So many companies underprice their product, service, or experience – do you? Join Don Williams in this episode as he shares the easiest way to raise your revenue, as you deserve. Elevate your prices as you continue to provide value.
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You Can Be Floating On A River Of Cash
The Easiest Way To A Better Bottom Line Is To Raise Your Price(s)
In this episode, I want to talk about one of my favorite subjects on the entire planet. We are going to talk about selling. In my consulting practice, I generally help people dramatically raise revenue. We go find big bucks and start ringing the cash register. We turn those friends upside down because we float on a river of new cash that we bring into a business. I want to share tip one in that process. That is, look at your pricing. Are you charging enough for the good service or experiences that you provide to your customers? Here is a good example, one of my early coaching clients as a business coach and coach from soup to nuts where I focus primarily on the fun part of bringing in more money. This individual does everything, like strategy, teamwork, accountability, etc.What is most important is not what something costs. It's what it does. Click To Tweet
Their normal rate when they came to me was $4,000 for a day’s worth of coaching with a client. One of my first questions was, why aren’t you charging $10,000 a day? When you bring that question to a client and ask them why they aren’t charging dramatically more for their good service or experience, you are almost always met with this, “I do not feel good. I can’t do that.” My reply was, “For the level of service that you provide, I do not want to say that cost is not important because the cost is important but what is most important is not what something costs.”
“It is what does it do? It is what is my return on my investment? I do not mind putting a dollar into something if I am getting $10 back. In fact, I would like to put a lot of dollars into something where I get $10 back.” Think about it, we live in a world where most investors would be thrilled to get 8% or 10% or 12% consistently on their money but a coach who might give you ten times the return on your money, sometimes business owners or entrepreneurs are reluctant to do that. This particular client noted my point and over a period of time as the demand for their service increased, which makes perfect sense, went from $4,000, $5,000, $6,000, $7,000, $8,000, and ultimately to the $10,000.
Now, the stairsteps took place not because of the need for that but because the entrepreneur was not comfortable taking the huge step all at once. I will tell you this. It does not matter if you take the big step or if you take little steps but look at your good service or experience. Are you charging enough for the value that you provide? If you are not, please begin elevating your pricing structure to more accurately reflect the value that you provide and you will make more margins and more money in your business. I am Don Williams and that is The Proven Entrepreneur.