In the recent post by We Can Do It, "We Lost Four Clients in a Week" the discussion was all about how to adjust your business when it's hit by the bad economy. Lots of great ideas.
I have a different question. I'd like some ideas on how people are raising prices. I recently did this very successfully by offering a one year marketing coaching program for more than I'd ever charged. I filled the program with 16 people in a couple months and my calendar will be busy for a year.
My strategy was to make a big promise (that I knew I could fulfill) and adding tons of value. It certainly helped that most of those who joined the program already had previous experience with my services.
In this economy I think it's necessary to "Think Different" and go against the grain instead of reacting out of survival or fear.
I'm not sure this is possible with all businesses, but I notice that the first response we often have to bad economic conditions is to lower our prices, or work harder instead of smarter.
One thing I've discovered that really works is to communicate, even over-communicate to our clients and let them know what's going on, what we're working on, our commitment to service, and the measurable difference this will make to them, etc. This can be done through personalized letters and emails. You'd be surprised what can come out of such communications.
Just to let you know that this is not pie-in-the sky theory, I generated about $5K in new sales today with one email to those on my e-list. No hype, just asking for their business and explaining why it was a good deal for them.
Who would like to share some strategies for offering powerful solutions and delivering big outcomes at a high price even in this economy? What have you done in your business? (or what are you thinking of doing?)
Cheers, Robert