pricing strategies

How to use pricing strategies to increase revenue

So you’ve got a business, and it’s ticking along, you’re selling some stuff, you’re making some money, but you’re not possibly making as much as you’d like to have. I’m just going to give you a little hint, the biggest thing that you can do to have the most effect in your business is to increase your prices.

A lot of people will go, oh my gosh, I can’t increase my prices, or all my clients are going to leave. Well, guess what, you can actually do a spreadsheet up where you can work out, if I increase my prices by X amount, how many can I afford to lose? Before I’ve got the same amount of income? It’s a really good way of looking at it and going, oh, yeah, there’s clients I don’t really like well, I can lose them. If I increased my prices by 1% over everybody else.

At the moment, there’s a shortage of trades, it’s a shortage of labor. It’s, I would say it’s an opportunity to print money, but it’s not really. Anyone who’s ethical or who wants to be in business with long term doesn’t want to gouge their clients. Every sale should be a comfortable decision that the buyer wants to purchase whatever the good or service from you at the price that you want to sell it out. You yourself must be comfortable with asking that price for the service that is there.

One suggestion I’ve got for you is if you want to increase your prices, have a look at bundling. Are there other low value services that you could add to the service that you do for an increased price that doesn’t take a lot of your time or your effort. Suggestions are things like you can give free eBooks, you can do online training courses. Small value benefits to the product that you sell.

So have a think about bundling where instead of people just getting one service, they get three or four with the price for the three or four is actually slightly less than if you’d had if you’d sell them individually. That works really well if you haven’t got all the individual prices on your website, of course. Bundling is a really easy way to increase your prices while still making sure that your clients are getting excellent value. And at the end of the day, that’s what you need to be doing, providing excellent service and excellent value for a fair price.

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