How to Increase Your Prices - Announcing 5 Ways to Increase Your Prices
If you are looking for an effective way to increase your revenue without really spending more for your advertising cost, I recommend that you consider charging more.
While this is considered a risky move by many, you can make this work to your advantage by simply following these ways: 1.
Improve your products first.
Before you launch a price increase, it would be best if you can improve or somehow tweak your products first.
For instance, if you are selling toothpaste, you can add whitening ingredients or something that can address your clients' gum problems.
If people know that they are spending more money to get a better product or service, I am sure that they will not mind.
2.
Communicate your competitive advantage.
Prove to your clients that your products are way better than your competitors'.
Create a product comparison guide and make sure that your products will appear supreme.
It would help if you can make use of testimonials and recommendations of your most satisfied clients.
3.
Spare your loyal customers.
If you don't want to lose a single buying customer in the process, you can exclude them in your price increase.
For instance, if you are offering web hosting services, people who already signed up before the price increase takes effect can keep their old plans.
The trick here is to use this as marketing gimmick.
People will surely sign up if they know that they will be able to save some money.
4.
Know how much your price increase will be.
You can't just charge 50% more just because you want to.
When deciding on the amount for your price increase, you will need to keep some considerations in mind; how much similar products are selling online? What is the buying power of your target market? How valuable are your products to your buyers? If people see your offerings as something that they can't leave without, you can increase your prices even up to a 100%.
However, if people can get the same service for much lower prices, you need to be careful as one wrong move can greatly hurt your business.
5.
Conduct a survey.
This is another great step that you need to take before you increase your prices.
Know what your buying customers and potential clients think before you consider charging more.
Typically, you'll get some objections but if your offerings are of high quality and very valuable, people will surely not mind spending a couple of dollars more.
While this is considered a risky move by many, you can make this work to your advantage by simply following these ways: 1.
Improve your products first.
Before you launch a price increase, it would be best if you can improve or somehow tweak your products first.
For instance, if you are selling toothpaste, you can add whitening ingredients or something that can address your clients' gum problems.
If people know that they are spending more money to get a better product or service, I am sure that they will not mind.
2.
Communicate your competitive advantage.
Prove to your clients that your products are way better than your competitors'.
Create a product comparison guide and make sure that your products will appear supreme.
It would help if you can make use of testimonials and recommendations of your most satisfied clients.
3.
Spare your loyal customers.
If you don't want to lose a single buying customer in the process, you can exclude them in your price increase.
For instance, if you are offering web hosting services, people who already signed up before the price increase takes effect can keep their old plans.
The trick here is to use this as marketing gimmick.
People will surely sign up if they know that they will be able to save some money.
4.
Know how much your price increase will be.
You can't just charge 50% more just because you want to.
When deciding on the amount for your price increase, you will need to keep some considerations in mind; how much similar products are selling online? What is the buying power of your target market? How valuable are your products to your buyers? If people see your offerings as something that they can't leave without, you can increase your prices even up to a 100%.
However, if people can get the same service for much lower prices, you need to be careful as one wrong move can greatly hurt your business.
5.
Conduct a survey.
This is another great step that you need to take before you increase your prices.
Know what your buying customers and potential clients think before you consider charging more.
Typically, you'll get some objections but if your offerings are of high quality and very valuable, people will surely not mind spending a couple of dollars more.
Source...