How to properly announce a price increase for your business

Key quotes:

• "If you want to raise your freelance rates, there’s no better time than the start of a new year."
• "While you should take into account everything you’ve achieved over the past year, it can do more harm than good to push for a huge price jump, particularly if you’re main clients are ones you’ve worked with for a long time."
• "You’ll be able to gauge how increasing your rates will go down with other clients from this, but be wary — clients that pay the lowest rates are often the most difficult (I don’t know why, it’s just some weird freelance law) so even if they do react badly, it doesn’t mean your other clients will."

Key quotes:

• "Read on to learn how to raise your freelance rates without losing your regular clients and what not to do when you’re trying to raise your prices! Before we get started digging deep, here’s what you’re NOT supposed to be doing when trying to raise your freelance rates."
• "If you want to raise your freelance rates, it’s only fair if you let your regular clients know as soon as you’ve made the decision."
• "It’s simple really — if you want to keep providing the most value with the time you have at your disposal, you have to make it sustainable."
• "Here’s a list of things to do to raise your freelance rates."
• "Now it’s your turn to explain how your new rates provide more value."
• "Because if you don’t, and if you simply state that you’re raising your rates, it may sound like an attempt to ditch them! Here’s how to raise your freelance rates without having it backfire to you: Offer a free trial of your new services."

Transcript: Hey gorgeous!It's Denise here from Luckybitch.com And I'm gonna ask you a personal question:How often do you increase your prices? And when is the last time that youactually even announced an increase? If you’re anything like the averageentrepreneur the answer is probably “never,” or “not for ages.” In fact, most womenI know are just totally undercharging in the first place, and that’s a recipe forburn-out and can even affect your positioning in the marketplace and howclients perceive you. Increasing your prices is something you need to doregularly as a business owner, and honestly it doesn’t need to be scary –so today we're going to talk about how you can justify it to yourself and to your clientswithout feeling bad or like a greedy bitch. Be honest with me – when you think aboutincreasing your prices, do you feel guilty or kind of stressed about it? If you do, that’sactually really common. The truth is that pricing is one of the things that feelsreally emotional for women. It can feel really tough to set your own prices, whichis why so many women try and crowd source their pricing or they just want somebodyelse just to tell them what to charge. Think... See more →

Key quotes:

• "But you’ll need to understand why they reject price increases before you can get them to pay whatever you ask."
• "It’s also the reason why a one-size-fits-all approach to pricing fails when you’re selling services."
• "These clients are more likely to say “yes” to your price increase, if you time it right."
• "The vast majority of designers “tell” their clients they’re raising their prices."
• "Clients aren’t forced into something they don’t like, they’re enticed into something they can’t wait to buy."
• "Designer: We’re offering this to clients that upgrade to our concierge service."

Transcript: Welcome to my YouTube channel in today's video we're gonna be talking about how to set your pricing as in your sales and how to figure out exactly what you should be charging so that you're making the amount of money that you want to make alright guys welcome to this video I'm really excited to be talking about the subject of pricing to set your pricing and really how to nail down exactly how much you want to be making and how to charge accordingly so that you're actually making the amount of money you want to make each year the reason why I'm creating this video is because a lot of you guys had asked for a video on how to actually set your prices so I have another video on how to raise your prices but what about if we don't know where to set our prices at in the first place so this video we're going to be breaking it down going a little bit deeper and again how to figure out exactly what you should be charging now a lot of times we tend to look at everybody else's prices maybe we look at the... See more →

Key quotes:

• "Start with your pricing objectives to help determine the pricing strategy for your products."
• "SEE ALSO: How to Increase Sales in Retail — The Ultimate Guide Pricing involves a little bit of art, a little bit of science, and a whole lot of strategy — including balancing the prices across your entire product range to achieve your goals."
• "The manufacturer sets a product price that incorporates data regarding the pricing of similar products, the cost to manufacture the product, and a profit margin for both the manufacturer and the retailer."
• "It’s when retailers sell products at a discount or sale price."
• "SEE ALSO: Use Intelligent Retail Pricing for the Profit Boost You Need Traditionally, many retail products have been marked up 100% (the keystone pricing strategy above)."
• "It collects the data you need to help you track your best-sellers and your returns, while also providing you with sales reports that generate profit margin data and measure how effective your pricing strategies are."

Key quotes:

• "Source: A Smart Bear Here’s how the revenue played out in the first 48 hours: The Book ($39) Units: 151; Revenue: $4,448The Book + Videos ($79) Units: 104; Revenue: $6,296The Complete Package ($169) Units: 67; Revenue: $8,803TOTAL $19,547 from 322 sales For his next launch, Nathan increased the higher price points and made $34,605 from 404 units in the first 48 hours."
• "One way to do this is to talk about the real-world value your product will deliver — If your HR management software can help your client save $200k on recruitment, use that as your price anchor."
• "It’s easy to understand what’s going on with the iPad, but what happens when we use another number as a price anchor, something completely unrelated? It’s an anchor and it’s exactly how Steve Jobs pitched the iPad."
• "When you’re creating your pricing structure, or pitching on a sales call, placing an arbitrary (high) number in the mind of your customer will help them place more value on your product."

Transcript: The more you focus on the value of your product or service the less important price becomes hello I'm Brian Tracy today I want to talk to you about a very common question I get how to sell value versus selling price one of the great areas that I work on with corporations all over the world is called the value proposition or the customer value offering what it basically says is that customers buy your value or service because they anticipate enjoying of value that they would not have in the absence of your product or service people don't buy products they buy the results the product will give them now I've trained more than 2 million salespeople in 75 countries and I teach them all the same thing sell the value and the benefit of your product or service to your customer focus on explaining and expressing how it works for the customer if you focus on the value the price becomes less and less important if you don't focus on value the only thing you can talk about is price now here's the research the research says that the value is the difference between the price you... See more →