Quit Shorting Yourself & Leaving Money On The Table!
•Posted on January 27 2021
If you have been shorting yourself, INCREASE YOUR PRICES IMMEDIATELY!
Alright, if you realized yesterday that you need to increase your prices but aren’t sure how to do that without running off the customers you have, then this is for you!
New business owners often think the way to entice new customers is by offering cheap pricing, when in actuality they are just cutting themselves short & appealing to the “value budget” crowd.
Now, there is NOTHING wrong with a “value budget” customer, you just don’t want them to make up your entire customer base, because they often aren’t frequent purchasers and they just want the cheapest product.
People who are looking for the cheapest product are more focused on price than quality.... initially. But then they expect the same quality as a higher priced item (which is why a lot of you end up fixing those $10 shirt makers work for customers!)
So, if you started out with low prices just to get people in the door, but now you want to increase your pricing, NOW is the time to do that! BEFORE you focus on more growth, GET YOUR PRICING RIGHT!
And here is how to do that.... TRANSPARENCY & CUSTOMER BUY IN!
Be TRANSPARENT with your group. EXPLAIN why your prices were low and why they are increasing. Present it in such a way that YOUR CUSTOMERS want you to raise your prices (that’s called customer buy in).
Here is what that post may look like:
First off, I want to say how thankful I am that every single one of you have joined me on this journey! Even if you haven’t purchased yet, knowing you are in my corner rooting for my success means the world to me!
Second, I have some super exciting news to share with you! I have joined a small business group full of women who empower, build, and mentor one another. From that group I have learned a ton of great new information that is going to help me give YOU an even better customer experience!
Third, most of you have commented at some point about how cheap my pricing is... and that was because I was fearful of really charging what my work is worth. I was afraid of people NOT purchasing and that would be a reflection of my value, when in actuality the cheap-o pricing is hurting my ability to grow and do even more for my customers.
Don’t worry, I’m not jacking prices way up, but there is going to be a slight increase over the next week or so... and that is so I can do more, be more, & give more to this group!
If you’re excited to see what’s in store over the next few weeks, drop your fav emoji below and someone will get 10% off of their next order!
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The customers who don’t understand your price increase may leave, and to them I say, “thank you for starting off with me, but don’t let the door hit ya in the ass on the way out!”
Now that we are setting the stage for a price increase (if applicable), we are going to focus on GROWTH!