A lot of people are undercharging and can very easily increase their prices, jump into this episode of The Money Podcast and discover the 30 tell-tale signs and quick and easy ways that you can utilise right away to increase your prices whilst continuing to grow and offer fair exchange in your market.
Caveat - You should only increase your prices if the market dictates it and there is an environment for fair exchange. The single best thing you can do to increase your prices is to increase the value proposition first and aim to create a fair exchange environment. Don’t just put up your prices in line with the market rate and inflation. Aim to make your customers lives easier, quicker, better and faster, to solve their pain points. There’s not much of a limit on pricing when you’re providing the right value proposition and create a marketplace of fair exchange.
KEY TAKEAWAYS
30 Signs That Show You It’s The Right Time to Increase Your Prices
When the industry is growing
When you’re in demand and oversubscribed
If you’re not making a profit (You must provide a fair exchange)
If you resent your customers
If you feel you’re too cheap (increasing your prices can increase your market position)
If you’re getting great results (social proof)
If you’re attracting the wrong type of clients
If you’re customer service and complaint costs are too high
Cost inflation and general market price rises
To increase the appreciation of your product or service and reposition you in the market place
Market rules and regulations that can affect your prices, supply and bottom line
If competitors raise their prices
If you improve your product or service
If you’re offering extra value, bonuses or added extras
Making your product more bespoke and personal
If your product is more exclusive and marketable
Your product develops into a service offering and vis-versa
The market place has less competition
The market place has more competition
Potential increase in income and wages
Costs and overheads are increased
If you’re saving your client time and taking away pain
If you’re solving a significant problem for your customer base
Base your price on ongoing and future support and value
Offer added guarantees and insurances
If you disrupt your industry
Making internal changes to increase your product offering
Offering higher quality products/services but to fewer clients
Looking to increase your position in the market
Your story, purpose and the positive change you’re offering your industry
BEST MOMENTS
“There’s not much of a limit on pricing when you’re providing value”
“Aim to remove friction between you and your customers”
“Find your sweet spot in the market between your price and value proposition”
VALUABLE RESOURCES
Rob More - Money
ABOUT THE HOST
Rob Moore is the host of the UK’s no. 1 business podcast “The Disruptive Entrepreneur,” and “The Money Podcast” as well as an entrepreneur, property investor, property educator, and holder of 3 world records for public speaking. He is also the author of 9 business books, 5 UK bestsellers, and the global bestseller, Life Leverage.
“If you don't risk anything, you risk everything”
CONTACT METHOD
Facebook - https://www.facebook.com/robmooreprogressive/?ref=br_rs
LinkedIn - https://uk.linkedin.com/in/robmoore1979
