“When ‘Small’ is Not Enough”

Do you have a small business that you want to be bigger?

Do you ever find that servicing your current clients consumes so much of your day that you’re left with little or no time to work on growing your business?

If so, consider this. Try raising your prices!

You heard me.

Do it.

Now.

Right now.

Sound crazy? Scary? – Maybe even counter-intuitive?

Here’s the thing: While the price of your service establishes a value for what you do, that value doesn’t have to mean “cheap” or “affordable”.

Sure, your price should reflect your knowledge and experience of the business, as well as what the market will bear for your type of service but it also needs, needs, needs to incorporate what makes you uniquely different from all the others. Too many people seem to lose sight of the fact that a service is an “experience.” How is the experience you provide better and different than what your competition offers? How is your client’s life or business improved by the way you serve them? This too is an essential part of your value. You need to be able to articulate that and make it part of your pricing.

Now, I know. You’re probably worried that if you raise your prices some current and potential future clients may walk away. You’re right, they may. But you know what? Let them. Price sensitive buyers are just that. Their main driver for making a purchase is price so they’ll never appreciate your real value. Research shows, price sensitive buyers don’t typically attach themselves to a brand. So when a competitor offers a lower price, they’ll move on.  Now I don’t know about you, but I’d just assume buyers like that save me the hassle and walk away, right away.

On the other hand, buyers of premium products or services aren’t scared away by price. They just assume that they’re getting something superior for their money. They’ll expect more, but for a service that delivers, better yet over-delivers, these clients will be more loyal and are more likely to refer other business your way.

So, what are you waiting for?  Make you’re small business the next big business.  Raise your prices.

..This much I know.

-Jeanine