Put your prices up

Yes, put your prices up…now !

In my experience, Business Owners like you, fear putting their prices up.

“OMG if we put the prices up all our clients will leave and go to the cheapest option….” However, this is very rarely the case.

Think about how you buy products and services…. If someone offers a brilliant service, or a great solution to your problem, you’d pay for it, right? Price ‘may’ come into the discussion, but it usually won’t be the deciding factor. Your clients and customers do the same.

When we first started on the WhichBingo journey, our business model was simply to sell advertising space on our websites. In terms of pricing we simply picked a number that we felt comfortable with, and started selling at that price.

We made sales periods short, so we could then put the price up for the next sales period if we wanted to. When clients wanted to re-book/re-purchase advertising space, they did so because the advertising that they had previously booked had worked. We took this to mean we had perfect proof that we could increase our prices, which we did, on a regular basis. We only stopped putting the price up when clients stopped booking, which we took to mean that the prices had become too expensive. At which point we slightly dropped prices again.

And remember, your sales prices can be flexible like ours were – we often changed prices month by month.

And actually, when was the last time you reviewed your pricing? I’ll guess it was a while ago.

Think about it – even if you put only some of your prices up by let’s say 3, 4 or 5%, how much would that put straight onto your bottom line? Do the math… as the Americans say! It’s incredible to see the difference it makes to the numbers, even with small increases. And the client probably won’t even notice.

It’s always easy to think ‘they won’t pay that much or they can’t afford it’, but very often that’s not the case. You very rarely know what the client can afford or, more importantly, how much they are willing to pay.

But don’t just listen to me, have a read of this by Janine Coombes on the same subject.

Go on… be brave… have a go. Let me know how you get on…

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