A lot of people are undercharging and can very easily increase their prices, jump into this episode of The Money Podcast and discover the 30 tell-tale signs and quick and easy ways that you can utilise right away to increase your prices whilst continuing to grow and offer fair exchange in your market.
Caveat – You should only increase your prices if the market dictates it and there is an environment for fair exchange. The single best thing you can do to increase your prices is to increase the value proposition first and aim to create a fair exchange environment. Don’t just put up your prices in line with the market rate and inflation. Aim to make your customers lives easier, quicker, better and faster, to solve their pain points. There’s not much of a limit on pricing when you’re providing the right value proposition and create a marketplace of fair exchange.
KEY TAKEAWAYS
30 Signs That Show You It’s The Right Time to Increase Your Prices:
- When the industry is growing
- When you’re in demand and oversubscribed
- If you’re not making a profit (You must provide a fair exchange)
- If you resent your customers
- If you feel you’re too cheap (increasing your prices can increase your market position)
- If you’re getting great results (social proof)
- If you’re attracting the wrong type of clients
- If you’re customer service and complaint costs are too high
- Cost inflation and general market price rises
- To increase the appreciation of your product or service and reposition you in the market place
- Market rules and regulations that can affect your prices, supply and bottom line
- If competitors raise their prices
- If you improve your product or service
- If you’re offering extra value, bonuses or added extras
- Making your product more bespoke and personal
- If your product is more exclusive and marketable
- Your product develops into a service offering and vis-versa
- The market place has less competition
- The market place has more competition
- Potential increase in income and wages
- Costs and overheads are increased
- If you’re saving your client time and taking away pain
- If you’re solving a significant problem for your customer base
- Base your price on ongoing and future support and value
- Offer added guarantees and insurances
- If you disrupt your industry
- Making internal changes to increase your product offering
- Offering higher quality products/services but to fewer clients
- Looking to increase your position in the market
- Your story, purpose and the positive change you’re offering your industry
BEST MOMENTS
“There’s not much of a limit on pricing when you’re providing value”
“Aim to remove friction between you and your customers”
“Find your sweet spot in the market between your price and value proposition”
