when you are confused or overwhelmed about something. You don't move because of the fear or whatever it's going on in your head and really the only movement, what we can see regarding pricing is that trying to reach out in groups where we have people who are struggling with the same problem. Very, very rarely I can see answers which are I try to. We can see it's a high level answer. So that person went through already a journey either a business mentor or someone who has a mentor mentoring that person because the answer is such a high level.
Speaker 3Most of the time you or people are strengthening themselves, strengthening their own weakness, with other people who are struggling with the same thing, and that's actually quite dangerous because there is like you cannot move out from a situation when you have people who are struggling with the same thing.
Speaker 3You need to have someone with a much, much higher perspective and that person can help you and they can show the way out, they can push you through or pull you through, but then you're going to discuss this kind of things in your comfort zone and I'm guessing this, why we are going to the same Facebook groups?
Speaker 3Because we are comfortable, we know we are not alone, we know people are going to support us, because they have the same things, same scenarios, and that support feels good. But my question is is it going to move you towards what you want to? And it's not really. And if you keep staying in the same position, you are going to eventually not just stagnate but seemingly moving backwards, because all the others are going to move forwards, and then the gap is going to be bigger and bigger and bigger. It is because you're still deciding, or you're still trying to overcome your fear, in order, you know, like should I do it, shouldn't I do it? And all the little again, itty-bitty-sitty committee, which is daily, momentarily, every single minute, is actually playing in your hand.
Speaker 2Well, that covered off. Our next reason, which was our next sign or symptom, is asking strangers online how much they think you should charge. And you know it's not only strangers. Like I've seen people do it in Facebook groups, one of the big networking groups, and it's like I'm doing this how much would you pay for this, how much do you? You know, like, and it's why the first place you need to start is your budget. Like no one can answer it for you. So you hear us say this all the time, but we say it because it's true.
Speaker 3Yeah, and also, you know like, my question is you know like, why would you give your power away? You know, like, why someone else knows better? Why do you think someone else knows better how much you should charge in your business? Everyone who is going to give you an opinion, they're going to give an opinion based on their knowledge and, unfortunately, more than 80% of the business owners who have business right now in Venice have beauty and skin industries. They actually didn't. They don't have the right idea how to come up with pricing. So they're going to tell you what they are charging, but most of them they're already working with a broken business model. So you're going to get a couple of answers and you're going to basically cherry picking.
Speaker 3That one sounds good. I think that one is a little bit too much for my location, for my area. That's another discussion. When people are coming in and they say, oh, I just have a tiny bit of a salon, you know like, my area is this, my area is that, honestly, I just would like to, you know like, demolish the whole concept, whole location, and I can prove it. We can prove it. We have people in different locations nailing it and running, you know like, really, really profitable salons. It's not the location, it's the mindset, it's the setup and who you are, how you're providing the service For your clients. So that little game in your head you know like, oh, but I just have a little salon that I had.
Speaker 3I used to have a small salon in a beach suburb area but you know, like 10 minutes walk from the beach, you know, and it was tucked away in a way. But you know, like we had Jody had when she had the salon and then I took over from her. It was successful, so on, and the previous business owner run the salon really successfully. In saying that, if you would put three of us together, client, they were very, very different. We run the salon very, very differently.
Speaker 3And the location was the location when people would say I'm not quite sure if you can make money out of this location, and we all did so it's comes, you know that conversation asking others how much should I charge for the salon, others how much should I charge? Like I would not even answer to people because it's just irresponsible in a way. You know, like me telling you you should charge $260 for a full head of four years, when it's based on my numbers based on my way running my business and you know you can get so many variations you know like from $79 to $260, $300 is just and where you're going to put in. Then you again going to go with your limiting beliefs, god feeling what sounds right to me, and then you create your pricing, which is very dangerous.
Speaker 2It is. And then that leads on to the fourth of the symptoms and the common signs. We're just talking a little bit where we're stalking and copy anything. Can't even speak today, stalking competitors and copying what they're charging.
Speaker 3And I don't know guilty to do that and honestly, you know like normally, when I say you know like should you look into other businesses, similar businesses, or you know, should you know a little bit about the businesses, you know like down the road, up the road, whatever, I would say, once you have your business fundamentals right and you know yourself where you position yourself, why not? You know like you could look around and you could see. You know like what they are excellent. You know like what is the things what they are excellent about and you can learn from really, really good businesses. I would not go there, you know, to actually find the things where they are not doing right.
Stay Focused on Your Business Goals
Speaker 3Many times happens because that's makes people to feel good about it, because, oh, look at them, they do this, they do that. We never would do this or that. So I would say you know like, yes, once you have your pricing done and if you want to go to have a look how much others are charging, may as well, but do not modify your pricing because others are charging less than you do and you are the only one in the area who is charging, say, $17 more than the others. It all comes back to your business and if, like, you need to understand you know like if you charge less than this, then you read that you know not to do that service because it's not not, not even not profitable, it's actually you don't even break even to provide that service.
