Raise Your Rates 300% on LinkedIn Without Losing Clients

Dr. Robert Hernandez: A, B, C, A, always. B, B, C. Closing. Always be closing. Always be closing. Shirley.

John Nemo: Uh, you can't be serious. I am serious. And don't call me Shirley.

Dr. Robert Hernandez: Put that coffee down. Coffee's for closers only.

John Nemo: Come after me. I'm a man. I'm 40.

Dr. Robert Hernandez: Need no fortune.

John Nemo: All right, welcome back to another episode of Nemo Radio. We're also doing a little Nemo video because this is such a fun, exciting story. This is a story that every single coach, business coach, consultant I know of, uh, will resonate with and needs to hear. And it's about raising your rates and getting more money. And my guest today is Dr. Robert Hernandez, who, oh, by the way, raised his rates. I think I did the math, and I could be wrong, my friend. 300%. 300% and got it without even breaking a sweat. So we need to get into this, buddy. Welcome to the. Welcome to the show.

Dr. Robert Hernandez: Thank you, John. It's great to be here.

John Nemo: All right, so before we get into how you're now just printing money left and right and have, you know, this exorbitantly, uh, amazing price increase, um, all of which I'm going to take credit for, obviously. Uh, tell us your backstory, let people know, like, who you are, kind of, you know, what you do, what the service is kind of, because you've got such a cool story. So if you don't mind indulging us, give us a little bit of the background.

Dr. Robert Hernandez: Sure. Um, well, first of all, I started working with this company back in 2005 called Influence. Back then, I only did, uh, clinical psychology. And I was brought in, actually, because I was being set up for a blind date, and I did not even know that. And so after that didn't work out, I was invited, actually, to audition for this company as a coach, facilitator. So I went, I auditioned. I was told that I was too much of a shrink and I needed to up my energy. So after I did that, I was actually brought on board and I was part of the Influence team. So Fast forward to 2017. The owner takes me out to lunch, and he says, I'm going to retire. I would like for you to purchase the company before I put it out on the M market to sell it. So after that, I bought the company. I was there, managing director, managing partner, I should say, for a year. And then I took over the company September 2018. So since then, it's been a ride. I have been doing a little bit of still of my private practice as a psychologist, but I've been focusing A lot on leadership selection and development for, um, a lot of really large multinational, uh, conglomerates. So that's where I've been since 2018. So now I'm the President and CEO of Influence.

John Nemo: And let me just read from your LinkedIn profile, which is fabulously done. I just. Kudos to whoever put this. Obviously Robert's a client of ours. We're having fun with this. But, um, what Robert does, and I love this is a great lesson for anyone listening. You know, he helps HR departments identify, assess and develop. So there's a benefit to them. Ah, strong, emotionally intelligent leaders by providing hands on dynamic workshops based on psychological teachings and principles. And yeah, what's really unique too about you is you do have the clinical, you know, psychology background, which I think a lot of leadership consultants, you know, don't have. And so that's something that we looked at right away when, when we first met and took you on as a client. I was like, wow, that this guy's really different. This guy's unique. And then obviously, uh, Influence. You already have all these big name clients like TripAdvisor, HSBC bank, uh, gosh, Robert Wood Johnson Foundation, Sergeant Aerospace, Dover Corporation. So you've worked with these enormous massive companies. But now we want to get into the pain, Robert. We need, everyone wants to know about your misery. So what happened when we first started talking about your pricing, if I recall.

Dr. Robert Hernandez: So, um, and that was really a surprise because I had basically inherited, um, the pricing from the owner, uh, that I took over the company. And from there I actually brought it up a little bit. And so one of the stories that I was told and I bought into, so I took over this story myself was that why should I raise my rates any further? And um, there was some different excuses basically separating me from the prior owner who did not have any, um, psychology training except for the masters industrial psychology. And so I bought into that story and I really thought I could not raise my rates any further until I have this amazing conversation with someone named John Nemo. I don't know who that is.

