Raising Your Prices Without Losing Clients
Raising Your Prices Without Losing Clients
One way of raising your prices without losing clients starts long before the actual time comes for raising prices. You see, if you have planned your Internet business right, and you are selling to niche markets, you shouldn't really be competing one price to begin with. It's a myth that people are more sold on pricing than they are on anything else.
Sure, there are people who care foremost about price but the typical person, while they certainly do want to pay the lowest price for something that they can, is looking for more than price. The average person wants quality, and as long as the quality is there they are willing to pay for it.
So, in order to be able to raise your prices without losing your clients, right from the start make sure of a couple of things. For one thing, are you selling the highest quality product within your niche?
If you have a reputation for quality, and you are narrowly focused on meeting the needs and desires of people who buy within your niche, when the time comes for your prices to go up your clients will remain with you because of what you provide to them. They will even feel like they were getting a bargain before!
Another thing about product choice: if you are offering something that doesn't rely on trends and fads, but is something that people within a niche are always wanting or needing, most of them are going to continue buying it even when there's a price hike.
Inflation has not stopped people from drinking Coke or buying bread. A wild oil market has not stopped most people from driving their cars, even if some of them do drive a little less now. So, if you have already established a good relationship with your clientele, they will continue buying from you even after your prices go up because they know you, trust you, and you have something they want or need.
And how do you establish that good reputation? By always providing highly responsive top-notched customer service. Get back to client communications as quickly as you can. Always do what you said you would do. Deliver their products or services promptly and always thank them for buying from you even if it's their 100th purchase from you.
Resolve any issues they have as quickly and thoroughly as you can. Do all of these things and you will rarely have to compete on price. But if and when the time comes when you feel you have to raise your prices, there are a few things you can do to soften the blow.
First, give as much advanced notice as you can that your prices are going to go up, and by how much. Also, give your clients the reasons why you're raising prices. Is it inflation? Have your advertising costs gone up? Do you want to expand your service capabilities?
Clear, honest communication goes a very, very long way, and most of your clients are going to be quite understanding of your need to raise your prices as long as they get that clear, honest communication from you.
Raising Your Prices Without Losing Clients - To learn more about this author, visit Chris Simpson's Website.
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Some home based business owners operating online are afraid of raising their prices because they will, they think, lose a lot of their clients. But if you feel the need to up your prices to cover your time and expenses, there are ways of raising your prices without losing clients.
One way of raising your prices without losing clients starts long before the actual time comes for raising prices. You see, if you have planned your Internet business right, and you are selling to niche markets, you shouldn't really be competing one price to begin with. It's a myth that people are more sold on pricing than they are on anything else.
Sure, there are people who care foremost about price but the typical person, while they certainly do want to pay the lowest price for something that they can, is looking for more than price. The average person wants quality, and as long as the quality is there they are willing to pay for it.
So, in order to be able to raise your prices without losing your clients, right from the start make sure of a couple of things. For one thing, are you selling the highest quality product within your niche?
If you have a reputation for quality, and you are narrowly focused on meeting the needs and desires of people who buy within your niche, when the time comes for your prices to go up your clients will remain with you because of what you provide to them. They will even feel like they were getting a bargain before!
Another thing about product choice: if you are offering something that doesn't rely on trends and fads, but is something that people within a niche are always wanting or needing, most of them are going to continue buying it even when there's a price hike.
Inflation has not stopped people from drinking Coke or buying bread. A wild oil market has not stopped most people from driving their cars, even if some of them do drive a little less now. So, if you have already established a good relationship with your clientele, they will continue buying from you even after your prices go up because they know you, trust you, and you have something they want or need.
And how do you establish that good reputation? By always providing highly responsive top-notched customer service. Get back to client communications as quickly as you can. Always do what you said you would do. Deliver their products or services promptly and always thank them for buying from you even if it's their 100th purchase from you.
Resolve any issues they have as quickly and thoroughly as you can. Do all of these things and you will rarely have to compete on price. But if and when the time comes when you feel you have to raise your prices, there are a few things you can do to soften the blow.
First, give as much advanced notice as you can that your prices are going to go up, and by how much. Also, give your clients the reasons why you're raising prices. Is it inflation? Have your advertising costs gone up? Do you want to expand your service capabilities?
Clear, honest communication goes a very, very long way, and most of your clients are going to be quite understanding of your need to raise your prices as long as they get that clear, honest communication from you.
Raising Your Prices Without Losing Clients - To learn more about this author, visit Chris Simpson's Website.
