How to Increase Your Prices Revealed - 5 Steps on How to Increase Your Prices
If you can successfully increase your prices for all your products and services without losing clients, you'll be able to increase your revenue in as little time as possible.
Obviously, every cent of the price increase will mean more revenue for you.
Here's how you can increase your prices (without losing customers): 1.
"Change" what you offer.
Sometimes, the best way to increase your prices is to "change" your offering.
One of my clients who came to me a couple of weeks ago said he was able to charge $20 more for his ebooks when he added 10 pages.
That would mean 100% price increase as he used to sell those ebooks for $20.
The secret is increasing the perceived value of the additional 10 pages to convince more people to take advantage of them regardless of their tag prices.
2.
Compare your prices to your competitors.
You can increase your prices as much as 100% and still make them look like a bargain.
How? For instance, if you are selling teleseminars for $500, you can compare it with the more expensive offering of your competitors (example: consulting services).
You can tell your prospects that they will get just the same information, just the same assistance for half the price.
Now, that is what I meant when I say outplaying your competitors! 3.
Increase tag prices without getting noticed.
Is this really possible? Actually, it is.
You see, human brains are not programmed to be very good in numbers unless these people are really, really going through financial turmoil.
Try charging $9.
98 for products that have $9.
89 tag prices and your buying customers will surely not notice.
If you are selling thousands of units everyday, this can bring as much as $1,000 to your pocket on a daily basis.
4.
Invest on branding.
Do you ever wonder why people would spend as much as $15,000 on Prada bags when they can get a cheaper alternative? Well, people these days are brand conscious.
Not only it is a status quo symbol but because branded products are usually associated with high quality.
5.
Offer more, charge more.
Based on research, people will most unlikely to mind spending more dollars if they know that they are getting additional services or products.
Take advantage of this and throw in free teleseminar for your $12,000 coaching programs and watch your sales soar high in no time.
Obviously, every cent of the price increase will mean more revenue for you.
Here's how you can increase your prices (without losing customers): 1.
"Change" what you offer.
Sometimes, the best way to increase your prices is to "change" your offering.
One of my clients who came to me a couple of weeks ago said he was able to charge $20 more for his ebooks when he added 10 pages.
That would mean 100% price increase as he used to sell those ebooks for $20.
The secret is increasing the perceived value of the additional 10 pages to convince more people to take advantage of them regardless of their tag prices.
2.
Compare your prices to your competitors.
You can increase your prices as much as 100% and still make them look like a bargain.
How? For instance, if you are selling teleseminars for $500, you can compare it with the more expensive offering of your competitors (example: consulting services).
You can tell your prospects that they will get just the same information, just the same assistance for half the price.
Now, that is what I meant when I say outplaying your competitors! 3.
Increase tag prices without getting noticed.
Is this really possible? Actually, it is.
You see, human brains are not programmed to be very good in numbers unless these people are really, really going through financial turmoil.
Try charging $9.
98 for products that have $9.
89 tag prices and your buying customers will surely not notice.
If you are selling thousands of units everyday, this can bring as much as $1,000 to your pocket on a daily basis.
4.
Invest on branding.
Do you ever wonder why people would spend as much as $15,000 on Prada bags when they can get a cheaper alternative? Well, people these days are brand conscious.
Not only it is a status quo symbol but because branded products are usually associated with high quality.
5.
Offer more, charge more.
Based on research, people will most unlikely to mind spending more dollars if they know that they are getting additional services or products.
Take advantage of this and throw in free teleseminar for your $12,000 coaching programs and watch your sales soar high in no time.