John Nemo: Big fan of that guy. Yeah. And it was amazing because, you know, and obviously we're laughing about it now, but it's. I told you this, and I mean this, and I say this all the time. Almost every business coach or consultant I know of right now that I talk to is criminally underpriced. And I, uh, have my own theories for why that is. And I'll show this in a second. What do you think? I mean, obviously being in the space, why do you think so many coaches and consultants aren't charging what they're really worth, aren't getting their real value?

Dr. Robert Hernandez: I think it's about mindset. It really is. I mean, I know that word is thrown around a lot, but the same way that I bought into this story and I didn't have XYZ and therefore I could not charge more, that was my mindset. I took over that, that mindset when I took over the company, even though I did raise the rates somewhat, um, but not to the extent, uh, that I was counseled by you to raise them. And so, and I just want to say, in all fairness, I did speak to other people in the last, probably three or four months before our meeting, John, and I was told something similar, but never really given anything concrete to work out of. So in our M meeting when you told me this is really what I think and it's based on your work with other others in the field, I was really quite taken back and blown away.

John Nemo: Yeah. And I think what was helpful, obviously, you know, one of the key things is not knowing the marketplace. And that's one of the reasons I think a lot of coaches and consultants are underpriced and undercharging. And so when someone like ourself comes in and we've worked with hundreds of coaches and consultants, I kind of know, like, I know the space and I know what other coaches consultants are getting. And what I told Robert was like, dude, there's people way less qualified than you charging 10 times more. Like, like there's no reason with clinical psychology and 15 years experience and you know, all these big name clients, why your price point shouldn't be X. Like it's. And also too for the coaches and consultants listening, if you're priced too low, that hurts your brand. People, people also, they expect because of the marketplace to pay, you know, five figures for a workshop or whatever it might be, even if it's a half day and you know, or you know, five, six figures for a bigger engagement, coaching, consulting. And if it's below that, if it's too low, they almost will look at it and say, well, it must not be very good, even though it doesn't kind of match the background. And so I think one of the benefits we can bring or brought to Robert, you know, is like, hey, we know the market, we know what people get. And I know like, you were still like skeptical as you should be, like, really, like, you know, and obviously I wrote out like specific strategies and I think I want to get into that a little Bit. Um, but in your mind, what helped you feel okay raising your rates 300%? Um, and what, what really clicked into place for you to feel like, yeah, I can do this?

Dr. Robert Hernandez: I think it was, uh, it wasn't something that just happened in one moment. It was something that was a series of moments, events. Uh, I spoke to a friend of mine who's actually in the same space. He doesn't have the degree that I have in all of that. And he was told by his coach, uh, to raise his rates. And when I heard what his daily rate was, that also surprised me. And so, uh, after that experience coupled with some other ones, and then having my final meeting with you, John, it was like some, like the universe was just telling me, uh, giving me a message and I needed to really pay attention. And you're absolutely right. When I started my private practice in 2005 as a clinical psychologist, the first thing I did was I made phone calls in a five mile radius what other shrinks were charging for different services. And I came up with a rate that wasn't average. It was between average and the most expensive. And I thought I felt great about charging that because I knew where the market was. And you're absolutely right with the coaching side of it, and not only coaching, facilitation of programs, which is really our strength as well at influence, that was harder for me to gauge. And it was a question I constantly asked the old owner and was never really given clear guidance. So of course I trusted you and I trusted your team. When you told me this is what we're used to working with as far as rates with our clients, we think that you're undervaluing yourself, I trusted you, so I, I believed it.

