Are you a business owner looking to increase your prices and boost your revenue in the new year? We know it can be a tough decision, but don't worry - we've got you covered. In this episode, we'll share our own experiences with raising prices and discuss the importance of analyzing your sales volume. We'll also talk about how to assess your competitors and keep your current customers happy during a price increase. We've got tons of practical tips and examples for product scoping and implementing price increases in a way that benefits both your business and your customers. Tune in to learn more and grow your business in the new year!
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Episode Show Notes :
Title: How to Increase Your Prices For The New Year
Introduction: It is time for you to increase your prices, or your business will struggle..This week Stuff Your Accountant Isn’t Telling You is all about pricing, why you should increase them, and step-by-step tips to help you figure out how to raise your prices successfully.
The Meat :
Sales Volume analysis
Understand what products and services are your top sellers
What do your margins look like? Not all top sellers have the best margins
Assess your competitors- what is the market doing?
Examine the products, services, sales prices and ads of your competitors
Practical example -
Google similar products or services that your competitors are providing
Review their website for pricing - sales price
Go to Facebook Ad library to see their active ads
Increase prices for new deals but discount for current loyal customers
Be open to negotiating - only increase the price by X% if they buy more by X% or increase gradually vs. one time.
This will help keep your current customers happy and make them feel like they are getting a good deal that no one else has.
Product scoping - finding compatible product offerings and then offering that as a newly priced offering