Things You’ll Learn in this Episode of Doing it Online:
- How to make the most of an opportunity most people overlook…
- How to raise your prices the right (+profitable) way…
Our fourth and final week of Make Money May (if you missed the others check them out here, here and here!)
Amazing how time flies when you’re having fun (+ making money!)
Just to recap what Make Money May is for the new kid at the back, each week for the month of May, in the podcast episode I’ve offered up a new challenge (or biz experiment) for you to have a go at. The goal was just to have fun testing things out and see what works. (Or what doesn’t.)
If you’re keen to check back on our other 3 challenges in Make Money May, we’ve got Part 1: The Power of a Payment Plan here and then Part 2: Bundle it, Baby! Part 3 (my fave!) Make Your Marketing Pay for Itself…
And now…we have Part 4: Profitable Price Rises…
I know, pricing – especially price rises – make people feel uncomfortable. And honestly, I see people doing this wrong, A LOT.
And when we talk about money, often a lot of people can begin to sabotage themselves… And then when we talk about *raising* our prices, it can bring up a lot of worthiness issues etc and let me just say, I’m not a mindset expert.
But! I do know that the answer isn’t just to charge as little as possible.
When we create an offer, we might try and sell it as cheaply as possible. Because we think, if it’s cheap, it’ll be easier to sell…
That’s completely not true by the way.
So if you know, (or have a strong hunch) that you’re undercharging… (you know who you are.)
This one’s for you…
Challenge Number 4: The Profitable Price Rise…
What is it?
And how do you actually go about raising your prices the right (+ profitable) way?
Well, if you just put the prices up…you miss out on an opportunity.
I want to encourage you to have a special promotion, a kind of ‘mini-launch’ to your existing followers or list. Let them know you’ll be putting the prices up and giving them one last chance to get the offer at the current price.
It’s kind of reverse discounting.
Why does it work?
This one’s in Make Money May because it’s a super powerful promotion tool.
And it’s actually a win/win. For the people in your audience that have been thinking about joining but think “Oh, I’ll catch it next time.” If they keep putting it off, they’ll end up having to pay a higher price, so it just helps remove that obstacle for them.
Some people find that doing this mini-launch around a price rise has been some of their best and easiest launches ever!
So I super recommend you give it a go.
How do I do it?
How you actually put words around it is totally up to you. Why’s the program going up? Cos it’s freaking awesome and it’s even better now than when you first created it, because you’ve made improvements and added new pieces etc. So now it’s just time for the price to reflect that.
Keep your promo period short and sweet and don’t keep your cart open for more than 5 days.
Anything else I need to know about the profitable price rise?
As always, when I talk about price I need to say that there’s got to be a fair exchange of value.
If you charge too little, you’ll become burned out and resent doing the work (and possibly even your clients.) If you’re overcharging for what your students are receiving from your offer then it’s not fair on the amount of time and effort they’re investing in your services.
So the answer is NOT just to put your prices up. The price must reflect the exchange of value.
If you’re in a position where you just don’t have enough margin and so you don’t have the budget to market it etc, I’ve got other episodes you can go check out about how to price correctly like How to Price Your Offers So They Sell Easily and Make Profit Too.
This episode is really for people who *know* they’re undercharging.
And that’s it! That’s our Make Money May! Hope you had fun experimenting and being a crazy scientist in your business. Let me know how you went and which challenges you tried!
I also have a pretty epic (FREE) calculator which will show you exactly how much money and sales you’re currently missing out on…all because you don’t have a funnel. (My fave way to make sales.) You can check out right now at hellofunnels.co/money Only takes about 30 seconds and I think it will really surprise you, so go check it out!