For this episode, David explains how to increase your prices while winning more customers. Providing you with the chance to make higher profits x2. Something that sounds impossible but is actually not that difficult to do.
David shares four steps you can take today to review what you charge and raise your prices in a way that benefits your bottom line, keeps existing customers loyal while attracting new ones.
To explore how to get unstuck on your mission, put your purpose into practice and convert your ideas into impact book a discovery call with David here https://calendly.com/david-peoplewithpurpose/30min
KEY TAKEAWAYS
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Even though costs are constantly rising many business owners are afraid to put their prices up.
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A recent survey shows that customers are willing to pay more provided the service is excellent. Yet many business owners don´t believe this.
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Overcome your limiting beliefs about pricing.
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Be transparent with your customers. Share some of why you need to put prices up.
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Virtually every business can put their prices up by 5% without damaging their customer relationship.
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If your prices haven't gone up by the cost of inflation, your prices have gone backwards.
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Understand your market position. It impacts the type of customer you attract and therefore what they will pay.
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When working out your pricing factor in the benefit your product or service brings to your customers.
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Bundling enables you and the customer to get more out of each transaction.
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Make things easier for your customer e.g. deliver within a time slot they choose.
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Improve how you market what you sell.
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Reward customers for referrals.
BEST MOMENTS
“Money is the measure of the perceived value that you bring.”
“It is rare to find a business that has resolutely charged what they're worth.”
“Give your customers a quick win, so they'll be so pleased with their return on investment.”
“Reduce customer effort or perceived effort .”
EPISODE RESOURCES
Do you want free coaching with David? Now is your chance. On launch day, 13th November 2024, download and listen to all 6 of the launch episodes for the Business With Purpose podcast and send proof you have done so to David at david@peoplewithpurpose.live. The first 10 people pulled out of the draw will win free coaching with David and 20 others the chance to meet him and see him recording the Business With Purpose podcast, live in the studio.
Institute of Customer Service Survey - https://www.instituteofcustomerservice.com/jan-24-ukcsi
ABOUT THE HOST
David Roberts is a highly regarded CEO, mentor, and investor with 30 years of experience across multiple sectors. As an intrapreneur and entrepreneur, David has bought, grown, started and sold several businesses, working with values-driven start-ups, award-winning SMEs, and multinational corporations on strategies for service excellence, leadership, and profitable growth. David’s passion is for purpose and creating an environment where everyone can succeed, through building teams that get things done, execute on their mission with passion, deliver exceptional service and really make a difference.
ARTWORK CREDIT
Penny Roberts - https://www.instagram.com/penpennypencils
CONTACT METHODS
LinkedIn - https://www.linkedin.com/in/david-roberts-nu-heat
Facebook - https://www.facebook.com/DavidRobertsPeopleWithPurpose
David’s Facebook - https://www.facebook.com/dave.roberts.5076798
Instagram - https://www.instagram.com/davidcroberts_
Email - david@peoplewithpurpose.live
