When will be the perfect time to have a Price change?
It is imperative we understand what is going on, and we must know what to expect. Consequently, if you give a warning etc. Leading up to it, then everyone will expect something similar around the new financial year. So for me, this is just the perfect time to talk about it. We're about five to six weeks away from it.
It's so important to communicate because that can change your volume and your regularity of clients.
You only need to maybe change your prices by one or two or 3%, actually to have a really significant effect at the other end.
In product-based businesses, if you want to have a price change you can be transparent to your customer and say (your favourite products are only going to be available at this price for amount of time.) So they might want to stock up etc.
Alternatively, you can adjust your price based on "demand pricing" (if you have something you're selling that is greatly in demand, then that could be the right time to adjust your price).
Questions you need to answer before you change your price:
- What is the flow-on effect of that pricing?
- Why are you changing the price?
- Do you want to increase your revenue?
Be more transparent on why are you going to have a price increase, because if you don't communicate to your loyal customers, they will definitely say this isn't appropriate. You need to communicate that otherwise you will lose loyal customers.
Qualification on how you can demand a price as a speaker/coach:
- Do you have a connection?
- Do you have the drawcard or the status or the kind of position in the market?
Pricing yourself, your service, and your offer should be aligned with:
- Why are you doing it?
- What is the market position at the moment?
- What is your position in that market?
- How do you actually make alignment across all those aspects?
Things you need to consider to see where you stand in the market:
- What did people know about you?
- How are you getting visible what to pay?
- How professional is what you're presenting out there?
- What's your website telling us about you?
Here are some things to consider when creating a website:
- A website is like your very detailed business capability statement or digital business card.
- are photos, photos need to have decent photographs, our photos are probably the most important bit, it's the seller for you. Photos build trust.
We wrote a separate blog, the 18 reasons why your business need a website. You may click the link to find out more.
Listen to this episode on the benefits of networking, on Youtube: