One of the quickest and easiest ways to increase your profits for no extra effort, and for free, is to put your prices up. It would be nice if you could put your prices up without losing any of your existing customers, but if a few did fall by the wayside, and you would be any worse off?
You will only know whether you can get away with putting your prices up by doing it and seeing what happens. You will need to accurately monitor the response to the prices you are quoting and then decide from there.
If you are concerned that putting your prices up could lose you a lot of business just try a small increase first or try an increase on 50% of new inquiries and then closely monitor the response.
When I first tried this strategy I was nervous but had a lot of advice from reputable sales experts who said to give it a go. I put my prices up by 25% across the board and I was amazed at the results. I did not lose a single customer and made 25% extra profits for absolutely no extra cost or effort. I have even spoken to business owners who put their prices up and as a result they increased the amount of customers that were coming to them as they were perceived as a more elite company.
If you can become good at marketing it will help you learn techniques to raise your prices. As you get busier you will have to put your prices up to keep your work load down and will be able to position your business above your competition, charging more for the products and services you offer which will help your profits to grow for no extra work .
If you can relay to your prospective customers the reasons why your products or services are better than the competitors it will go a long way towards helping you to justify your prices and if you position your company as number one in your locality you will get customers who Only want the best, these types of customers are the sort that you really want and their business will help you grow your business.
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