How to Raise Prices Immediately

If you’d like my personal help, check out my limited coaching opportunity here: https://www.mymarketingcoach.com/one-on-one-coaching/

Are you sabotaging your income and your freedom by charging too little for your products and services?

In this video I’m going to share how to raise prices immediately…and what you can do over the long-term to make sure you attract the high-end customers and clients for your business.

People would love to turn you into just another low-priced commodity.

The big retailers like Walmart and Amazon continually push down the prices of products they’re involved with.

And even services aren’t safe today. You can go to Upwork or Fiverr and find someone willing to do just about any service for bargain basement prices.

If you’re going to not only survive but thrive in this competitive online environment, you’re going to have to learn how to position your products and services for high-end buyers.

I’ve made the mistake of undercharging both for my products and my services in the past.

When I first came online, I sincerely believed no one would pay more than $50 for any kind of information product.

Why would they when they could pick up a book for $10 to $20?

This meant that even though my list was growing and I was making enough to earn a full-time income online, I was running myself ragged just trying to keep up.

A large corporation like Amazon was able to operate at a loss for years to build up a customer base.

Most small business clients I deal with don’t have that option. They don’t have millions of dollars in venture capital backing them.

If you don’t earn a profit, you’re out of business.

I used to offer copywriting services for online businesses. I charged one of my first clients only $300 for a full long copy website. It took weeks to do the work.

They asked for rewrites. More time was invested. And I don’t think they ever even used it!

So I know the pain of undercharging.

If you don’t charge a fair rate for your products and services, you can’t advertise so you can’t attract new customers.

You can’t hire people to help you, so you’re overwhelmed with the work you do get.

You feel trapped.

Make a choice today to do something about it.

Raise your prices.

One of the biggest barriers you have to overcome is your own perception of your value.

You may be the limiting factor.

One of the things that broke me out of undercharging was looking at what others were charging for similar products and services.

I thought I couldn’t sell any of my courses for over $50…and then I attended a conference where they were selling courses priced at $1,000 to $5,000!

I almost couldn’t even wrap my head around that number.

I put together a collection of products and bonuses at a package price of $495.

I wasn’t ready to go to the levels I saw from others, but I did get enough confidence to charge almost $500.

And that offer sold like crazy!

I quit charging $300 to $500 for copywriting services…and charged $2,000 on my next assignment. From there my rates went to $4,000 to $5,000 plus royalties.

Again that was a lot less than some copywriters who come in at $10,000 or more…but it was a big jump for me at the time!

The first barrier you have to get past is your own confidence.

Look at what others are doing. Not the ‘average’ entrepreneur in your market. You don’t want to be average. Look at what the successful business owners are charging.

And that brings us to the second step.

You have to prove you can deliver greater value.

If you want to be paid more, you have to deliver more value to your buyers.

What is the end result your customers want?

For example, when I did copywriting, my clients wanted to make more sales of their products and services.

They didn’t just want words on a page. They wanted sales.

What proof can you provide that you can deliver on the end results?

Go back to some of your current clients and ask for testimonials.

Put together a couple of case studies of the results you’ve produced for others.

Show your own results.

Sharing proof of what you can do for your clients is one of the fastest ways to raise your prices and attract even better clients at the same time.

Most of the people I work with have Proof Hiding Disease. They either have little or no proof on their websites…or they’re hiding their proof deep inside a “Testimonials” page.

Almost no one visits your testimonials page.

One of the fastest ways to improve your sales of anything – and charge higher prices at the same time – is moving your proof to the top of your main page. Make a promise your audience…and immediately follow it up with proof you can
deliver the results.

That moves us to the 3rd step.

Become a specialist instead of a generalist.

For example I’m friends with several copywriters who don’t write for just anyone.

One specializes in long copy for supplements.

Another writes for financial publications.

Their customers don’t want just any writer. They want someone who understands and has experience in their market. And they want proof they can deliver results for what they sell.

Plus, the copywriter gets the benefit of knowing the audience well…which saves them time having to research a bunch of new audiences.

I have several current clients who offer Facebook advertising services.

None of them offers Facebook advertising for a ‘general’ audience.

One only works with chiropractors.

Another works primarily with real estate agents.

The third one only works with auto dealers.

The client who works with auto dealers charges $3,500/month for his primary service package. This is a higher rate than the other clients currently charge.

That rate is based off the results he can deliver, the proof he can provide, and the value of his service to his clients.

Auto dealers have a large advertising budget, and it doesn’t take many car sales to equal the fees he charges monthly.

So his services are good value to his audience.

How can you specialize your service for a high-end audience?

Who would get the greatest value out of your products and services?

Find that audience…and you’ll be able to raise your prices.

Those are 3 quick tips to raise your prices immediately.

Number 1 – Reset your own internal pricing model by looking at what successful people in your market are doing.

Number 2 – Provide proof about the value you can deliver to your customers and clients.

Number 3 – Specialize in a high-end segment of your market.

Now I’ll give you an extra bonus step that can help you automatically attract customers and clients…and allow you to raise your prices over time.

Here’s a little secret to getting paid what you’re worth.

You’re paid more for who you are…than what you do.

Let me repeat that.

You’re paid more for who you are…than what you do.

You definitely need to deliver results, but let’s think about the public speaking arena.

A great speaker…who’s funny…gets results for their audience…may get paid $10,000.

A celebrity speaker…who might not even be that great of a speaker…may get paid $100,000 or even $1,000,000 for the same keynote speech.

They get 10 to 100 times the fee without any additional skill.

They’re paid for who they are…more than what they do.

Build your authority and your celebrity in the market.

Publish books on your topic.

Publish videos.

Appear as an expert on podcasts.

Create an email list and send out authority building emails week after week.

Become a ‘celebrity’ in your market.

I’ve worked with many clients who have done this. A client recently mentioned to me how he was at an event…and someone came up to him and said they couldn’t believe they were actually talking to him.

The first time I attended an event in the internet marketing space, someone brought me a collection of emails they had printed out in 3-ring binder, and asked me to sign it for them.

If you’d like my personal help, check out my limited coaching opportunity here: https://www.mymarketingcoach.com/one-on-one-coaching/

 

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About The Author

Terry Dean

Terry Dean has been in full-time internet business since 1996 and has helped thousands of entrepreneurs get started online through his articles and products. He lives in Ocala, Florida with his wife and 2 dogs. Find out more about how the Monthly Mentor Club can help you today.