1. Increase Your Price Point
Most people tend to undercharge for their services. Try increasing your
prices, as a test, and see what happens. Funnily enough, most people
perceive something that is higher priced as being of higher quality, which
can encourage people to buy your product or service. As you increase your
prices, you’re also receiving more per sale, increasing your profit margin.
Take this strategy a step further and target higher value clients.
For example, if you run a business coaching company, and you currently
charge $200 an hour for your time, increase your rates to $1000. With the
perceived higher quality and value in your coaching, target businesses that
make a lot of money vs. those that are barely getting by. In this example,
one client would be worth 5 of your clients in the past. Not only have you
raised your hourly rate, but you’ve decreased the amount of work you need
to do to earn the same amount of money.
An interesting example we’ve had before is when we’ve sold courses or
software for $7 vs. $497 vs. $997+. Although the $7 price gets the most
conversions, the $997 price would almost always make tons more money.
You just have to make sure you do a good job of showing the value!
Takeaway: Increase your prices and target customers who have more
money to spend on your product/service.