So many business owners balk at the idea of increasing their prices.
“But no one would buy my stuff. I would lose my customers!”
Sure, if you doubled your prices tonight, there is a chance you would lose some customers.
Funnily enough though, there have been situations where people have done just that – and INCREASED their number of customers!
For some reason, when something is more expensive, we assume it must be better, superior or of higher quality.
Essentially, being “high end” with your prices creates premium positioning for your products and services in the mind of your customers. You are perceived differently.
However, I’m not asking you to double your prices.
Merely increase them by 10%
That’s all. 10%.
At the end of the day, you’re not going to lose 10% of prospective customers through this increase.
And if you’re already only working off a 10% profit margin, you’ve essentially doubled your profits.
Seriously, it’s that simple.
It’s so simple it’s been sitting right in front of you for the last 6 months.
Increase your prices by 10%.
This will increase your profits, and give you more leeway with your advertising – which in turn sets you up for exponential growth.
If you’d like help with identifying which part of your offerings is ready for a price makeover – designed to give maximum boost to your profitability, give us a call at 1300 680 223 . We can help.