Adding Value to Customers by Raising your Prices
Today’s episode, Adding Value to Customers by RAISING Your Prices is full of helpful information to help YOU know how to bring more value to those you serve and be able to see business success in charging what you are worth. So, how do you add value to your customers by raising your prices? There is more to it than just charging more. You provide a better service to your customers when you earn a profit and are able to invest in systems that create more efficiency, allow you to hire knowledgable people, scale your business and improve your product. You provide the best value and can charge what you’re worth.
In episode 108, I share what I have learned from spending several years studying business and will dive into this topic of adding value to customers by raising your prices.
Adding Value to Customers by RAISING Your Prices
I share the following ideas today, which are not solely my own, but what I have experienced and learned from others who have been successful in business:
- What you need to look for when you are starting a business is a pain point. How are you reaching your customers? The bigger the pain point the bigger the value is when you offer a solution to it.
- I talk about purchasing power and serving an audience that can afford your product.
- You want a market that is easy to target. Finding customers that are loyal to that market are key.
- Find a market that is growing. Know the data.
- The power of the niche. I speak so much about this but it really is that important! Be specific! You will have more success by narrowing down and solving a specific problem.
- Now, I talk about pricing! Our goal is to bring a much value to our customers as possible. Your produce must deliver in order to raise that price. This takes time and it is a process. I do into more detail on this. We talk about competitors pricing and how there is NO advantage to being the cheapest or second cheapest in the market.
- I share several reasons WHY it adds value to raise your prices… including how you raise your clients buy in, you’ll attract the best clients that are easy to satisfy, and how earning more now allows you to be able ti invest more into your business and better your products. It is required to invest in your business if you want to be successful.
- Remember…Providing the best product is #1. You can’t charge high end prices without delivering value.Follow the steps, figure it out and create more value as you go.
The kindest thing you can do for your customer, yourself and for your business is to raise your prices.
I will be hosting a podcast episode that will be similar to an Instagram Live. It will be off the cuff, and I will answer questions and all the things. This special podcast date will be announced on my newsletter. If you want to be sure not to miss this, join my newsletter and you will be able to know when this is happening!
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Thank you, Elizabeth for this episode!
Do you have or suggest a formula for increasing prices? Say, start with a percentage or set dollar amount.
Thank you for sharing your knowledge!
Elizabeth ChappellJennifer Duarte
Hi Jennifer, No I do not have a percentage or formula. I evaluate what my customer value is and what I feel good about charging. Thank you!