How do you know when it’s time to raise your prices?
It can be tricky, right? You want to be compensated for your time, energy, and expertise, but you may be concerned that your clients will pay your new, higher prices. Or perhaps the Imposter Syndrome is raging in your head, demanding to know: Who do you think you are?
I am here to help! Keep reading to learn four ways you’ll know it’s time to raise your prices. Let’s do this, Loud Woman!
Pricing an be a stress point for many purpose-driven women entrepreneurs, but it doesn’t have to be. Chances are—it’s time to raise your prices. I declare this because most women entrepreneurs are undercharging.
If you need some convincing, here are four ways to help you determine that it’s time to raise your prices.
#1: You’ve sold a lot of your product/service
Let’s say you have a $99 online course that you’ve been marketing for a while, and you’ve sold 25 of those courses. This means you have solid proof that your course is attractive and marketable, and at its current price point, you have not met price resistance.
So, bump the price up! If it helps you feel better about raising the price, tell your audience about your upcoming price increase with a deadline so they can purchase your course at the lower price. You’ll probably get some last-minute sales that way!
#2: Clients keep telling you that it’s a “deal” or “steal”
Look at your testimonials, social media comments, and emails from your clients. Are you seeing a theme where your clients are telling you (or others) that your product/service is “such a good deal” “or “this is a steal!”?
If you are, then that’s a huge sign that you need to raise your prices!
#3: Clients are taking advantage of you
Another telltale sign that it’s time to raise your prices is how your clients treat you. Are they not showing up for calls? Are they cancelling at the last minute? Are they asking you for more than what your product/service promises to deliver?
If yes, raise your price. Your current price is attracting tire kickers and others who don’t value your gifts. You deserve better!
#4: You want to raise your prices but are scared
This is a classic battle between your head and heart, your Ego and Loud Woman voice…
Instinctively, you know it’s time to raise your prices. However, the very thought of it makes you scared. You worry if people will pay your new price. You’re scared about what people will think. You may even feel like a fraud.
If this is you, drown out your Ego, Inner Critic, or Fraud Factor, and replace it with your Loud Woman, heart-led voice that’s giving you excellent advice. Raise your prices! Once you do, the fear will subside, and you’ll be so glad you took the leap.
Okay, Loud Woman, those are the four ways you can tell it’s time to raise your prices. Did it help? Are you experiencing one way—or maybe all four? Please be confident in your gifts and feel worthy of being richly compensated for all that you do. The world needs you!
Need more pricing help?
P.S. If you need additional pricing help, many of my past clients found my Loud Woman Strategy Session to be super helpful. Together, we can work out a plan for price increases and implementation, plus make sure you have the pricing confidence you need to shine your light in the world. Click here to learn more about my Loud Woman Strategy session.
Here are some other resources that will help you with your marketing and mindset:
My mentoring program, the Loud Woman Marketing Strategy Session, where we create a marketing plan that will increase your visibility and confidence to market to your ideal clients
My book, That First Client, which will teach you how to create an effective marketing system that will always attract clients to your business
My book, Loud Woman, which will inspire you to get Louder in your life and business
Check out my latest blog post about marketing, getting clients, and the Law of Attraction
Virtual Networkers, my global virtual networking organization for women entrepreneurs
Get More Clients Track, a year-long program that will teach you how the fundamentals of marketing so you’re always attracting clients
Manifest More Clients Track, a year-long program that will teach you how to use the Law of Attraction in your marketing
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