Raise Your Prices and get your clients to thank you, Wally Carmichael

Business Owner Growth

let's talk about how do you raise your price? Have you ever considered raising your prices? I have conversations this conversation with many business owners and they're like, Oh my goodness. If I raise my prices, well, then you're probably going to lose clients.

And my answer is, yes, you probably will lose some clients. And the reason why is because quite frankly, there are clients out there, there are people out there you might even be one of them. And it depends on the product and the service. Some products and services. We, we are, you know, penny pinchers on we're more price checkers.

We're looking just for the cheapest price of that product or service, but in many other things that we do throughout the day or throughout the year or throughout our life, we are not price shoppers. We are value shoppers and most people by and large. Our value shoppers. Most people shop on value rather than price.

For instance, I recently took possession and purchased a new RV travel trailer, 2021 travel trailer, 30 foot travel trailer. We didn't go for the very, very best, but I'll tell you one, it's pretty close. It's very, very nice. And we definitely went bigger than what we should have. And since we want bigger, we're supposed to stick with a 26 foot.

But we ended up doing a 30 foot since we did that. We had to upgrade my Toyota Tacoma that was paid off. And I went for a much bigger truck and then did a lot of shopping around. I did not shop on price. I shopped on features and value, and I got exactly what I wanted and I, and I was 2,500 now I see that because many people, most people, quite frankly, and even you.

Probably shop on value on most things, not on price, on everything, but here's the thing. When you consider those clients and customers that may leave you and stop purchasing from you, most of them are price shoppers and they're not loyal. Anyway. If they were to go see something that was cheaper down the road or cheaper from other, some other vendor, then they would jump ship anyway, without you even having to raise your prices.

Right. The other thing is, is those people, most of the time, the people that are price shoppers, most of the time of the ones that take up most of your time, they're the ones that are taking up the time of your call center or your front desk, or calling you and taking up all of your time. And they're the complainer's and they want everything for less and they want a discount.

And look, I'm not really speaking ill about anybody in particular, but I'm just stating it as effect. Now the people that there's some good beer that people that are basically make up 80% of your revenue or just 20% of your clients. 20% of your clients make up 80% of your revenue. That's the 80 20 role.

It's true in everything. It's always going to be that way. So figure out who the 20% is, you contact them and you let them know, and you can send this out to everybody. They'll filter out, send out your blast, email, send out your blast, text message, send out your blast. Voice jobs. And if you don't know how to do any of that, let me know.

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