Why wait to raise your prices?
Best time to do it is right now.
It’s the beginning of the year, and the sooner you raise them, the more incremental cash flow you’ll be able to profit from this year.
There’s no need to be gun-shy, thinking if you take an increase you’ll lose your business.
Don’t you believe in what you sell?
Don’t you believe you give your customers what they’re looking for?
Don’t you believe you truly make a difference?
Then do it and do it now!
Here are 5 Ways to Raise Your Price in 2015:
1. Offer a higher-end option.
Package something additional into your product offering that allows you to increase your price, and while you’re at it, add on an incremental amount. Your customers love what you do and they’re looking to you to give them more, so go for it.
2. Announce you’re increasing your prices.
Tell your customers! Don’t ask them! Give them a date to order by to allow them to have the old price, but make the date soon.
The amount customers make “forward buy” ahead of an increase is going to be large, so go ahead and state upfront all “forward buys” will be limited to a certain amount.
3. Alter what you offer by removing something and keeping the price the same.
What you’re doing is increasing your margins by removing cost while still being able to keep the price the same.
4. Raise your price and give your customer idea #3.
5. Develop a list showing all of the ways your customers have benefited from what you sell and the positive outcomes they’ve received.
Develop another list showing all of the extra things you’ve helped customers out with at no cost to them.
Go ahead and assign a dollar amount to what you did. The amount should not be your cost but the dollar value of what the customer gained.
Use these lists to keep you and your team motivated and excited about the increase. Use the lists when discussing with customers about all of the ways you help them.
The level of confidence you have when communicating your price increase will determine the level of success you have.
Copyright 2015, Mark Hunter “The Sales Hunter.” Sales Motivation Blog. Mark Hunter is the author of High-Profit Selling: Win the Sale Without Compromising on Price.