You might be surprised by today’s topic. After all, wouldn’t it make more sense to lower your prices, given the current global instability? I would beg to differ.
The higher cost of living is only one argument for raising your prices: you need to be able to pay your bills just like everyone else. But there are other arguments too. handpek
I recently dove deeply into the topic of pricing with a client of mine. She offers branding services and had been thinking about raising her prices for quite some time. Then came the current crisis, and she started to question that intention: was this really the right time to be pushing her prices upwards? This is when the deep diving happened! ;D
Instead of only looking at the world around us and make assumptions about the purchasing power of her target group, we analyzed her business from more perspectives – and you can do the same!
These were some of the topics and conclusions:
🌺 Client feedback and ease of purchasing. Turns out, every single customer is raving about her services and almost no one has second thoughts about her prices!
🌺 Her experience and the value that she provides. She proudly concluded that she has grown since she last raised her prices, and that her clients are getting even more value today.
🌺 Competition. She knows that she is not the cheapest option, but that she delivers higher quality than many.
🌺 Her target audience. She has started to shift towards the upper segments of that group, slowly but surely attracting higher paying customers.
🌺 Business model. Time is always tight for her, and she wants to find ways to streamline her work and charge at levels that reflect the value of her work.
🌺 The emotional perspective. This client felt 100% ready to confidently stand behind higher prices!
By building a fuller view of her business, she was able to stick with her initial thought and go ahead with a price increase. The response? A fully booked calendar way into 2023!
I always say that there is no single path towards success. But I do know that making decisions based on strategy and information is a good road to travel.
If you would like to raise your prices but don’t know if the timing is right, you can create the same kind of 360 view of your business. If you want me as your strategic sounding board, I will happily dive into your world too. I have just opened up spots for 1:1 coaching – book your free clarity call here to find out more.
With love,
Sanna xo
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