I bet you think this is impossible
By Sarah Nalyor
How to increase your prices and not lose customers!!
Pricing is not a dirty word, but it can leave you feeling a bit Icky when you need to raise your prices. We all want to keep our customers Right!! and we all know how it makes us feel when prices go up. However we are living in a time where inflation is skyrocketing all over the world. Supply chains are becoming stretched to the max, products are costing us sometimes double what we where paying this time 12 months ago, yet our prices still remain the same. It is crazy to think that any business can sustain this. And your business is no different. You need to raise your prices NOW! if you want to have a sustainable business and not an expensive hobby.
Here is my proven strategy on how to increase your prices without losing your clients. Implement it today and you can thank me tomorrow. Your family will thank you too!!!
- Forewarn your existing customers.
Let your existing customers know that your prices will be increasing and give them a grace period of around 3 months. Send them the new price list, explain the reasons behind the increase in a human way, they will understand and appreciate your honesty. Let them know that you understand their position on the increase and that you are willing to hold off on implementing the increase JUST FOR THEM for the next three months but from such a date the new pricing structure will be implemented. Thank them for their continued support and custom.
2. Implement New Prices for ALL New Customers Immediately
Create and publish your new price list, all new customers will know what to expect when they book you. It will show your existing customers that you are holding true on your word to them also, this creates a new level of trust and respect from your existing customers also.
3. Play Hard to Get
This may seem a bit counter intuitive but bear with me. It's all about supply and demand. If people find it hard to get appointments with you they will have the perception that you are really in demand and this will pique their interest in booking you. If demand is high and supply is low it builds a mindset that your business must be really really good and they only want to go to the best.
4. Just Say No!
Say No! to the customers you don't want. Turning away troublesome customers is better for your mental health and over all better for your business. Say No! to the guilt you are feeling about raising your prices, your suppliers are not feeling one bit guilty about passing on their increases to you and you shouldn't feel guilty about doing the same. It's just good business! Why should you bankrupt yourself to keep your clients happy, if they can't afford it they won't get it done but if you continue to undercut yourself time and time again you will be taking the food from your own mouth and the money from your own pockets. Say No! to those mind monkeys who are trying to sabotage you by telling you that you are not good enough, You are more than enough. Mindset is one of the hardest things to change as a business owner I really believe in continuing to educate myself and others about being enough. Read as many books and articles as you can on personal and business development it won't be long until you're fully booked and living the life you have designed.
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