Put Up Prices or Live in Fear

Want More Profits? Put Up Prices

You want to make more money? Put up prices, now you’re sitting there thinking, well that’s easy for you to say,

Put Up Prices

Put Up Your Prices

in my business “insert all your excuses here please”. The only person standing in your way of making more money is you. Although if you’re getting customers off the back of being the cheapest, I’d seriously think about changing your positioning, 20% of the population buy on price alone and they’ll leave you for someone doing it for 50p cheaper, it’s a really difficult business model to sustain, and very crowded, whereas if you look at the high end it’s a lot less crowed and the rewards are far greater.

Put Up Prices or Let Fear Dictate Your Lifestyle

The amount of clients I have, who when they first start working with me, are doing a great job, delivering what the customer wants and not charging enough is shocking, take a look at what some of your competition is charging if you don’t believe me. I bet there charging more and not doing such a great job as you.

I’m not saying that you go to your existing customers and triple your rates, but potentially you could with your new customers. And as long as you inform your existing clients that prices are going up (a bit not tripled) there shouldn’t be a problem

Its all about how you position yourself and educating your clients so they see the value you bring, there’s a few other things that will happen too

Put Up Prices and This Will Happen

You’ll make more profit

You’ll get better clients

The clients will be easier to work with

You’ll have more time

You’ll build your brand

Your standards will go up

 

  1. You’ll make more profit

On average a 1% price raise will result in a profit increase of 11%

  1. You’ll get better clients

You will attract better clients, who just want you to get on and do the job.

  1. The clients will be easier to work with

Have you ever noticed that the people that take most of your time, have beaten you down on price and are normally the biggest pain in the arse to work with? Higher prices will get rid of a lot these.

  1. You’ll have more time

Because the clients are easier to work with you’ll have more time and be making more money

  1. You’ll build your brand

Higher prices will mean that you’ll be seen as a high end of the market and therefore have more clout

  1. Your standards will go up

Your standards will simply go up because everything that bit easier and your own expectations and that of your staff, will have been raised

Please just Put Up Prices

Now there might be some things that you need to do around positioning and making sure that your customers understand why you’re at the higher end of the market and how that benefits them, but I’ll talk about that in my next blog, in the meantime put up your prices, even if it’s a bit.

About 

As an award-winning business coach and bestselling author, Alan S Adams has helped hundreds of businesses across the UK to move from simply surviving to positively thriving. The publication of his second book Passion To Profit: 7 Steps To Building A Kick-Ass Agency and his third book, The Beautiful Business: Secrets to Sculpting Your Ultimate Clinic, sees him focus very specifically on creative agencies and aesthetic clinic sector, sharing advice and guidance with the potential to revolutionise turnover, client retention and overall growth. Alan was also recognised by Enterprise Nation as one of the UK’s Top 50 Advisors and APCTC Coach of The Year Finalist.

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