How to Increase Your Prices- The 10 Major Factors
As long as there’s a market for it and an opportunity to create a fair exchange for sustainable growth without losing business you can increase your fees with relative ease. Discover the 10 major forces and factors that enable you to increase your prices in your business venture or existing company. Understand the market forces and essential elements that drive market changes and how you can increase your prices, increase your customers and disrupt and evolve your market. Learn that as long as there’s a market for it and an opportunity to create a the most important thing of all, fair exchange, you can create sustainable growth, increase your fees and all without losing business any business.
KEY TAKEAWAYS
10 major forces and factors that enable you to increase your prices:
The marketplace - How much demand is there in your chosen marketplace? You can drive growth by disrupting, improving and evolving the market. Rule number 1 is to ensure you’re in the right marketplace or identify opportunities in your market that can be disrupted as a result of your price changes. Incremental price rises in small but regular doses mean your clients won’t leave you. Additionally, it is possible to disrupt commodity-based market places that appear to have a price set.
The competition - Your competition somewhat dictates the relevancy of your prices. There is a bracket in which you should operate your pricing strategy set by the low and high competition.
Your position in the market - If you want to increase your fees you need to identify your position within your market and what you’re looking to achieve from a volume of sales perspective. High prices will mean less volume and lower prices will mean higher volume so it is a balance of market elements, competition and the product or service you’re offering. You can, however, change your position in the market, it is not set.
You experience in the marketplace - Remember this is not direct marketplace experience, this is the experience you can draw on from all of life’s ventures and the skills, strategies and techniques you have honed throughout your career and in other markets and how you can apply them to your new business. Increasing your prices using a strategy transmuted from another marketplace is a perfect way of disruption. Just look at how new market entrants have dominated their market in less time than the established competitors.
Your reputation - Help people, care, do the right thing and manage your online reputation. If you can manage your emotions and drive the right PR you will have credibility, an increased reputation and as a result, you’ll be able to increase your prices and be a go-to place for you customers, clients, followers and fans.
Your self-worth - Your self-worth, your net-wroth and your industry niche all link to your reputation and ability to set your market pricing. Ensure you believe yourself, forgive others and do not let anyone hold you back. Grow your self-worth and increase your prices.
Proof - How man client testimonials do you have? Media appearances or endorsements from credible sources? You are not your best salesperson, the best person to drive your business forward is someone referring you. Focus on getting more testimonials and focus your marketing around them so that you can increase your prices.
The scale of the problem you solve - The more pain you relieve, the bigger the problems you solve the more you can charge. The more you care about the problem you’re looking to solve the more you can create better and more relevant products or services. Also, look to disrupt and innovate throughout your business journey.
Business scale - How can you scale your business and where is the limit? If you have a higher volume and a huge reach you can increase your prices due to the demand you have and the amount of people you serve.
How much value are you creating? - The more value you create the more fair exchange there is in the marketplace ie the more your customers are willing to pay for your products or services and the environment in which you’re serving your customers. Aim to seek to care and to feedback from clients and as a result, you will know what problems you can solve for them and therefore create an experience, a product or a service that fits their needs, solves their problems and create a fair exchange value in the market place that will then drive your prices up exponentially.
BEST MOMENTS
“Don’t forget what you’ve done your whole life this is relevant and translatable to your new venture”
“For retailers to survive they need to offer services as well as products”
“Give your clients and customers and experience and as a result, you will be able to increase your prices and disrupt your marketplace where your competitors are not.”
“The single most important thing is the amount of value that you create in your marketplace”
VALUABLE RESOURCES
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”
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