Are you running yourself into the ground working with too many clients? Do you catch yourself saying “I don’t get paid enough to deal with this?”
Money can be a very messy topic. We worry we’ll lose clients, miss out on revenue or even get laughed out of the room. But here are 3 great reasons to increase your prices.
1. You will provide better product or service. Think about your product or service and multiply your price by 2 or even 10. What additional benefits would you provide as far as customer service, quality and how would you show up for work differently? While you might not want to double your prices, an increase might actually end up delivering more value to your customers.
2. Your client will value the product or service more. People value things they pay for. Have you ever saved up to buy something you really wanted? How did you feel once you got it? If what you offer is important to your customer, they probably will want to pay more for a higher quality product or service. Instead of undercutting on prices, highlight your unique strengths and how you are worth every penny.
3. The product or service will actually be more effective if you charge more. For example, what makes a dinner taste good? The chef? The wine pairing from Patrick? The ambience in the restaurant? Studies show that the cost of the meal really affects how much we enjoy it. When we pay for something we get more out of it. Customers might use the product more, enjoy it more, prepare more for your work together or whatever that means for your product or service.
Think about it. Would you and your clients benefit if you increased your prices?