I’m often shocked when I ask business owners the last time they put their prices up?
It’s very rarely
Recently…
It’s infrequently
in the past 12 months
And sometimes
they can’t even remember it was that long ago!
I just don’t get it!
You pay more at the pump almost EVERY time you fill up with fuel. Your groceries, your clothes shopping, your weekend away – EVERYTHING else in your life has gone up recently, and yet when it comes to raising your fee’s there’s a vague look and tumbleweed rather than a definitive YES!
In today’s episode, we unpick the cost of not putting your prices up, and share 14 different pricing strategies YOU can implement TODAY across your business to begin to generate more revenue and more profit!
Putting your prices up
For me, there are at least 3 rules when it comes to raising your prices:
- Do it NOW
- Review it REGULARLY
- Continue to put them up regularly also!
The simple answer is, rarely do business owners put their prices up enough, or often enough. There is this innate FEAR of ‘losing’ business, which either prevents them from doing it or when they do, still not charging what they SHOULD be charging for the value they deliver!
Then, when they finally do it, they do it nervously, almost apologetically, often blaming something else (Government, Recension, Brexit, COVID) rather than simply doing it because you’re worth it.
And finally, once it’s done, we quickly see a multitude of Sales and Discounts under the pretense of offering added value but simply as another means of apology for having raised the price!
(Sound familiar?)
In this #ADDAZERO Podcast episode, we share no less than 14 different pricing strategies, for you to consider, review, and introduce to YOUR business