Some of the biggest misconceptions about pricing increases have nothing to do with money. They are mindset related. Oftentimes I hear entrepreneurs say, “My product or my price isn’t good enough.” Other times they say, “Hey, I’m not an expert at this.” Then they say, “People won’t pay for or can’t afford my services.” None of this is true. These are all stories that we tell ourselves that keep us from embracing our greatness. It is a simple issue of confidence! And baby, in the game of entrepreneurship…confidence is King (or in the #GameChangHER case, QUEEN).
You know how much value you offer, so flaunt your stuff like you do! Pricing can be a touchy thing for people, especially in an unstable economy. So, here is how you can increase your pricing without scaring people away.
1. Increase your pricing in increments. Give your people time to adjust to your new pricing. And at the same time, you’ll build your confidence to be unapologetic about your prices.
2. Announce the price increase will happen on a specific date. This helps your customers know that there is a possibility that they’ll miss out.
3. Increase your pricing on a set date. When you say that your pricing will increase on a specific date, then actually increase the pricing. When you put a fire under your customers pants, they’ll take action.
Sales is all about convincing people of the value, not convincing people about the price. So don’t get your panties in a bunch when it happens. After a hot minute, your people will get with the program and snatch up your increased prices like Krispy Kreme doughnuts when the red light is on!