When deciding how to price your information products or services, having lower rates doesn’t always mean you will attract more clients. And, in fact, it can mean the clients that you do attract are not necessarily the ones you want.

Aside from the obvious benefit of earning more money, higher prices bring a number of other benefits as well. Typically, the more a client pays, the less “high maintenance” they will be. Not only that, but because they are paying more, they will likely value you (and your knowledge) a lot more, too. That means they’re more prone to act on your advice and, in the process, achieve greater results — something that’s good for both your mojo and your testimonials page.

And, finally, having a few clients at a higher price means less administrative “stuff” for you to deal with. Every client requires a contract, billing, scheduling, etc. So you can either have 10 clients paying $10,000 or 100 clients paying $1,000. Guess which business model will cost you less money in overhead and be less hassle to run?

So how do you command a premium price? Here are 7 simple ways to enable you to charge a premium for your services (or information products) and have the clients you want waiting in line to pay for them.

1. Begin With Benefits. When working with new clients, focus on identifying the client’s desired benefits they will receive and less on the prices. With a credible estimate of benefits, the client has a potent perspective to evaluate whether or not your proposed fee is a good deal. Granted, don’t ignore the old standbys like references and your history of proven results to justify your fees. But if you focus primarily on achieving the expected benefits, clients will gladly pay your full price.

2. Position Yourself as the Expert. The simple law of economics states that the greater the demand for a product or service — and the more limited its supply — the more the seller can charge for it.

Since you probably can’t control the market supply of say the number of coaches or consultants available in the market, instead focus on creating an overwhelming demand for you, your products, or your services. The easiest way to do this is to position yourself as the leading expert in your field. If people view you as the guru in photography, productivity or whatever your field is, prospects will come to you first, instead of your lesser-known competitors.

(Tip: You can limit the supply of you by limiting access to you. If you’re always immediately available anytime someone calls or emails you, what incentive does that give them to pay for your top shelf services?”)

3. Focus on a Market Niche. Here’s a good rule of thumb: The narrower your market niche, the more you can charge.

Identifying or creating a niche means digging deeper into what sets your business, product or service apart from the competition. “Why should I buy from you instead of the other company?" is a common question prospective clients ask, whether it be out loud or just in their head. But if you are a generalist, your answer is only likely to scratch the surface and possibly equal what many competitors would say.

Many solopreneurs resist creating a tight niche because they find it limiting. But it doesn’t need to be. Instead of seeing a niche as restricting the type of projects or clients you take on, think about it in terms of, “What do I want to be KNOWN for?”

4. Add Value. One way to command a higher price and differentiate your product or service from everyone else’s is to add value. If your competitors sell their product for $700 and you want to sell yours for $1,000, why should the buyer pay for yours?

Answer: Because you offer more value.

Maybe the extra value is a money-back guarantee, an unlimited 30 days of phone support, additional services from other vendors or a free subscription to a newsletter. Whatever you offer, the key is to add in extras that have a high perceived value that your clients will notice and appreciate.

(Tip: A money-back guarantee not only adds perceived value, but also helps to overcome sales resistance. If you guarantee customers will be happy, and offer to refund their money if they aren’t, then they’ll be more willing to pay your price. Plus in reality, very few, if any, will want their money back. So although there is a high perceived value, it will cost you next to nothing to offer it.)

5. Package Your Prices. Packaging your prices can be tricky, but the key is to offer prices that sound more appealing in the short-run. For example, rather than pricing your service for $1,450 per year, try pricing it on a monthly basis. $120 per month sounds a lot more affordable than the yearly rate, and it's easy to set up reoccurring monthly credit card charges that are billed to your clients. The upside to packaging your prices this way, is that you not only get to charge what you think you or your product are worth, you get to market the headline, “only $120 per month,” versus a more expensive “$1450 per year” headline.

6. Sell With Confidence. When you know that you're providing a quality product or service, your confidence will show in your communications with clients. If you believe in yourself and in the value you offer for the price, then your customers will too.

When I raise my fees, it requires me to believe more in myself and believe in what is possible for my clients. So… be confident, clear and enthusiastic when you present your pricing and don't offer compromises. Present your services and the prices you charge with the attitude that they are lucky to be paying so little for so much.

7. Take the mirror test. Stand up. Take a look in the mirror. Say your new, higher fees out loud. You'll never know if your price is too high until you test it. I know this can be a scary concept. But one thing I can guarantee is that when you raise your fees, you create a new level of confidence and clarity about your own self-worth and your value to your clients! Set your prices slightly higher than you think you should and then use your positive attitude to attract clients to you.

At the end of the day, some clients are not going to pay your prices no matter what you charge. So don't be afraid to stick to your guns and say no to them. Most importantly, remember that most people determine how valuable something is by its price... that’s why I’m sitting here at Starbucks drinking a $4 cup of coffee instead of the $2 cup at the Dunkin’ Donuts next door. It's human nature to value what costs more… so why not let that be YOU?!

P.S. I’d love to know what’s worked for you when you’ve raised your prices. Be sure to share your tips in the comments section below.

Author's Bio: 

Known as The Corporate Agent, Angelique Rewers, ABC, APR, teaches micro business owners and solopreneurs around the world how to grow their small business by working with Big Business. Get her FREE CD and articles at www.TheCorporateAgent.com.