By Sean R Mize
Are you planning to increase your prices? Then, you will need to know these methods so you will not run the risk of losing your clients in the process:
1. Establish your reasons. Why would you like to increase your prices? Do you want to increase your revenue or improve the perceived value of your offerings? Perhaps you need more money to cover for the increasing overhead and advertising cost or you simply want to set your own prices. You see, you cannot just increase your prices just because you want to. You'll be successful in this endeavor if you know the real reason for taking such a huge step that can have a great impact on your ebusiness.
2. Do your research. You cannot increase your prices without doing your research. You need to know how your competitors will going to react on this change and how your customers will going to take it. Conduct a survey among your potential clients by sending them questionnaires through your autoresponders and hire somebody who can research your competitors to get as much relevant information as possible.
3. How much? Before you increase your prices, you need to know how much more you are going to charge your customers. You need to be careful on this one as this can shoo your clients away. Make sure that you charge base on the real worth of your products and services to make your clients feel that they are still getting their money's worth despite the price increase.
4. Improve your products. This is another great way to soften the blow of a price increase. You can incorporate value-added products and services that can enhance the experience of your customers. You can offer faster delivery, improved customer service, improved quality of your products and services, etc.
5. Announce it. It is your clients' right to know about the chances that can have direct impact on their pockets. So, before you apply the price increase on your products and services, make sure that you tell your customers about it first. You can send them snail mail or call them. If you are running your business over the internet, you can send email announcement to your opt-in list or talk about it on your blog and website. Don't forget to tell your clients the reason behind the change and make it benefit-driven.
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Sean Mize teaches coaches, consultants, and small business owners how to package their knowledge and sell it in high priced coaching, consulting, and online class packages, and is an expert at using articles like this to drive traffic to his website, and has taught hundreds of clients his secrets. Sean says "If you have an existing marketable service or skill that you can teach others, I can teach you to package it into a high-priced class or coaching program, guaranteed"
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