Are you leaving money on the table? Ultimately, you want to charge as high a price as your most price-sensitive customers will pay. So if everyone can easily afford to buy your product, doesn’t it make sense that your prices are too low?
If the last time you raised prices was during the Bush administration – especially the first one – it’s time to do it again. You should raise prices each time your supplier does, and every time your market or product improves. In this article I’ll discuss why you’re probably charging too little and show you how to correct that.
Your most price-sensitive customers should feel the pinch of your rates. If you never meet price resistance, it follows that you could raise your prices and boost your income.
If it’s your job to set prices, I understand you don’t want to deal with customers endlessly grumbling over increases. But there’s an equilibrium between too high and too low, and marketing leadership recommends where that point lies. Learn to justify your value.
In the next article I show you how to increase prices painlessly using a technique my consulting firm nicknamed the Grandfather Technique. Using this technique you’ll earn maximum profit without irritating or losing customers. Until then,
profitable business All!