Read this carefully because it will change your business and life…FOREVER!
One of the biggest, most exciting opportunities in your business is the ability to sell at prices or fees substantially higher than you ever have before, than ALL your competitors, than your industry norms… even though you think you can’t… and have more receptive, responsive, happier, more loyal customers, clients or patients.
Here are five reasons to embrace this miracle:
- More income per customer (annual customer value and lifetime customer value)
- More equity in your business
- More income per transaction, per product or per service
- More income from less work
- More respectful and appreciative clients
Let me ask you something that illustrates the effectiveness of this approach.
Let’s say you have 100 clients and each of your clients is worth $1,000 a year to you.
By embracing the concepts I’m talking about, you could increase the annual value of each client by 50% to $1,500 (and trust me this is not only possible, but on the low, low end of what’s possible). You’ve now increased your income from $100,000 to $150,000 a year.
BUT… what if you lose clients by doing this?
Even when handled correctly, you will lose some clients when you raise your prices. So let’s take a big number and say a full 25% of your clients leave you.
So now you only have 75 clients each giving you $1,500 each per year.
You’re still bringing in $112,500 (a 12.5% INCREASE from your previous income) a year and doing 25% LESS work.
Here’s one quick tactic for increasing prices immediately. Take whatever you sell and create a “deluxe” version that costs 30% to 40% more.
Obviously choose things that either don’t increase your costs or that increase them by less than the increase in price.
By following this one strategy alone, you’ll find that – if presented properly – a minimum of 20% of your customers will almost always take the deluxe version.
What would your business look like if 20% of your customers immediately started paying you 30% to 40% more?
_______________________________
This is an excerpt from my book, “9 Rules For Business Prosperity in the New Economy”. The book may be purchased in both printed and Kindle editions at: http://arizonamarketingassociation.org/9-rules-business-prosperity/