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George LudwigGeorge Ludwig is a recognized authority on sales strategy and peak performance psychology. An international speaker, trainer, and corporate consultant, he helps clients like Johnson & Johnson, Abbott Laboratories, Northwestern Mutual, CIGNA, and numerous others improve sales force effectiveness and performance. Though it's George's strategies and processes that help corporations increase productivity and performance, it's his tremendous energy and dynamism that spark the transformation. Again and again, clients remark on his amazing ability to unleash human capacity and inspire men and women to break out of their comfort zones. The result is a whole new type of salesperson. His customized presentations teach achievers to make stunning advances in their lives. From helping salespeople realize cherished dreams to helping corporations exponentially accelerate revenue streams, George Ludwig leaves audiences and individuals empowered, emboldened, and clamoring for more. George is the best-selling author of Power Selling: Seven Strategies for Cracking the Sales Code and Wise Moves: 60 Quick Tips to Improve Your Position in Life & Business. - Visit George Ludwig's Website |
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Anne BarrAnne Barr has over 26 years experience in sales and marketing, six years as a franchisee. She has assisted over 367 business owners and purchasers to achieve their goals in career change, transition and exit strategy. She holds the designation of Certified Franchise Executive from the International Franchise Association, Certified Business Intermediary from the International Business Brokers Association and Board Certified Broker from the Texas Association of Business Brokers. Anne is active in professional organizations, networking groups and volunteers for non-profit entities. As owner/operator of four successful businesses, Anne has proven people skills and enjoys helping clients find the right "fit" in business ownership. Visit www.FranchiseOpportunitySpecialist.com for more information about me and my company. - Visit Anne Barr's Website |
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Kim CastleWith nearly two decades in the advertising and design business, with clients like Domino's Pizza, General Motors, Direct TV, Pedigree, Wolfgang Puck, Higher Octave Music, Hollywood Celebrity Products, Disney, and Paramount, as well as thousands of entrepreneurs around the world define, structure, communicate, and position their business for greater profits, BrandU(R) co-creators Kim Castle and W. Vito Montone discovered that entrepreneurs could experience the same power that big brands command for a fraction of the cost with the world's only process-based results-drive Integral approach to business creation. BrandU(R) is helping entrepreneurs grow with the power of extreme clarity from idea...to brand...to market(TM) and helping one million entrepreneurs become successful and whole so that they can make a difference in the world. Are you one of them? If you want to experience clarity all the way to the bank(TM), get started now at http://www.brandu.com. - Visit Kim Castle's Website |
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John PowerJohn Power, founder of Biltmore Franchise Consulting, has extensive experience developing and marketing franchises and business opportunities. He has been in and around franchising for over twenty years. From 1980 through 1990 he conceptualized, organized, and developed the American Video Association. He grew AVA to 2,000 national members, before selling the company it 1990. It was later merged into another home video marketing company. From 2000 to 2005 he worked as a contract marketing and human resources consultant to several local and national companies. In 2005 Mr. Power began working as a franchise development consultant on a full-time basis. Since that time he has helped more than three dozen companies initiate and develop their franchising program. He notes that there are many companies interested in developing a franchise program, and who need his specialized assistance. Mr. Power is a “hands-on” franchise consultant. He said, “I am the ‘nuts and bolts’ person who tends to the details for my clients.” Mr. Power holds a B.S. degree with a major in Marketing. See: www.biltmorefranchise.com You may contact Mr. Power at: jpower@biltmorefranchise.co - Visit John Power's Website |
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John BrennanJohn Brennan Ed.D. Dr. Brennan is President of Interpersonal Development, LLC, a training and development firm. Interpersonal Development has provided sales training and coaching to more than 3,000 sales reps from over 100 companies. A native of Australia, Dr. Brennan received his doctorate from the University of Rochester. His dissertation researched the effectiveness of Behavioral Modeling Technology in training people in interpersonal skills. While he has spent most of his career designing or delivering training, he was also a Vice-President of Sales of a training and development franchise with operations in 25 markets. Dr. Brennan has designed and delivered sales training in North America, Asia, Europe, Australia and the Middle East. He has been a guest speaker at numerous national and regional professional conferences. When Microsoft wanted Best Practices articles on sales for their web site, they called Dr. Brennan. The results are at http://office.microsoft.com/en-us/FX011387391033.aspx His firm’s clients have included Volvo, The Prudential, Merrill Lynch, Eastman Kodak, Gannett, Equifax Europe, the Economist Group and countless small businesses. - Visit John Brennan's Website |
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