The psychology around raising prices has everything to do FEAR OF LOSS and understanding your relationship with it!
It’s staggering just how much “dread” fills us all at the thought of “losing” people!
Fear is often overcome by understanding the facts!
Here is a key fact…!
You can raise your prices by 10% and still afford to “lose” 20% of your customers and you will still be no worse off financially.
When a chiropractor first joins my group, normally the very first piece of advice I have is RAISE YOUR PRICES!
The very normal response I get is one of shock and horror. It often takes a little “persuading”.
Never in the history of getting my clients to raise their prices has anyone EVER lost more than 5 members and often just that decision is worth 6 figures annually!
IS IT CRAZY TO RAISE YOUR PRICES NOW???????????
I’ve just jumped off an Inner Circle group Q&A and one of my students shared that he had just raised his prices by over 20% last week.
That’s in the middle of one of the biggest financial shake ups in the history of mankind
GUESS WHAT HAPPENED?
NOTHING. Everyone just paid the new fee and they stand to make close to six figures extra annually because of it!
LET ME SAY THAT AGAIN…
NOT A SINGLE PERSON LEFT!
QUESTION TO PONDER:
- What is preventing you from raising your prices substantially?
- Pricing is all about 5’s and 10’s. Meaning there is no point being $62. Either be $65 or $70!
- Next, there is no point limping into a price raise. Don’t be “half pregnant”. If you’re going to “do it” then go bigger than you feel “comfortable”. They same amount of people will “moan” if you raise your prices by $3 from ($52 to $55) as if you raise your prices by $8 ($52 to $60) so you may as well make it worth while!
- Lastly, trust me, the only thing that ever happens is YOU MAKE MORE MONEY and people simply value it more. I was once taught , the more they pay , the more they will pay and the more they value it!
Love and light,
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