Rapid Profit Booster
Graham Winmill - 20th August 2008
-
How to Increase Your Price without Loosing
Customers
INCREASE YOUR PRICE. This is a simple
strategy, but it still sends chills down the spines of most
business owners. When I give out this particular piece of
advice to struggling entrepreneurs, I either get a stunned
reaction, or a torrent of excuses and reasons why it wouldn’t
work in “my business”. I give this advice quite simply because
it is one of the most powerful ways you can multiply your
income without re-inventing the wheel… and it works.
Price elasticity means that on average only 10-20% use price as
their main buying decision and you should do everything you can
to avoid those people. This means that 80% buy what they want
when they want it and price is way down on the list of
priorities. If you don’t agree, look outside at the cars on the
road, if price was a main consideration then there would be no
BMW or Mercedes Benz motor cars sold.
If you are not charging premium prices then you are leaving an
awful lot of money on the table.
What I am about to tell you can dramatically increase your
income if you correctly apply the right techniques to every
product or service you sell. I suggest you carefully analyse
each of these tips and start applying them as soon as you can.
You won’t lose customers; you’ll just attract the ones with
more money to spend.
Re-enforce Results and
Benefits
Focus on the benefits of
your product or service and push the results that solve the
problems or create the aspirations of your customer. For
example if they want to lose weight fast, show how successful
your diet pill is in helping achieve this goal. Use pictures
and testimonials to add credibility. You need to mentally
prepare your customer to buy. Results and Benefits are
incredibly persuasive.
Position your product or service as
exclusive
Make your offer more
appealing by using exclusivity. This could be a time deadline
or supply limit. It can be harder to ask for a higher price if
there’s an unlimited supply, or if the offer never ends. This
technique adds a sense of urgency and compels the customer to
act fast whilst knowing they paid “extra” to get that one of a
kind product.
Give people exclusive access to
you
If you sell a service, always remember that people want a piece
of YOU, and they’re prepared to pay for it. There’s nothing
like personal consultation or one on one service that makes a
customer feel special. This is win-win, because you can charge
a higher fee and the customer gets faster results from working
with you personally.
If you would like more information
on Boosting Your Profits then please contact me on
the numbers below.
That's all, now get back to work.
Graham Winmill AInstIB
Back to
Top
| 
