A Million Tweaks logo

A Million Tweaks marketing

(small marketing hints and tips that grow)

Increase your prices

Don't set your prices according to what you see around you, you are better than that.

Grab pen & paper and consider a couple of options. 1) double your prices. 2) increase your prices significantly (25-50% perhaps, choose your figure).

80% of people will happily pay more so long as you provide value.

So, forget 'losing clients'. The question is this: if your prices were either of your two options higher, and you sold 80% fewer (if you must but I'm saying others would be attracted to you so you might even sell more .. I would go for 'no change' in your number of sales), what additional value could you provide, and what additional marketing would that pay for to get you the right sort of clients?

If you don't know, ask. For the latter, feel free to ask me (john@johnallsopp.co.uk) and I'll happily give you some ideas. For the former, ask on social media, or send out a Survey Monkey questionnaire to your clients (past and present) asking something like: "how could I improve my service?", "what else could I provide?", or even "if Carling did (what I do) .. describe that service to me".

Think of every element of what you do. Go through it step by step and dramatically increase the value at each step.

For instance, a B&B could get better beds, better furnishings, better food, make relationships with better restaurants, provide better guidance about what to do, improve the wifi, add bells and whistles to the bathroom, provide an ironing service, and that's before we get to the online booking experience. In each of these cases, there would be money to bring in expertise, perhaps in interior design, chef training and so on.

Make a plan. Increase your prices gradually over a year or all at once, and increase the value along with it.

Remember, it's probably easier (not harder) to sell a higher value product to people with money.

back

Sign up for one-per-day marketing tips

I will always respect and protect your info, and there's an unsubscribe at the bottom of every email.