Here are 6 Reasons Why You Should Raise Your Prices Immediately;
1. You are long overdue.
When was the last time you raised your prices?
It probably has been a long time since you have raised prices, and everywhere you go you are now paying more for gas, groceries, everything. What was the price per gallon for gas the last time you raised prices? Have you kept pace?
2. Raising Prices increases your confidence.
People always undervalue themselves and then by extension their products or services. Raising prices and seeing what the market values you at and not what you value you at really increases your confidence as an entrepreneur.
Don’t be a bottom feeder.
Best customer surveys say;
That the customer thinks that you have great quality, great customer service, great technology, but high price, and that is a great survey response. The customer is telling you why he buys from you and why they know your higher price is worth it.
3. Raising Prices gives your product added value.
Do I want to learn marketing from a person charging me for a $9.99 eBook and I try and figure it all out, or would I prefer someone charging me $2,000 to get me all set. Price sets expectation.
4. Raising prices allows you to get more profit.
That is why you are in business, right?
Seriously, this why you are here, right, this is why you sell.
5. If you raise Prices you make more margin, which is more money.
With more money, you can work less and still make the same amount of money. Maybe money isn’t the end all be all, but having time is crucial. It is how you build, reinvest, grow, and live.
I can get more product, ideas, make more money, hire more people, but time is finite. You cannot get more.
6. The final reason to Raise Prices:
Raising prices is scary and very hard work, but the fact that raising prices is scary is the very reason why you should raise your price;
How will you know what your business can do or what will work if you don’t try. So try. If it doesn’t work, just go back.
Growing a business is all about experimenting.
If you have decided to raise your prices, I will soon show you how. There is an art.
“We all are learning, modifying, or destroying ideas all the time. Rapid destruction of your ideas when the time is right is one of the most valuable qualities you can acquire. You must force yourself to consider arguments on the other side.
— Charles T. Munger”
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Disclosure of Material Connection:
Some of the links in the post above are “affiliate links.” This means if you click on the link and purchase the item, I will receive an affiliate commission. Regardless, I only recommend products or services I use personally and believe will add value to my readers. I am disclosing this in accordance with the Federal Trade Commission’s 16 CFR, Part 255: “Guides Concerning the Use of Endorsements and Testimonials in Advertising.”