John Nemo: Yeah. And I think too, like when I looked at, you know, one of the practical things that a lot of coaches and consultants are saying and that you said to me was like, well, how do I actually do this? Like people are used to paying this. I have repeat customers, repeat clients. And how are we going to, how am I going to justify this? And so, you know, I'll pull up some of my notes here. I'll actually screen share for a second because I've got, you know, some notes that we shared back and forth. Um, and you know, one of the thoughts was that I said was like, hey, like what you can do is you can come back to people and say, hey, listen, we've spent 15 years developing, refining and improving our virtual and in person workshops for insert lists of all these big name clients, right? TripAdvisor Dovercore, et cetera, et cetera. And we've had the privilege to impact more than, I forget what it was, you know, how many ever emerging leaders at this many different companies based on. And this is where you start to get into why you're raising your rates. Based on everything we've learned over the past few decades, direct feedback from clients, industry specific, um, and human psychology research, we're bringing in even more dynamic, even more interactive, even more improved workshop experience to clients in 2023. And then you're saying we're also listening to clients who want again, more service, a deeper, more immersive, more custom experience. So you're kind of saying, hey, it's not the same old song and dance. You're getting something new, you're getting something better. And you're also reminding people, by the way, we've been doing this for this many years, for this many clients, we've learned a thing or two. And I think for me at least giving you that kind of copy, even if you didn't necessarily use that directly, I think that helps you. And tell me if I'm wrong, but feel like, oh, yeah, like this makes sense, right?

Dr. Robert Hernandez: Yes, absolutely. This, when I read this, it started to strengthen something that I already knew deep inside. Because if I had not really known it intuitively, I don't think think I would have connected with you. In that initial phone call when you told me that I was undervalued. So I had this gut feeling about that, but I could never pin it on anything. So when I did receive, um, this information in a form of a script, I read it and it felt really good and it was actually on target. A lot of the times we think we're charging just for the small amount of time that we're with the client face to face. But we don't take into account everything that falls behind that which really supports and elevates that experience. Like you mentioned here, you know, all the research, everything that we do to constantly improve our program and our service to our clients. I mean, this is not a cookie cutter or a, uh, box type training. We really take the time to listen to what the needs of the clients are and then we tailor it to their needs. And that requires a lot of effort, a lot of heart and love that we put into it and passion. So that is all part of that. And that's what they're going to get, uh, with the elevated price tag.

John Nemo: Yeah, and that's a key thing you said too, is custom. What you're doing is custom. This isn't an off the shelf templated presentation. It's based on your unique needs. And I think that's a key thing. That's a key thing, um, of raising your rates is being able to say to people, hey, this is customized. This is personalized. You know, I want to go into the mindset a little bit because you and I are both mindset junkies. So. So I found a couple great quotes, and I'll share them on the screen for the video, but also for people. Um, I'll read them for the audio listeners. But I love. There's a great book called $100 million offers from a guy named Alex Hormazi. And he says to charge big ticket prices, you must outwork your self doubt. You must be so confident in your delivery because you've done it so many times that you know that this person will succeed. And I think of Robert, and you've done this for 15 years. You've done these workshops. People rave about them. They come back like, that's that mindset piece for you to go, yeah, I know what I'm bringing. It's not like this is a new idea. Right? And your conviction must be stronger than their skepticism. I just love that quote. And there's a couple more in here. Um, you know, this is a good one, too. You know, charging the highest price. Like you said when you started, you were, you wanted to be just in the clinical space, toward the top of the, of the, you know, area. And this is another quote from Alex Ramazi. He says the goal is not to just be slightly above market price. The goal is to be so much higher that a consumer thinks there must. This is so much more expensive. There must be something different going on here, right? I mean, this is. I love this stuff, man. This is, you know, uh, one other thing too. I think this. The higher the price, the more allure it has. People want to buy expensive things that just need a reason. I mean, haven't you found that to be true? Isn't that something that we get excited about? You're the psychologist. You tell me, man.

