It’s the lifeblood of your business. Without it, your business is dead in the water.
Even a business with the most mediocre marketing possible and the dysfunctional systems imaginable can somehow blag it if enough money is coming through the tills.
I’ve even seen it happen with businesses with no traditional marketing to speak of in place; companies with little more than worth of mouth advertising who managed to keep themselves afloat.
Cash is king, keep it coming and the odds are in your favour.
But while decent marketing will certainly help your cash flow, another way to boost your profits is simply to raise your prices.
Jack ‘em up, hang ‘em high, raise ‘em to the roof, but one way or another – put them up.
Like fine foie gras and expensive mink coats, raising the stakes of the game is not for everyone.
The mere mention of a price hike is usually enough to send the more lily livered “business” owners running for the hills amidst high-pitched girly screams, squealing about things like “the Recession” and “how their business is different”.
But of course it is, petal..
Well I happen to believe the “recession” is a mere state of mind, but that is a topic for another day.
But like I touched upon yesterday with social media, businesses usually operate in the main NOT from a standpoint of logical thinking and strength but rather one of fear and blindly following what the guy down the street is doing.
While social media is a brilliant example of this, nowhere is this lemming-like mentality better exemplified than on price and how businesses charge.
How much do you charge?
Do you charge “X” because it’s roughly similar to what your competitors charge?
Or did you arrive at that amount by finding out what price they offer and undercutting it by maybe 10-15%?
Or do you charge what you know you are worth, predicated upon the value and outstanding service you offer, which allows you to service your clients in your own inimitable way?
So my moolah-magnetising tip for the New Year is simple: add 15% to your prices immediately.
Will it be unpopular with some people? Damn right it will.
You can’t be all things to all men and women, and it’s foolish to even try. Like I said last week, even Mother Teresa had her detractors.
Tomorrow I’ll talk about what typically happens if you raise prices, bad and good.
Keith “Will Always Be Beaten on Price” Commins
P.S.When it comes to price, I certainly practice what I preach, that’s for sure. While I’m certainly not the most expensive at what I do (yet), I most certainly ain’t the cheapest. However, as far as small web design firms go, my fees are eye-wateringly expensive. Why? Because of the value I provide. Websites that produce profit and turn over leads like crazy, as opposed to a pouting piece of online art that sits there looking pretty.
P.P.S. Unlike other fear-based businesses who will be falling over themselves to slash their prices come the New Year, my own prices will be going up 15%. Now, if a profit producing website sounds like something like your business could do with, then you’ll need to get the ball in motion before the 31st December.
You can kick it all off by giving me a call on 087-7426631 or hitting me up here.
Whichever you prefer..