This week’s question from our portal “Ask Us Anything” comes from Kevin.
I feel some resistance when it comes to raising my prices. Before I’m on a call with someone, I write down the number that I want to quote. And then when I’m on a sales call, my instincts are to be conservative, try to make the sale, and keep my prices where they are. I keep waffling back and forth on this.
Do you have any recommendations to break through resistance to raising my prices? My fear is that I’ll lose the sale if I raise the price, and I’d rather have some sale than no sale.
That’s where the lie is. The lie is that you’ll have no sale.
It’s true that you’ll lose some sales when you raise your price. You have to accept this.
But when you raise your price, you’re also going to gain clients who are probably a better fit to work with you, because people generally make more serious decisions at higher prices.
But you have to stick with it.
Every business owner goes through this resistance when they raise their prices. They see a little bit of a drop off, as some clients say no.
You’ve got to get really confident in asking for the higher price. When you decide to raise your price, you have to stick to it until it becomes your new norm.
You’ll get resistance from some clients. You’ll get rejection because you’re raising your price. If you get a lot of rejection, it may be because you’re not up-leveling the people whom you’re selling to. You may need to market and sell to a different audience, or adjust your message.
The people who said “yes” easily before are more likely to say “no” now because the price is higher.
This will force you to be more conscious of, “Who is my ideal client? Do they have the ability to pay at this higher price?”
Remember, it’s just a decision. Get rid of the waffling and stick with it.
If I raise my price, there’s no going back. So, I think long and hard about it. If we decide to raise our prices, we’re not going backwards.
When you increase your price, you’ll probably get less clients in the door at a higher number. So, you’ll need to made any necessary adjustments on the front of your business to be able to take that on, so that you’re actually increasing and not having a decrease.
