Want to grow your business FAST? The best way to do this is to get your pricing strategy right… and by pricing strategy we mean charging the maximum that people are willing to pay for your products or services.
In this video we give you 3 pricing strategies to help you comfortably raise your prices, and tell you what the perfect price is for your business to charge… you might be surprised by what that actually is!
Use a combination of these 3 pricing strategy hacks to accelerate your business growth and watch the money roll in! 🤑
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If you don’t raise your prices then it’s really easy to hit a ceiling of how fast your business can grow.
But don’t worry, in this video we will give you 3 pricing strategies to help you comfortably raise your prices, plus we’ll tell you what the perfect price is for your business to charge.
So, here are 3 ways to comfortably raise your prices, firstly…
1. Quarterly reviews
One thing you can do if you have clients on a monthly retainer is have quarterly reviews where the price gets discussed too.
In the reviews you can discuss how things are going, any wins and successes you’ve had, any scope creep AND you can bring up any price increases going forward.
Ideally your client would know about these quarterly reviews before you start working together and have them in the diary.
But if not, just offer a review at your earliest convenience – it’s probably about time you had a chat anyway.
2. Raise after every client
Back in the day when we used to do things like logo design for clients – like 7 years ago – we had the motto to raise, if not double, our prices after every client.
For our very first logo design we charged about £30 😲 This just shows our lack of confidence at the time!
The next was £60, then £90, then £150, then £300, £600, and eventually £1000 a logo.
And we couldn’t believe it – we never would have believed we could get away with charging that amount of money! But people will pay for good work. And we had a much healthier business because of it.
We’re always trying to see just how much someone is willing pay for our services.
When our friend Drew Davis used to run his marketing agency, his motto with his team was the ‘fastest way to a no’ – meaning that every time they quoted for a job they would price it at what seemed to be a ridiculously high amount and if the client said yes… that was a fail.
Next time, they needed to quote higher! As soon as you starting getting a no, you can actually be happy that you’re charging enough.
Remember, when it comes to pricing strategy the perfect price for your product or service is always the maximum amount the customer is willing to pay.
That’s important, the perfect price is always the maximum amount the customer is willing to pay.
But yet a lot of us don’t test how far we can push that. Have YOU tested that?
So for every new client that you take on board, see just how much you can actually charge.
3. Stacking the value with option pricing
For every new proposal you send out – give them at least two options.
The first option is exactly what they’ve asked for. The second option is exactly what they need to smash their objectives
Remember you’re the expert – you need to tell them what they need and what you can do for them.
It’s this second option you want them to take, so stack the value in its favour. Throw in as many value adds as possible that don’t take up your time and put them in that second option.
9 times out of 10, people will go for the second option, and boom, you’ve made more money! 💥
Let us know if anything else is holding you back from nailing your pricing strategy in the comments!