WHY YOU SHOULDN’T RAISE YOUR PRICES
There is talk all over of business owners having their prices too low…it means you are working too hard…attracting the wrong clients…not charging your worth…etc etc.
I recently worked with a mentor who advised me to raise my prices…but…she really had very little idea of the service I offer…of the results my clients achieve…of my values…of any in depth aspects of my business. And that seemed to be her standard answer to her clients who were looking to grow – just start charging your clients £10k/£25k for 3 months – it’s what (I later found out) she was telling everyone…a one-size fits all blueprint to success (!!!)
But the thing is…business is NOT one size fits all.
It’s just not that simple.
And that is why, when people get other people’s email templates and send them to their own list (without changing the terminology or style) they just don’t perform very well.
To understand whether you should raise your prices then you need to look at a few things…particularly if it’s for the same service (and just to say that the advice is different if you are introducing a new, higher level of service at a higher fee…)
Firstly – who is the target market, who are you serving…
Secondly – what level of service/change/transformation are you delivering – are you delivering a £10k change then maybe that’s the right charging level – but if not…you need to asses if you can charge that high-level fee.
Thirdly – your client does not care how much YOU think you’re worth…they care how much THEY think you’re worth…your VALUE to THEM…that comes down to, branding, messaging and how much you are helping them right now through your content and free stuff….that all links back to how you’ll be able to help if they move into one of your paid programs.
There are, of course, a tonne of other things that should be considered when setting your prices – but prices shouldn’t just be pulled out of the air by people who know very little about you and your business.
Thanks ever so much for taking the time to read my post I truly hope you’ve found it useful and insightful. If you have any questions feel free to contact us!
I am Annette Ferguson, CEO of Annette & Co. Chartered Accountant, Profit First Professional and creator of the Business Wealth Engine. We’re also SUPER social so don’t forget to follow. Here’s to your success!