Dr. Robert Hernandez: Absolutely. And it's funny. Um, I'm going to give an example that's closer to home. And, um, my sister collects Louis Vuitton vintage Louis Vuitton purses. And so I had a conversation with her over Christmas, and she said to me, you know, I'm after this one bag. And she knew the history of the bag, and that's what she wanted, and she was after that bag. And I could not for the life of Me understand why she would pay such a premium price for this vintage Louis Vuitton on back and. But when I heard everything that went behind her thought process, I said to myself, wow, you know, she, this is something that she really values and you know, and this is something that she wants. So she's going to pay top dollar knowing that this is what she's going to get. Now of course knowing my sister, she'll probably turn around and sell it in a few years and make some money out of it. But this is her mentality so she's going to go after that. Just like for example, I have an aunt that for many years she was a, uh, seamstress, a designer for Jones of New York up in New York. And I lived with her for a little bit, um, way back when. And she used to always tell me there's a difference between buying a dress in a store, especially one on sale, than to go into a boutique and have one tailor made to you. And so you're going to pay top dollar when you have something tailor made. And so this is again is part of what we do at Influence. We listen. Not only do we listen to what the issues are, we really take pride that we listen even to the vocabulary, the storyline behind whatever this particular client corporation is doing. And we're always told that when we walk into a program and deliver a program, people actually think that we are part of the company, that we're just part of their HR led and you know, uh, part of the company. We have to tell them no, we were an outside vendor and they don't understand how we're able to use language that they're comfortable with. And that's all part of this tailoring process and knowing your customer. So if you know them and you listen well, you will really say, okay, they're going to understand the message this way. So I'm going to give it to them that way and I'm going to provide something that's tailor made to where they can really feel like, okay, I understand where this person's coming from and I can learn from that and grow and evolve as a leader.

John Nemo: That's a fantastic analogy. The tailor made. And so I'm even thinking for the business coach consultant listening right now, what about you and your business is tailor made? What is unique, what is different, what is personalized, what sets you apart? That's how your price goes up. That's how your price goes up. If you're like Robert, where you do so much immersive research, uh, and experience with Your clients, that people think you're part of the company, that should raise the rates, right? If you do it where, you know, um, you have some sort of unique approach or you have this unique, you know, academic pedigree that you bring in, um, then that can be it, you know. And I think that's something a lot of coaches and consultants don't think about. Like, what really is my superpower makes me unique, different, better. And to your point, people are looking for that. Like your sister, like again, a Louis Vuitton bag. It's just a bag to carry stuff. Like you can get a purse for. I don't know what I'm, I don't collect purses. But like you can probably get a cheap one at the mall, right? Or a Louis. And there's something that it says about me as a consumer to say I want Louis, like, as opposed to just off the shelf, whatever. And like that's the other thing with client selection and courting the right types of clients. If you're a coach or consultant saying, I want people who buy Louis and buy Tesla and buy BMW, like they want the best in class in the rest of their life, well, then they want a best in class coach or a best in class consultant. And I think what you've done with influence now is you've raised that brand. The pricing now reflects the brand. And that was the big thing that Robert had a disconnection with, was you have this brand with your background, your unique kind of ability, your experience level and then all these big name clients and the pricing didn't match that. That. And now that it's getting closer and I think you can still charge more, by the way, like 300% is a good jump, but let's keep going. Um, I do think, you know, that's something to consider for people is just realizing like you will attract the right types of clients when you have higher prices. So, so let me put it back on you, Robert, because obviously this is something, you know, that you've walked through and walked in the shoes of coaches and consultants. What's your advice to a coach or consultant listening right now who's saying, man, this all sounds great, but I'm not Robert. I don't have all this background and expertise and everything. And I can't just go, you know, raise my rates. What's your advice to those individuals listening?

Dr. Robert Hernandez: I think the very first thing is to think of pricing in the terms of value. What value can you give your ideal customer or uh, avatar, what do you bring to the table? That's very different. We are all unique and different. And one of the things I had to actually this is way back when, when even started as a psychologist. One of the things we think of as someone may be new to the field is there's so many people in this field, there's so many people doing what I do, but not anyone can do it the way you do it. So you have to find that uniqueness that you bring to the table. Whether it's an experience you've had and you've resolved it in your own life as an emerging leader and now you turned a, uh, coach facilitator. What is it that you can bring to the table that's of utmost value? Because again, it's really, yes, the Louis Vuitton costs a lot of money and I know we were using Louis Vuitton, but it's really what goes into the workmanship, what goes into the quality. That's really what people are paying for. They're paying for the value. If they are paying three times more than what you're charging now, they're going to think of it as I'm getting more value. And you have to make sure your job is that you do give them that value so that value matches the price point. And I think for me it's been, again, it's a mindset issue. It's really thinking through these things and then feeling comfortable in the end to uh, raise the rates and give them more value.

