You have a price when it comes to your product, your time, or your services. You set those prices when you first started. Now, what most do is look at their main competitors and base their prices off of what the competition is doing, making sure you are lower than they are.
And for the most part that is fine, but for now, that is just not good enough for you anymore because you are worth more than that.
I am assuming that you have an hourly labor rate for your business. You might even charge $30 or $40 an hour, but why not charge $28.50 or $39.99?
Only One of You Will Be the Cheapest
Of all the people online and in your town, you and I both have to agree that there will only be one of you who is the most cheapest and only one of you will be the most expensive.
The one thing they both have in common is clients and customers. Both the cheapest and the most expensive will have clients and customers.
Some businesses purposely will be the most expensive and label themselves the best of the best. So — they can charge more. You have to make people think what you want them to think about your business.
All of these things are arbitrary. Between these two, is everyone else and everybody has their own prices. The basic thing is this — the price does not seem to be the utmost of importance when it comes to this.
It’s all the same thing. You need to get the price out of your head.
So how can you increase your price?
You just do. You cannot be the same price forever. Don’t sell yourself short and say “we cannot charge more in this area”. There is always someone who is cheapest and one who is most expensive.
You don’t want to do double the work for the same pay. Charge what you are worth. And don’t round up. Charge 297.53 if you need to. Give a total for your invoice and not a breakdown. None of your top clients will even notice. I guarantee it.
Put your new prices up and only charge your new clients the new price for a while. Your older clients will be replaced eventually with new clients so then you can gently bring on your older clients to the new price change.
Drive Time Podcast
Today is Thursday and that means it is time for a drive time podcast. Today I am recommending So Money by Farnoosh Torabi.
She is fantastic. Lots of great tips on here. It is wonderful.
Tomorrow we have Spencer Smith on the Ones to Watch podcast. Be sure to hop on tomorrow and listen in.