Speaker 2That's it, and you need to be able to validate what like. So, looking at the other businesses good, because then you can see what your point of differences are. I always think that's important and, like you said, what they do really well, what they don't. So it is good to look, but definitely not to copy, unless they're doing something really amazing and then make it your own. It's a high form of flattery, they tell us, but you don't want to copy someone that's doing something terrible. But it is important for you to make sure that you keep your eye in your own lane. I think you wrote a blog about that, didn't you, adriana? About staying in your own lane. What was that blog?
Speaker 3I think it was something about. So it's really, you know like, just think about yourself and your business as you're driving on a highway, yeah, and you need to focus on that one lane where you are at right now. You can go to the side, left and right, but you have your line in the highway and I think this is very important that you have goals and you have plans and you have your business and really you move out from either side for the reason. You know like with car, you know like you can take over another car or whatever, but with a good reason. You know like you are not leaving your own highway because you're changing your mind or fear of something, and you say like, oh my God, I'm just stopping here and I'm not moving and I'm not doing anything else.
Speaker 3So that was just a very visual example, for you know some of the people when they sort of couldn't really figure out what they want in the business. And this is when goal setting is very important. You set your goals, set your line, set your directions and you go for it, and a little bit of a modification are important sometimes, but don't get distracted with what's going on in the other two lines, because you choose your line, you choose your audience, you choose your type of business, you choose your point of difference. So don't get too distracted about the crowd, because then you're never going to, never going to fully succeed what you wanted for yourself. You're going to constantly be distracted and every single destruction is going to be a momentum which is going to hold you back, is going to slow you down.
Speaker 2Yeah, it's the same that we see a lot, especially with creative people. Is that for me? I'm a perfect example. If there's a new shiny object, I quite easy to forget what I'm doing and take off after that and doing something. It seems like it's getting tough and then you see something off to the side and you're like, oh, I'll go and focus on that because I think that's going to make the difference, instead of staying committed to your lane and your goal and staying on task because and I think it was I can't remember who it was. We'll have to look so I can give them credit.
Speaker 3You can refer to it later.
Speaker 2Yeah, I want to be able to give them credit, but it's like if you're trying to do 20 things, you won't achieve any one thing. Like people that multitask, they're always got all these balls up in the air but they never actually accomplished anything because they're too busy trying to throw the balls up. So it's really important to just focus on the one thing and keep moving forward, which is kind of digressing from what we were talking about before. But I just wanted to come back around to the goals. If, when you were talking about the goals, if you don't have a clear and specific goal of what you want to achieve for the salon in the year, then you're never going to be able to get there, because you don't know where it is that you're going.
Speaker 2And the pricing is so important to the goal because you need to work out the goal that you want to achieve and how much money you want to make. And then you need to work out okay, how am I going to make it? Here are my prices, here are the clients, and once I know what my prices are, I know how many extra clients I need, and then I can look at my client journey and where I'm losing money. You know like all these snowball effects come into that iceberg and looking under the surface and being able to tie that. That's why it's so important that all those seven points, they all go together. But the very first, the biggest one, it all starts with your foundations and the pricing. So I don't, it's IBS. It's almost as painful as IBS but, yes, imposter pricing syndrome a lot less messy than IBS. So no-transcript.
Speaker 3I think we actually went through all the things, what we wanted to talk about. If you think you might have signs of IPS, then you can join us on our next pricing retreat. Or you are welcome to jump into our Zoom meeting with either myself or Jodi to discover how you can jump over the fence so you can embrace your decisions and transform your life. And if you want to do that, you just need to head to our website and click on the contact and look on appointment in our calendar.
Speaker 2Yeah, we don't charge anything for those appointments either. We do them complimentary. So we do like to give people some time our time, freely and even if we're not the right fit for you, at least you may be able to come along and find out a next step. So our website that Adriana is mentioning is wwwfocusgdtcom. Or you can slide into our DMs and message us if you'd like. And if you want to join the next, please do Like. If you feel like you're suffering from imposter pricing syndrome, we are there with some help for you and you can do that at focusgdtcom. Backslash retreats. It's on the screen at the moment and it's also. The link is in the transcript and the text. I think that's it. Oh, facebook and Instagram handles Adriana. You do that because I always get it wrong.
Speaker 3Yeah, so yeah. Finally, you can follow us on Instagram and Facebook, even on TikTok, and our handler handle is GDT. I don't know if we have handlers.
Speaker 2Maybe our coach. I think we might need some handlers to build.
Speaker 3We're not in terror, terror in movies or something you know like everyone has handlers, so I'm a handler crazy. So our handler for Facebook and Instagram is at focusgdt and yeah, so be interactive if you feel like. We monitor every day multiple times all those platforms. And I think that's it for now and with you in our next episode. See you next time.
Speaker 1And if you're new to podcast, just leave us a message at the podcast page at focusgdtcom. Until next time, keep pushing boundaries, keep thriving and always remember that your success is right here, right now, beyond the mirror.