Do these 6 things BEFORE raising your prices!
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Can your pricing strategy speak to your brand? Join Victoria as she unveils the secrets to elevating your pricing game. She explores why aligning your brand with future aspirations rather than past milestones is the ultimate key to success. From a therapist whose outdated website cost her clients to actionable tips on updating your brand's online presence, you'll learn how to set expectations that justify a higher price tag. Discover the six pivotal steps to prepare your audience for increased rates without having to defend them, and how educating your audience through various channels can differentiate you from the competition.
Uncover transformative stories from The Branding Business School graduates who, with a newfound brand strategy, doubled their sales by confidently raising their prices. This episode is your guide to achieving professional growth and personal satisfaction through a clear branding approach. Learn how to communicate changes with poise and prepare your market, whether you're informing loyal clients on retainer or capturing new leads. Your journey to unstoppable business success starts with understanding your brand's worth, and Victoria is here to help you make that leap. Don't miss out on the next chapter of your brand's evolution.
Pricing can make or break a first impression [02:01]
You don’t get a second chance at a first impression. When you raise your prices, you’re also making a statement about the value that you bring to the table.
6 Things to do BEFORE you raise your prices!
Assess Your Brand Positioning [2:20]
Before you raise your prices, the very first thing you need to do is assess how your brand is positioned in the marketplace. Is your brand speaking to the right audience, and is it conveying the value that justifies this new price point? Your brand should reflect where you’re heading, not where you’ve been. Think about your current messaging, your visuals, and your overall brand. Are they aligned with the value that you’re now offering? You want your potential clients to instantly feel the difference in your brand before they even see your pricing.
Audit Your Website [05:17]
It’s time to take a hard look at your website because your website is usually the first place that potential clients are going to go to learn more about you. Make sure it reflects the new elevated pricing that you’re planning to introduce. This is the perfect time to ensure that every element of your website is on point. Update your portfolio, your case studies, anything you have to reflect your best work. You don’t have a second chance at a first impression, and if someone lands on your website and it doesn’t match the level of your new pricing, it will likely turn them away before they even give you a chance.
** Note: To the Woman who is afraid to raise her prices [06:43]
We feel you. Victoria is scared every time she raises BrandWell’s pricing too, but here’s some encouragement for you. Even with the largest price increase to date, BrandWell did not skip a beat, but it’s because she did these six steps beforehand. Another tip is, if you’re going to do a significant price increase, your target audience may change slightly and you should be prepared for that. You need to update your messaging and positioning your website to reflect the new audience that you’re going after. It doesn’t always mean a totally new demographic that you’re servicing, but often it’s just people who are a little farther along in their journey.
Gathering Social Proof and Testimonials [09:10]
People want proof that you’re worth the investment, so before you raise your prices, make sure that you do have testimonials or case studies to back it up. Potential clients want to know that other people have had a great experience with you and that they were willing to pay for it. If you don’t have testimonials, reach out to past customers. Reach out to people that you have served before, even if it was a friend or a family member. However, if you have been in business for a while, Victoria does recommend removing the family members' testimonials because if someone were to find out, it can discredit you a little, but we all start somewhere. Ask whoever has had a good experience with your service or your product to give you a testimonial.
Refine Your Offerings [10:22]
Once you’ve got your brand, your website, and your social proof in place, now it’s time to look at your actual offerings. It’s possible that you might need to refine or even completely overhaul your offerings before you raise your prices. Think about what you’re currently providing and if it makes sense for the clients that you’re now trying to attract.Educate Your Audience on the Value [13:49]
Before you roll out these new prices, you need to do a good job educating your audience on the value that you bring and not just on the service that you sell. This doesn’t mean that you need to justify your prices, but you do need to highlight the results that you are delivering and how you’re different from your competitors. Help potential customers see why your work is valuable before they even see the price tag. When you raise your prices, you want your audience to be ready and willing to pay more because they already understand the impact that you make.
Communicate the Change with Confidence [15:17]
You already know that we’re all about showing up confident and now that you have gotten everything lined up, it’s time to communicate the change. If you have clients on retainer, this is where communication, early and often, really comes into play. If you are going to be changing pricing on existing clients, then you need to be communicating the change well in advance of when they’re going to see it reflected on their statement. If you don’t have retainer clients, it’s a bit easier to raise your prices, but you should still announce a price increase. It’s good for your potential clients who may be saving up to work with you, to know that there is a change coming, so that they can budget that into their savings. Set a firm date and announce the price change with confidence and make it clear that you’re excited to continue providing exceptional value to your clients. You don’t have to apologize for act hesitant about your new rates. Instead, you need to communicate them confidently and emphasize the benefits that come with your services and for existing clients, you might consider a brief transition period where they can still access your old pricing, but for new clients, it’s all about standing firm with your new rates and being upfront about the value they’ll receive.
Raise Your Prices with Confidence & DOUBLE Your Sales! [19:11]
If you’re struggling with raising your prices, then join The Branding Business School! So many of the students came out of taking the course, realizing how they were undercharging due to not having a clear brand strategy in place and not being able to clearly articulate in their language of their ideal audience the value that they brought to the table. Once they completed the course they were able to raise their prices with confidence and double their sales!
Key Quotes
“When you raise your prices, you want your audience to be ready and willing to pay more because they already understand the impact that you make.“
Victoria Marcouillier
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