Should you raise your prices in 2023? Let’s get right into this hot topic! In the vast majority of the cases, when clients come to me, they are undercharging. This may feel like a generalization, but if you’re wondering if you need to raise your prices, there is an excellent chance that you DO.
Let’s start this conversation off with two important questions:
How much do you need to be making?
What is your revenue goal for this month? This quarter? This year? There’s a number that you’re thinking of, and you need a plan to reach it. How many client spots would you need to fill? How many offers would you need to sell? Sit down, do the math and make a simple determination about whether this monetary goal is attainable with your current pricing structure.
If that number really doesn’t match up, we need to make some adjustments. If you’re more than 50% off your target, something big needs to shift or change. It might be a pricing issue, but you should also consider different services and offers that can help you reach that goal without investing more time.
Which brings us to another key point: Capacity. Maybe you can’t reach your goals – not because you aren’t fully booked, but because you are maxed out on the time and energy you can give. You have nothing left.
The first and easiest solution to this problem is to raise your prices. Spoiler alert, that’s not always the answer, and we’ll dig into why that is here in a second. But before you just go and slap a higher price tag on your service – here’s question #2:
Can you energetically get behind your offers at this price point?
This is critical. If you can’t energetically get behind your offers, if you can’t sell your services confidently with the higher price tag, the price raise won’t be successful.
The belief that your offer is worth 50%, 100% and MORE than you are currently charging needs to be BONE DEEP. And if it’s NOT, then you should not do it.
This is not a pass to not raise them at all, but it’s SO important to be able to sell confidently! If a price raise is going to impact your ability to do that, hit the brakes. What I WILL challenge you to do is to STRETCH the limit of what you think you can charge and begin moving in the right direction with your prices. Take a number that feels comfortable and stretch it into that discomfort zone.
If you’re still feeling wildly uncomfortable, ask yourself WHY? Why do I feel such resistance to this price shift when others are charging MORE for a similar product or service that I KNOW is inferior to mine? It’s a mindset and confidence issue that you need to work on.
Is my visibility and authority a factor?
Another factor to consider is your current visibility. Maybe your audience won’t currently support a huge jump in price. When I’m talking to a client about raising prices, it’s NEVER about you or your service not being valuable enough. So let’s look at another scenario:
Let’s say you have an offer that’s worth $10,000. If you’ve only been in business for a couple months, your brand is not going to be there yet. You haven’t built the authority that will support a 10k offer, and that’s going to directly impact your ability to sell it at that price.
Which of these questions hit you the hardest?
Is it your offer? Your confidence? Or your brand? If you want to fully get behind your prices, you need to consider all of these things.
I want you to put out an offer at a specific price point and truly feel like buying from you is a no-brainer.
And if you feel like that now, and nobody’s buying, we most likely have some online storefront issues. We need to build more authority and maybe a bigger audience.
If you feel like you could benefit from my eyes on your offers, and more in depth training on topics like pricing, scaling and business growth – GROW Business & Marketing Academy is waiting for you.
If you wanna grow this year, create that scalable business model and work less and make more money, head over to the enrollment page and see if this is what you’ve been looking for.
