How Do I Know When to Change my Prices?
Episode 57 | Live with the Pricing Lady (Thursdays 15.00 CET)
Many clients ask me the question "How do I know when to change my prices?" I realize that they are asking mostly because they are afraid to do it. Often they know it's time but the fear of losing even one customer is so horrible they can't reconcile it in their mind.
More often than not increasing prices even at the risk of losing some, turns out to be a more profitable choice. Don't believe me check out the Price Change Calculator in my Pricing Tool Kit.
Ultimately before you make a change you need to know when to do it and this is critical for business success over the long term. Many small businesses don't address pricing until it's a problem (i.e. they're losing sales or profits). Often it's been a problem long before they've recognized it or they've simply ignored the signs.
Sustainably profitable businesses are more proactive when it comes to pricing and making adjustments. As a result they can often ride out tough times better than the rest.
In this episode of Live with the Pricing Lady I talk about how to know when to "change my prices." We look at 10 signs that indicate a price change might be needed.
- 0:55 When People Ask Me
- 2:05 The Most Obvious Reason
- 3:07 Wrong Positioning
- 3:47 It's been a long Time
- 4:37 No One Is Buying
- 5:23 Customers Says You're not Charging Enough
- 5:56 Resentful
- 7:44 Working Too Hard for Too Little
- 8:43 New Customer Groups
- 9:26 New Products / Offers
- 10.13 Atypical reasons
Here is the transcript as well.
PS: Want to get more great pricing content? Join my FB group.
PPS: Need help with your pricing but not sure if/how I can help. Book a Discovery Call.