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=]

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Your dog is so cute… what kind of dog is it?

Whenever I walk my dog-Lily, which is every day and sometimes twice a day, I get this question- “what kind of dog is that, it’s so cute.”  It never fails, day in and day out.  I used to get annoyed because I was trying to get us both some exercise and had no time for chit chat.  Now many months later, I just find it amusing and actually stop to answer their question. (Photo- This is the photo that drew me to Lily on Petfinders– she looks like snoopy- Look at that left ear!)

For those who get my printed newsletter, you already know that I’m a huge dog lover.  She’s my silent business partner, and I post photos of her whenever possible.  And some of you even know the whole story of how we got Lily from last November and went through that thorough and stringent process of adoption.

She of course is a mutt- they thought she was part German Shepherd and Golden Retriever and so did we.  When we got my favorite dog catalog from Orvis and they had this special genetic test you could buy to see what your dog was- we did it!  Talk about a great product and great marketing- these guys are making a killing- it’s almost as popular as the chip you should put in your dog in case they’re ever lost.  For $75 they gave us a swab to use on the inside of her mouth and place it in the self-mailer tube and off went all her genes to the lab.

It took longer than I had thought to get her results back. Yet when we did, we were somewhat surprised.  They send you this great certificate with your dog’s name and photo, (Photo- This is the photo I gave them- this was when she still had her puppy ears- one up, one down) and results. Drum roll please….

Our Lily is 48% Golden Retriever, The rest is a mix of Collie, Border Collie and Sheltie – go figure!  So imagine my delight now when people stop me and ask me what kind of dog she is and I ramble all of the above.  I’m sure they think it’s a new kind of breed or something because I’m spouting with great certainty what kind of dog she actually really IS.  That’s when I tell them that we adopted her and I took this cool test to see what kind of dog she really was…..

So if you have a mutt and are interested, I’d check out this test.  The vet thought it was great because we know her genes and can see if she’s susceptible to any diseases.

Now let’s get back to the marketing of this test- who would have thought a company selling a gene test for dogs would get even smarter.  This week I just got an email from them thanking me for my business and telling me they’ve just upgraded their testing system.  The test I did only tested for 38 breeds.  Now for only $50 I can do another test that now has 70 more breeds.  I was rather impressed by their marketing- what a great niche- going after all the people that bought a previous test, and getting them to do it again because they added more breeds. I have to admit I was almost tempted, but I think we have enough information for now. (Photo- Here’s Lily all grown up- doing what she does best- relaxing on the couch!)

So the moral of my story because this isn’t just about dogs (sorry Lily).  So if you’ve read this far- kudos to you- this story is also about great marketing- do you have a product or service that is niched to a specific markplace that you could make a few tweaks to and upgrade it and go back to all your clients that bought it and sell them something more? This is THE BEST strategy because they’re already proven buyers and hopefully had a great experience.  Try this out in your business- now’s the time to act.  And Ms. Lily is itching to have her say, you never know she may get her chance to write a post one of these days… 🙂 [digg=]

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