Does your current price get the green light? In this episode we are going through an 8 question list to determine if it’s time to raise prices in your business and why. Grab a red, green and yellow pen for this hands on episode!
I’m going to give you eight prompts, and you are going to answer them all with your colored pens. You’re going to give yourself a green light (or a green checkmark) if you’re already doing what the prompt says, give yourself a yellow light if you need to look at it a little more closely, and give yourself a red light if there is definitely some room for improvement.
I recommend you go through these prompts for one product or service at a time:
- Is my price based on the value I provide? Pricing is what they pay, value is what you give.
- Is my price aligned with what my ideal client is willing to pay? Stay out of other people’s pockets.
- Do at least 50% of my prospects say no? If everyone says yes, your prices are too low.
- Can I raise my price by at least 10%? If you have to say a prayer every time you have to raise your prices, you don’t have a very solid business.
- Do my prices make overall sense for my business and life strategy? Make sure that your pricing allows you to get to your revenue goals.
- Does my pricing strategy align with my brand story? Price is another component of your brand – your price tells a story.
- Have I raised my price in the last 12 months? If you’re charging the exact same thing that you were charging a year ago, it’s time to raise your prices.
- If I raised my price by 30%, would I lose 30% of my clients? Before you give a red or a green to this, let me explain: If you answered yes to this, that’s actually the green light.
- Decide if you need to raise your prices. Use your checklist to help set your strategy for raising it. How much red, yellow, and green are you looking at?
- Let me know if you are raising your prices (and why). Email me at firstname.lastname@example.org
Pricing is just one of the things you can do to build money momentum. Join our signature program, Momentum Academy to continue building momentum in your business through actionable learning days, group support and strategic planning.