Is it time for a price increase but worried about a negative impact on your sales?

We’ve all been there – whether you charged a low price for your service to retain a client and then feeling like you did yourself a disservice or the need to increase rates due to the economy. This can lead to a major confidence blow and inevitably hurt the growth of your business if you don’t adapt.

Here are some ideas on how to increase prices without any stress.

Know your strategy – depending on the industry you’re in, it’s best to stay aware of the prices of competitors around you as well as the price elasticity of your clients. 

Keep your confidence high – The more confidence you have in your product or service, the more others will trust and follow your lead. 

Show the value you’ve already provided – you know the value your company brings, they know it too. But it’s always good to provide a refresher on paper or through analytics. After you strengthened their trust, you have built the necessary solid foundation to make changes in the pricing contracts.

Upsell to a bigger package or higher rate – To make up for the lack in the beginning there is always the possibility to upsell them to a new and upgraded package. They already know what you have provided them in the past, why not let them know all you can do and make them feel as though they’re getting more with a new price increase.

It may seem daunting but with a structure and strategy in place, growing your sales can be easy. Want to talk with an expert in the sales and marketing industry? Reach out!