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Pumping Up Prices
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Article 1: Pricing Pitfalls
There’s nothing as potentially off-putting to customers as being asked to pay more for what they are accustomed to getting for less.
When you originally set your prices, you established for all the world to see the dollar value that you believed your goods or services were worth. Any upward adjustment now from those prices cries out for an explanation.
“Why?” is the reasonable question that a price increase automatically brings to mind among buyers. After all, you previously persuaded buyers that what you sell is worth less than the new, higher price.
So, how can you raise your prices without chasing away customers? It’s a delicate balancing act, but it can be done. In the end, you’ll know that you did it right if your bottom line increases along with your prices.
In other articles in this seminar, we’ll offer some helpful options for raising your prices. But as you experiment with these options, be mindful that it is the buyer who is always the ultimate judge of whether your price is right.
You can’t sell anything for more than people will pay for it. And if you try to, you’ll pay for it – on the bottom line.
If there’s a single rule of thumb to keep in mind, it’s that at some point, asking customers to pay more will mean fewer customers will pay, period. The higher the price, the fewer the buyers.
For this reason alone, no seller should ever take for granted that buyers will remain loyal and pay a higher price simply because the seller’s costs have increased.
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