How To Know When You Can Raise Your Prices:
Part 2: How To Create Must Have Offerings
There really is no secret to it. You know when you can raise your prices because your customers will tell you. NO, they don’t call you up and tell you to raise your prices. However, they will tell you what they need. You must have a keen sense of curiosity to hear their subtle needs. Once you discover a need, begin to do your research to learn how many other clients and potential clients have this need.
First: Listen For Clues
Every successful business knows the needs of their customer and they are passionate to find new ways to be the one to provide that need.
As a business coach, I continued to see that a need of my business clients was to better understand what their natural business strengths were. I began to search for resources and found Gallup had rolled out a new book and assessment to profile a business builders natural talents. Their unsurpassed research gave me confidence in their tools. I had a business coach for myself, who suggested that I take the assessment first and experience the process for myself. With some powerful coaching questions, my take away that day was that Gallup’s training program was just what I needed to meet the increasing needs of my clients.
Second: Get New Certifications
If you are a business that provides a service, new certifications might give you the powerful edge your customer needs and is happy to pay you to provide.
Entrepreneurial Strengths Coaching was a new service I could provide my clients, with the credibility of Gallup to train me. I found my clients were happy to be coached by a Gallup Trained Entrepreneurial Strengths Coach.
In the process I discovered a whole new target market for business coaching. I had wanted to coach teams for several years. My training gave me the edge and specialized service business teams needed.
Third: Different Needs Determine the Price
There are two types of needs that clients have in business. Logical needs and Personal needs. Logical needs meet the requirements for survival of the business. Personal needs are perceived benefits that make business easier or better.
I was able to easily make the case that Business Building Strengths Coaching was a Logical Need. Survival of the business depended on learning the Business Building Strengths of the team which included the deficit of strengths on the team. Business decline AND business growth are directly related to the well roundedness of the core business team.
My Coaching Business immediately increased and this new service justified an increase in my fees.
Listen during conversations for the clues your clients give you of your services they don’t know they need….YET! Be ready to pitch and then customize options that you design specifically to accomplish their desired outcomes.
Fourth: Present Your Service Differently
Break out of the old thinking of charging by the hour or by the appointment. Creatively packaging and presenting different ways to deliver your services and products can give you the basis for increasing your prices. This option always requires integrity. It is not a blank check to gouge clients…merely a more professional way to charge what you are worth.
- Public Speaking
- New Packages that wrap service options together
- New Ways of collecting payments
- Customize a package for a client
These are just a few ways to repackage and present your services and products in a new way.
Be creative when looking at ways to raise your prices without sticker shock. Listen to your clients needs, determine the type of need, then do what it takes to be the best resource to give your clients what they need. A client would always rather pay someone they already know and trust to provide for their needs rather than go out and find a new resource to help them grow.
How have you found ways to creatively raise your prices and keep your best clients in the process? Share what you’ve learned about the subject of growing your business and raising your prices simultaneously.