Business owners everywhere feel differently about raising the prices of their products or services. Some feel that this is a necessary and natural effect of growing your business. Others fear that they will lose clients if they raise their prices.
For those that do raise prices, there are varied methods of achieving this goal. These methods consider many points, including when the new prices will take effect, how the new pricing is implemented, how and which customers are affected, and the tipping point of the prices.
In this episode, we discuss the intricacies of raising prices and share our experiences on this topic. We consider the pros, cons, and different angles and factors that affect a price increase. We even role-play an instance where a price increase doesn’t go as planned.
What To Listen For:
- Raising prices from an inventory standpoint (8:03)
- Raising prices for services (9:56)
- 97% of people who purchase static courses don’t complete them so it’s better to create a program than just a course so you provide more for clients (11:52)
- There is a tipping point for low price points (15:34)
- When is the right time to raise prices (16:56)
- How do I go about raising my price? (18:50)
- For service providers, consider supply, demand, costs, and profit margins (21:15)
- Time is a valuable factor (23:29)
- Raise rates to keep top talent (23:50)
- Price out customers that don’t value you (24:38)
- How do you raise prices? (25:13)
- Be careful of what you communicate based on the price of your services (30:49)
- Role-playing a price increase issue (33:45)
- People that “nice” themselves out of business (36:34)
- Mindset issue of people about pricing (38:41)
- Sometimes your inner circle stops you from raising your prices (40:06)
- Accept that you may lose some clients when you raise your prices (40:28)
- Align yourself with clients that will pay your worth and make that client “the sexy one” (41:52)
Get My Lunch Money
Joe: TubeBuddy – a plug-in that helps your YouTube channel get more subscribers (42:52)
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