How you can raise prices- right now- promise…

I know what you might be thinking- “how could I possibly raise prices right now with what’s happening in the economy?” The “sky is falling” down on Wall Street and banks are imploding.  In fact my little brother works for Lehman Brothers and still has a job- for now- thank goodness.  But the real deal, is you can’t get sucked into the negativity and mind set that all businesses are going to go under.  This is actually NOT TRUE.  There are many businesses who are making tons of money.  The fact is, you just might have to dig a little deeper and change the way you’re marketing or change the way you get new clients.

Let’s get back to the real point at hand- raising prices.  The one main factor why people don’t raise prices- is they think they’ll end up losing clients and just be another statistic.  Well here’s the reality- if you’re business is one that’s creating value for your customers and clients, and if you’re focused on the market that’s affected least by this tumultuous economy, then you’ll be just fine…

One of the biggest ways you can raise prices is by changing “who” you are selling to.  The key again is to go after those least affected by the downturn in the economy AND focus on their passions, not their needs.  The market that I’m talking about is the mass affluent. In fact in this  months printed newsletter I spent a few minutes talking about the new book I was reading-  No B.S. Marketing to the Affluent: The No Holds Barred, Kick Butt, Take No Prisoners Guide to Getting Really Rich by Dan Kennedy. This is a wonderful and inspiring book.  There’s tons of great information in here that you can take all the way to the bank.  Don’t delay, you need to get your copy now!

Here are 7 smart ways to raise your prices-

1) Charge for things you now give away for free (& others still give away for free)

2) Upsell with your sale- add on more value and bonus and increase your original sale

3) Always give away a premium version of what you’re offering- in fact the best thing is to give people a choice of three- hence Silver, Gold and Platinum memberships are offered more often than not.

4) Bundle products or services together to force a higher transaction sale

5) Upsell after you make the sale

6) Change what you’re selling or the way that you are selling it

7) Use forced continuity- charge monthly fees automatically- for example- online memberships or newsletter

There are many other ways to do this, but these are actually right on the money and are from Dan Kennedy when he spoke at the 2008 Marketing & Money-Making Superconference.  If you only do one or maybe even 2 of the things, your could be makingmore money.

I know what you might be saying, “But Shannon, you don’t understand, if I raise my prices that my clients might leave and find it cheaper elsewhere.”  Well here’s the deal- that’s fine, in fact, that’s good!  Because the reality is you after you raise your prices, you won’t need as many clients ANYWAY!  So just stop “yeah butting” me and just do it! I know you’re not charging what you’re worth, that’s really hard, so just don’t think about it anymore- you’re not your client- raise your prices.  Ok, I hope you heard me- go forth and reap your rewards.  Remember- surround yourself with positive people who are making as much as you, if not more.  You will become who you spend the most time with- so beware… (Ok, I don’t think my dog counts though.  Yet, if I were more like my dog, that might be a good thing!) [digg=http://digg.com/business_finance/How_you_can_raise_your_prices_right_now_promise]

Are you singing the recession blues?

Well I sure hope not, because as an entrepreneur and business person, you need to be focused on how to increase your business. You need to get your head out of the sand and not use the excuse that the economy is in a recession and that’s why your business isn’t doing well.

I just went and saw the most motivating and inspiring marketing mind ever. His name is Dan Kennedy. He’s so many light years ahead of businesses because of how he thinks, it’s a little bit scary. He’s the one that’s said many times, if you’re smart and you know how to market and who to market to, you can make money in any economy and you know what- I agree with him and I am doing it!

I had the pleasure of being able to see Dan Kennedy live, last week in New York- for FREE. This was a rare appearance and I have to say if you have the opportunity to see him speak, go see him, he’s so refreshing and has such a fascinating outlook on business. He was speaking at an event and promoting his new book, No B.S. Marketing to the Affluent: The No Holds Barred, Kick Butt, Take No Prisoners Guide to Getting Really Rich. He focused his talk around if you’re not doing well right now, it’s not because of the recession, it’s because you’re not getting people excited enough about buying and doing business with you. He also said it could be because you’re not as agile to change your business with the times. I’ve said this numerous times before- in a recession, you need to shift who you’re selling to- focus on the people who are least affected by the recession and that would be the mass affluent. I also had the pleasure of speaking with him at the break and it was a real treat for me and inspired me to make some much needed changes in my own business.

In this crazy world of business you need to be agile and ready to able to move with the world, however it turns- tragedy vs. opportunity. He also said a number of other fascinating things that I want to share with you-

  • The number of competitors in a market place doesn’t matter. You simply need to craft a business with over laden with value and marketing services. Create a unique market place and niche- promote your key benefits to your niche.
  • Done for you is best- gone are the days of teaching people to fish- give them the fish- now!
  • Price is controlled by value of the product to the buyer. A good example is if you’re selling one of a kind jewelry pieces- ensure you’re going after the customer who values and appreciates this unique factor.
  • Business isn’t bad- it’s just that follow-up really sucks.

Lastly, before I go- I had to share these with you- Here are the 6 secrets to increasing your profits in today’s recession-

  1. Always have good, better and best categories- give your prospects 3 tiers to buy from. They will always buy according to emotion, not logic.
  2. Raise your prices now- we all are not ever charging enough for our products and services. Plus in a recession you can make up for the loss of volume by increasing your prices.
  3. Target better customers- go after the mass affluent- sell to people who rarely make their decision based on price.
  4. Never do what everyone else is doing- 99% of businesses do things a certain way and it’s always usually wrong. Be part of the 1% to break out and do things differently.
  5. Have immediate up sells when you get a customer- e.g.- sell them a tie when they buy a suite, etc.
  6. Multiply your customers with post sale follow-up – send a thank you letter, or send a thank you and up sell later. Always, always follow-up with your clients and customers.

So take these 6 things all the way to the bank. Put away the newspaper, in fact, stop reading or watching the news altogether. Focus on the positive aspects of your business and your life and work towards being incredibly successful and happy! [digg=http://digg.com/business_finance/Are_you_singing_the_recession_blues]