There are certain immutable laws that simply cannot be cheated. The Law of Gravity comes to mind: Step off your second story ledge, and you’ll go down. Other laws like the Law of Attraction and the Law of Reciprocity are a bit less tangible, but are laws nonetheless.
I’ve spent the last couple of years locked in a fierce battle with the Law of Supply and Demand. I felt certain that no matter how much “demand” was thrown at me, I could deliver on the supply side. Work harder, work faster, work longer. Unfortunately, another law soon comes to bear: There are only 168 hours in each week. No cheating or shortcuts there…
According to the fancy smanshy definition on Wikipedia, “Supply and demand is an economic model of price determination in a market. It concludes that in a competitive market, the unit price for a particular good will vary until it settles at a point where the quantity demanded by consumers (at current price) will equal the quantity supplied by producers (at current price), resulting in an economic equilibrium of price and quantity.”
What that means to me and you is that when everyone wants something and there’s not enough of it to go around, we pay more.
It’s time for me to be big boy and admit that I fought the law of supply and demand and the law won.
The demand (number of people who want video help) has outweighed the supply (me), and it’s time to revisit my rates. (That’s the polite way of saying my prices are going up!)
The good news is that if you want video coaching/training or marketing support, you can still be “grandfathered” in at the lower rates if you stake your claim by June 30th. Just reach out to me in the next week at email@example.com and we’ll hold your spot at today’s reduced rates. (You’ll still have up to 6 months to work with me or get your video done).
My friend and mentor Michael Port tells the story about when his dentist came to him complaining that he was overwhelmed and had way too many patients. “Double your prices,” Michael suggested. “But then I’ll lose half my patients,” the perplexed dentist replied. Exactly!
I share this not only as a notice that my demand (and rates) are rising, but also to suggest that you look at your supply and demand and decide if it’s time for you to charge more for your services. If you’re working too hard, then there’s a good chance you are under charging. And you can only fight the law for so long!
What do you think? Please feel free to add your two cents below. (Wait! Make that Five cents!)