Make your customers happy: Raise your prices!

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Make your customers happy: Raise your prices!

Encourager-In-Chief: January 22nd, 2020

Don’t wait for your customers to beg you to do this.

Most entrepreneurs I talk to break out in a cold sweat when I start talking about it being time for them to raise their prices. That’s because price is almost always more significant in the mind of the seller than it is in the mind of the buyer.

For some reason, entrepreneurs think that if they raise their price even one penny, their clients are all poised to start dialing a competitor and find somebody cheaper. This is just not true. If your prices are too low, I guarantee you that your customers already know about it because they’ve already checked out and compared you to your competitors. Customers only leave on price when the service does not justify the cost. If you’re giving great service to your customers and they tell you so, you have nothing to worry about.

But I have a feeling some people still need more convincing that it might be time to raise your prices. I know one of my coaching clients who certainly felt that way. She was selling printing services and went to visit IU-13 — a nonprofit business. I’m specifically pointing out that it is a nonprofit business because we know that most nonprofits do not have extra money in their budgets — especially for printing services.

When she visited her longtime client, her contacts begged her profusely to raise her prices. Their reason: Her competitors had been in to see them and their prices were so much higher that the clients were afraid their favorite printing vendor wouldn’t be able to stay in business without a price increase and they would lose the opportunity to work with her.

I’m sharing this lesson with you to make sure you don’t wait for your customers to beg you to raise your prices. If they already know that you’re not charging enough, shouldn’t you? They can’t raise your prices. Only you can do that. If you’re giving them great service, then don’t be afraid to charge them for it. As soon as your first customer pays your new higher rate, you’ll be saying to yourself, “Why didn’t I do this sooner?”

If no one ever tells you that your prices are too high, your prices are too low.
- Lawrence Steinmetz

This excerpt is taken from the Overcoming Price Objections seminar. I encourage you to register for this great event on February 20, 2020 at the Comfort Suites in Manheim, PA.

The Psychology of Selling III: Overcoming Price Objections

VIEW SEMINAR

My Overcoming Price Objections seminar is also available digitally as a video course through Dave Romeo Online University.

Overcoming Price Objections video program

Overcoming Price Objections video program

VIEW COURSE

Let me hear from you!