Don’t Beat Around the Bush with Prices, Light It On Fire!
Experience the Multiple Benefits of Raising Your Prices
What to charge for your services and products is one of the biggest obstacles business owners face, and they routinely underprice their goods and services to try and “beat” their competitor’s price.
The fear of losing customers of being judged as too expensive, are things that keep businesses from charging what they should for their products and services.
Charging too little can and does cause businesses to go under
Often at GKIC, we hear business owners say things like, “I can’t charge more than I already am” or “I can’t get away with charging that much.”
The truth is, when you look around, chances are you will find someone charging more than you are. And, when you charge too little or surrender to your “fear of price” by reducing prices, you are not only undervaluing your product or service, but you are jeopardizing your business in the long term.
Rockstar Professional Robert Bilger shows how raising his prices changed his business below:
/// From Robert Bilger
Our Very Simple Strategy for Raising Our Profits.
- Raised our prices 20%.
- Made our availability very limited.
- Eliminated the bottom 10% of clients (aka the whiners, price shoppers).
Results: In less than three months we are only serving customers that desire our service without the price shopping, and we get treated with respect as opposed to just another service provider.
We have more time and money and about 90% less headaches. It’s been great!
Raising your prices is the easiest thing you can do right now to improve your business.
And you can start as soon as you read this section!!!
You can also test different prices and price strategies. Instead of picking a random price, test out different prices and offers.
For example, try different payment terms such as a one-payment term, three-payment term and six-payment term, etc.
An additional benefit of raising prices is that in many cases people who are purchasing your product or service will value it more. Some people will always prefer the premium.
So if you could offer a discounted service or a premium service, which you can offer either and different people would value both, why would you want to offer the discount?
So Will You Go Ahead and Raise Your Value and Give Yourself a Pay Raise?
Sourced from GKIC as an Official Magnetic Marketing Advisor.
What Strategy Do You Use To Increase Your Profits?