TUNE-IN:Â APPLE PODCASTSÂ |Â SPOTIFYÂ |Â GOOGLE PLAY
Things Youâll Learn in this Episode of Doing it Online:
- How to make the most of an opportunity most people overlook…Â
- How to raise your prices the right (+profitable) wayâŠ
Our fourth and final week of Make Money May (if you missed the others check them out here, here and here!)Â
Amazing how time flies when youâre 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 Iâve 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 doesnât.)
If youâre keen to check back on our other 3 challenges in Make Money May, weâve 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 ItselfâŠ
And now…we have Part 4: Profitable Price RisesâŠ
I know, pricing – especially price rises – make people feel uncomfortable. And honestly, I see people doing this wrong, A LOT.Â
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, Iâm not a mindset expert.Â
But! I do know that the answer isnât just to charge as little as possible.Â
When we create an offer, we might try and sell it as cheaply as possible. Because we think, if itâs cheap, itâll be easier to sell…Â
Thatâs completely not true by the way.Â
So if you know, (or have a strong hunch) that youâre undercharging⊠(you know who you are.)Â
This oneâs for you…Â
Challenge Number 4: The Profitable Price RiseâŠ
What is it?
And how do you actually go about raising your prices the right (+ profitable) way?
Well, if you just put the prices upâŠyou miss out on an opportunity.
I want to encourage you to have a special promotion, a kind of âmini-launchâ to your existing followers or list. Let them know youâll be putting the prices up and giving them one last chance to get the offer at the current price. Â
Itâs kind of reverse discounting.
Why does it work?
This oneâs in Make Money May because itâs a super powerful promotion tool.Â
And itâs actually a win/win. For the people in your audience that have been thinking about joining but think âOh, Iâll catch it next time.â If they keep putting it off, theyâll 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!Â
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. Whyâs the program going up? Cos itâs freaking awesome and itâs even better now than when you first created it, because youâve made improvements and added new pieces etc. So now itâs just time for the price to reflect that.Â
Keep your promo period short and sweet and donât keep your cart open for more than 5 days.Â
Anything else I need to know about the profitable price rise?
As always, when I talk about price I need to say that thereâs got to be a fair exchange of value.
If you charge too little, youâll become burned out and resent doing the work (and possibly even your clients.) If youâre overcharging for what your students are receiving from your offer then itâs not fair on the amount of time and effort theyâre investing in your services.Â
So the answer is NOT just to put your prices up. The price must reflect the exchange of value.  Â
If youâre in a position where you just donât have enough margin and so you donât have the budget to market it etc, Iâve 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* theyâre undercharging.Â
And thatâs it! Thatâs 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!
Bonus freebie:
I also have a pretty epic (FREE) calculator which will show you exactly how much money and sales youâre currently missing out on…all because you donât 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!