How To Raise Your Prices and Feel Good About It
If you have a digital product, a bundle, a 1:1 service, or something along those lines, maybe you priced it lower when you initially got started, and now you are wanting to raise the price on it...how do you do that and it not be weird?
First off, how do you know when it’s time to raise your pricing?
1. You’ll Have A Gut Instinct
Typically, it’s a gut hit or an instinct that is telling you it’s time. For me, I’ve always been able to tell when I am ready to raise the price on a product because of the way that I feel in my body. When you know in your body that it’s time to raise the price, that eliminates half the battle. Because you know that it’s time and it takes away from the discomfort. Make sure you’re checking in with yourself and that you’re changing the price from a holistic and inner-body place.
I even go so far as to lean on this rule when a mentor or coach of mine tells me it’s time to raise pricing. Until you are feeling 100% ready to raise your price, I encourage you to stick to what feels good. That will be the way that you are able to go out and sell more, show up confidently, and actually put yourself out there and sell. You want to raise the price from an aligned place...on your own.
2. Give Yourself and Your Audience A Grace and Promotional Period
Anytime that you’re phasing into leveling up pricing, do a promotion. This can be a great cash influx for you! Let your audience know that the pricing is changing and that the current pricing structure expires on "this" date. Let them know that this is the lowest it will be, so they can jump in and grab it now before the shift.
That’s the number one thing, if you’re planning on raising your price, in all integrity, you want to give your audience a heads up. Let them know that the price is shifting so it’s not a shock for them.
3. Give Your Audience the Opportunity to Purchase an Upsell or Down Sell
Say someone comes into your world during your promotional period, you then want to make sure you’re capturing them. Make sure that you have a welcome and onboarding email sequence and you are then selling them into other products that you have in your business.
That could mean that you’re upselling them into an add-on or a one-time offer that is only available via email. Or you’re down selling them into something else that could be a lesser amount of money and a smaller thing that can be niched for whatever it is that they already purchased. This could be another training, another video, a worksheet, a workbook, a challenge, etc. This gives the new people on your list an opportunity to continue to work with you in a different way.
How You Can Build An Audience That Is Ready To Buy
Even If You Have Less Than 1000 Followers On Instagram™,
Not A Lot Of Time On Your Hands
Or Are Just Getting Started In Your Business
Listen to Episode 37 Now!
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