How To Raise Your Prices
We are going to raise our prices in the coming weeks and have been examining ways that other coaches and consultants navigate the price increase.
Firstly, it’s important to note that to charge higher prices you need to be able to create consistent results.
So this is definitely for those who are already creating great results but feel they are undercharging and don’t know how to move the price upwards.
If that is you, then let’s jump in.
It seems that there are several strategic ways to raise your prices that work quite well:
#1. Target a larger client or a client you know can pay more.
Without fanfare, 𝐬𝐢𝐦𝐩𝐥𝐲 𝐬𝐭𝐚𝐭𝐞 𝐭𝐡𝐞 𝐡𝐢𝐠𝐡𝐞𝐬𝐭 𝐩𝐫𝐢𝐜𝐞 𝐲𝐨𝐮 𝐟𝐞𝐞𝐥 𝐜𝐨𝐦𝐟𝐨𝐫𝐭𝐚𝐛𝐥𝐞 𝐰𝐢𝐭𝐡 𝐨𝐧 𝐭𝐡𝐞 𝐧𝐞𝐱𝐭 𝐬𝐚𝐥𝐞𝐬 𝐜𝐚𝐥𝐥.
The rationale behind this is that most cold and even warm prospects do not know your prices until quote in a sales call.
This means that a price you set confidently on the call is the one they will accept and consider.
The key to knowing you're ready to state a higher price is a deep certainty within yourself that your work is worth this price.
This is usually because you have been delivering at a certain price for some time and know the results you are getting.
If your current clients who are getting results, would willingly pay double to get these results, then simply go higher.
On your next sales call simply state your new price and sit quietly.
#2. If you are not 100% sure of the price, simply 𝐞𝐱𝐭𝐞𝐧𝐝 𝐭𝐡𝐞 𝐩𝐞𝐫𝐢𝐨𝐝 𝐨𝐟 𝐲𝐨𝐮𝐫 𝐞𝐧𝐠𝐚𝐠𝐞𝐦𝐞𝐧𝐭 𝐚𝐧𝐝 𝐚𝐭𝐭𝐚𝐜𝐡 𝐭𝐡𝐞 𝐧𝐞𝐰 𝐩𝐫𝐢𝐜𝐞.
For example, if you currently charge $3000 for 3 months engagement, then state that your offer is now 4 months for $5000.
While you are essentially giving more time away to your clients, it's likely they will still achieve beneficial results within the 3 months of your program is proven.
The remaining months will be a buffer for them to feel like they have access to you if they need to, however if they are achieving results it's unlikely they will need your time in an intensive manner.
You can then later, amend your service back to three months but retain the higher price.
#3. An alternative to #2 above is to 𝐬𝐭𝐚𝐭𝐞 𝐲𝐨𝐮𝐫 𝐧𝐞𝐰 𝐩𝐫𝐢𝐜𝐞 𝐛𝐮𝐭 𝐦𝐚𝐢𝐧𝐭𝐚𝐢𝐧 𝐭𝐡𝐞 𝐬𝐚𝐦𝐞 𝐭𝐢𝐦𝐞 𝐩𝐞𝐫𝐢𝐨𝐝 [e.g. $5000 for 3 months engagement] but 𝐭𝐡𝐞𝐧 𝐨𝐟𝐟𝐞𝐫 𝐭𝐡𝐞 𝐞𝐱𝐭𝐫𝐚 𝐭𝐢𝐦𝐞 or extra features 𝐚𝐬 𝐚 𝐁𝐎𝐍𝐔𝐒.
For example, on the sales call you simply state your price 'The investment is $5000 for 3 months coaching', and then incentivize it.
'If you sign up today, you get 1 month extra for the same price.'
This is a good tactic if you find you are getting many clients who retreat to 'think about it.'
Giving incentives for quick decision-making can help close ambivalent sales conversations.
#4. 𝐒𝐭𝐚𝐭𝐞 𝐲𝐨𝐮𝐫 𝐧𝐞𝐰 𝐩𝐫𝐢𝐜𝐞 𝐚𝐬 𝐭𝐡𝐞 𝐦𝐢𝐝 𝐩𝐫𝐢𝐜𝐞 𝐛𝐞𝐭𝐰𝐞𝐞𝐧 𝐚 𝐥𝐨𝐰𝐞𝐫 𝐚𝐧𝐝 𝐡𝐢𝐠𝐡𝐞𝐫 𝐨𝐩𝐭𝐢𝐨𝐧.
For example, if you lift the bar even higher and state you have a year-long program for $12,000 and a course-only option for $990 then place your 3-month coach at $5000, this can make the new price seem a reasonable option between the extremes.
Psychology dictates that people will perceive your work to be of higher value because you can command a higher price
And they will gravitate to the midpoint between low and high prices to gain the maximum perceived value for themselves.
Of course if someone accepts your highest tier offer you now have a new bar set for what you are able to sell.
You can simply rise to the occasion.
These are just a few ways I have observed people raise their prices.
𝗪𝐡𝐚𝐭 𝐚𝐫𝐞 𝐬𝐨𝐦𝐞 𝐬𝐭𝐫𝐚𝐭𝐞𝐠𝐢𝐞𝐬 𝐲𝐨𝐮 𝐡𝐚𝐯𝐞 𝐨𝐛𝐬𝐞𝐫𝐯𝐞𝐝 𝐨𝐫 𝐭𝐫𝐢𝐞𝐝?