They weren't, in case you didn't know.
And I've known a lot of marketers that refused to raise their prices. They were fearful of upsetting customers and losing business once more.
Dan Kennedy, on the other hand, advises practically every business owner to boost their pricing right away. The majority of his clients are against it, and some are so adamant that they throw a fuss. Dan, on the other hand, wears them down until they give up, and guess what happens? The sky does not fall, consumers do not vanish, and the business begins to make a lot more money.
We bring our own psychological "money baggage" to the business as marketers. All of the money lessons we learned as children can still cause us problems, and it's generally our business that suffers as a result.
You can use this list the next time you want to raise or drop your prices to find a method that is comfortable for both you and your consumers.
1st, there is the matter of timing. If you want to raise pricing indefinitely, make sure your clients are satisfied with your product or service. When explaining your new pricing, make use of the positive feedback, reviews, and testimonials.
2: Sound the Alarm. Before you raise your rates across the board, consider informing EVERYONE of your plans. While some marketers want to make as little noise as possible regarding price rises, others take advantage of the circumstance by reminding the world that now is the time to buy if they want the cheaper price.
3: Subtract or add something. By adding or deleting something from your offer, you can justify raising or lowering your pricing. To justify a higher price, you could add another product to the mix, such as an older course you no longer sell. Alternatively, if sales of your product are declining, you can eliminate one of the perks – such as coaching – and cut the price to make it more accessible to everyone.
4: Make a bundle. If they buy many items, give them a discount.
5: Experiment with numbers. Assume you're selling a physical item. You're selling ten units of your product for $100, but you'd like to increase the price to $115. Add two more packages of varying sizes, such as a five-pack for $75 and a three-pack for $50. Even at the higher price, the 10 pack appears to be a decent deal.
6: Include fees. This only works with certain types of products, such as gym memberships, mortgages, and automobiles. However, a 'charge' for signing up may be feasible. You can call it a setup charge, administration fee, or whatever you like. If fees are standard in your industry, then it's certainly a viable choice.
I'm not a fan of fees, but they can work as incentives when you offer to waive the price if they sign up now. If you know what I mean, it's like having a sale without having a sale. Yes, it's a gray area, but it's something to consider.
7: Make the offer better. Do you want to charge $297 for your $197 course? It has been updated and some new content has been included, rendering the previous version obsolete. Inform existing customers that they can upgrade to the new version for a charge of your choosing (in this case, $0 to $100).
8: Vary the size of your items. If the size of your product (more or less of a product or service) can be changed, you can vary the pricing correspondingly.
9: Schedule Price Increases. Customers will not be startled or offended if you schedule price increases in advance, such as every January or July, and inform them of your plans.
10: Choose a Different Demographic to Market to. Consider targeting a different customer base entirely if you find you need to dramatically boost your rates. For example, supposing you're assisting yoga instructors with their marketing and discover they don't make a lot of money and thus can't afford to pay you much. If you switch to plumbers, dentists, chiropractors, or lawyers, you'll almost certainly be able to double or triple your costs without putting in any additional effort.
Last but not least, if you're going to raise your pricing, it's wise to plan ahead. It doesn't go well if you tell your clients you're only going to raise prices once this year, only to find out you have to do it again before the end of the year.
If you cut your prices, for example during a sale, a prior buyer or two may notice and send you a disgruntled email. Respond with an offer for a free electronic product of their choosing. It won't cost you anything, and they'll be overjoyed.
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