I want to ask you something. Be forewarned, this is a really edgy question. Who do you think is a higher “quality” prostitute, one that charges $10 or one that charges $10,000 dollars? No experience sharing please.
Chances are (I hope) you have no way to gauge the quality of a prostitute, yet you did anyway. With no experience you were still able to determine which one is the safer bet. Higher bill rates = safer bets.
When we are making a decision and lack direct experience, consumers heavily rely on the “you get what you pay for” consideration. The consumer’s default belief is the more expensive one is the better one (and they are usually right).
Yet entrepreneurs and small business owners are often terrified to increase prices. “What will the customer think? What if they find someone cheaper? I have to be the cheapest and the best, otherwise I won’t get any business.”
Higher Bill Rates = Higher Quality
The truth is, as your prices increase you will get higher quality clients. While there are many potential customers out there that will go with the cheapest price. They are simply the industry’s Johns looking for cheap industry prostitutes (that’s you). Your business will take off when you increase prices, because you will get more discerning, higher quality clients. And you likely won’t even have to work as hard.
No longer being the $10 prostitute of your industry, become the $10,000 professional escort.