Have you ever thought “how amazing would it be if I could increase the prices for my products or services, and in return I could attract more clients than I did at a lower fee AND correctly advertise my brands value?
Well, when marketed right this dream can actually come true! Don’t believe us? Let us explain.
We recently re-evaluated the pricing structure for one of our clients and since then she has doubled her client base.
So, why did a 200% increase in her services result in more clients, not less?
Our client sells beautiful, excellent products combined with customer service that always goes the extra mile. With the original prices she devalued her services and hence never attracted the right customer. She was offering a premium product at a below industry average rate. In doing this she was sending mixed messages to her potential clients about her services – were her services cheap because they’re bad? Mixed messages create doubt, which are the worst enemy when it comes to marketing.
Your potential customers who are wanting quality and excellent service are willing to pay for it. The prices our client offered in the past devalued her actual service and hence confused the customer.
What we’ve learned: If you genuinely provide an excellent service and sell a great product, clients your prices need to match this. Remember we are told from childhood that when it sounds too good to be true, it probably is.
The most important thing to remember is to clarify your value, simply putting up your prices won’t help. Your marketing needs to be compelling, it needs to inspire potential clients to trust you and motivate them to buy from you. This combined with the right pricing structure will get you on the right track to establishing your place in the market.