John Nemo: Yeah. And it's really to, you know, an abundance versus a scarcity mindset. You know, I think for all of us that have to do our own prospecting and, and closing our own sales and leads, we're always worried about that. We're always worried about, well, what if, what if, what if it doesn't work? What if it doesn't close? And I think one of the things I tell clients and I have to remind myself of is there's no shortage of prospects. There's no shortage of people willing to pay you what you're worth. You know, you just have to go through so many no's to get to those clients. And the reality too is fewer clients paying you more money is an easier business model. It just is right for a service based business. And so the other thing too to kind of justify in your own mind if you need this is, hey, because I'm getting paid more by this client for this workshop, I can spend extra time, I can do even more research, I can do even more custom, I can bring even more value, I can do even more, you know, extra additional add ons that normally wouldn't happen and you know they're going to get even more value out of me. And to Robert's point is you've got to deliver the goods. Like that's the key thing is you won't be around long if, if you're, you can't match, you know, the value that you're supposed to bring. And in Robert's case, obviously he's doing it. And like that was one of the things too. When I looked at, you know, Robert's testimonials and backstory, I was like, well you're already proven. So I think, you know, you have to take steps and you have to build experiences but once you do that, you should definitely, you know, feel comfortable doing it. And we'll link to more resources and things like that in the show notes. But anything else I didn't ask about on this topic, Robert, of, of pricing and your rates and everything else that you think is important to share again,

Dr. Robert Hernandez: I, I think it really has to come down first to you. You have to really do some, you know, sitting down and meditating and really think about what you bring to the table and feel comfortable and really believe it. Because when you are going to submit a proposal to a client, you are going to back the proposal with yes, I, this is something I know I can do for you and I'm going to do it the best. You can hire someone else, but they're not going the way that I can do it and you really have to believe that. So that requires a mindset. After that, the next step really is to look at your services, look at what you're offering and making sure you're giving them enough value. And I really liked how you said it John. The when you do go up to the next price point, it's going to free you up to just keep improving your craft, keep improving the services you offer and that's just going to keep building the value. So it's going to snowball. You're going to keep increasing your value, increasing the what you're doing for them. You're going to have more successes and it's going to just turn into a cycle that's going to really benefit not only you, it's really going to benefit those that you are serving.

John Nemo: I love it. Well said my friend. So as we wrap up, um, and I'll share screens too but like where can people find you online? Where should we send them? Um, to get more of your content because especially the leadership stuff is so good. Like, I think, think it applies to everyone, not just the corporate level, but even the coaches and consultants. So. So where should we send them? Online?

Dr. Robert Hernandez: Yes, you can go to www.influence.com. influence is spelled by minus the C and the E and just add an S. So it's I N F L u e n s dot com.

John Nemo: Perfect. And they should check you out on LinkedIn. You've got a beautiful LinkedIn profile. Yes. Dr. Robert Hernandez on LinkedIn. Look him up. Uh, yeah, I mean, you've just got, like, even here, like, you've got so much great content and examples and testimonials and posts, and it's just, uh. That's the thing is, like, you've built this. You've built this brand. You should be. That's the last thing I want to say is they're not just paying for four hours of Robert's time. They're paying for 15 years of expertise working with some of the biggest brands on the planet. Planet. They're paying for clinical psychology degree, working with hundreds of patients in private practice. They're paying for someone who's staying on the cutting edge of human psychology and how that intersects with business and leadership. So you're paying for all this other value, man. We got to raise your rates even more. This isn't enough, Robert.

Dr. Robert Hernandez: Thank you, God.

John Nemo: Well, hey, thank you so much for coming on. Dr. Robert Hernandez, what a pleasure. Really appreciate you joining me today.

Dr. Robert Hernandez: The pleasure is all mine. Thank you.