Raise Prices: How To Grow When Outsourcing is Not an Option
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Uploaded by marieforleo on Dec 12, 2011
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How do you grow your business if outsourcing is not an option? If you're an artist or creative entrepreneur, this can be a tricky situation. Often, one of the best strategies is to raise prices.
In this video, I'll show you a fascinating study from Cialdini's book, Influence about pricing and how increases often lead to more sales. You'll also learn why losing business due to higher prices can work out in your favor.
If you enjoyed this video, subscribe to our channel and sign up for your free weekly business and life advice at http://www.marieforleo.com
As always, thanks for watching!
- 68 likes, 1 dislikes
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@marieforleo again you are right -- certainly you cannot post often and do long well produced posts. I will definitely take a look at your discussion site and I am sure there is some good stuff there :-)
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@marieforleo thanks Marie I will go take a look and thanks for your acknowledgement. cheers and happy 2012!
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@carmensognonvi You're absolutely correct. Basic economics recommends that you corner the market, then increase your prices.
Though I was on a strategy call with someone earlier who recommended something brilliant too, while she normally sells at higher prices, she's brought in other people to pick up the lower paying gigs too, giving a wide range of services and a larger spread of happy customers.
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On the flip side, there are a smaller percentage of people who will buy at the top price, simply because it is the most expensive, and it reflects their own self worth.
And when someone wants to make a statement about themselves by buying your most expensive item, everyone wins.
Anyways, Great video, and love the advice. Keep it up and have an awesome 2012!
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So I tried responding to this with a video comment like 3 times, but for some reason youtube wasn't actually letting my webcam respond properly. >:(
Anyways, In addition to raising prices, it's good to have multiple price points because of the psychology behind it. With a series of items for say 100, 120, 150 and 500 (though the numbers are arbitrary) people will naturally gravitate towards the second lowest item. They don't want to be to cheap, but they also don't want to go all the way.
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@SisterFireTV Hey, I don't see them either!
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@bwebmasta1 awesome - thank ya for tuning in!
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Great advice, Marie! I'm a big advocate of raising prices. I actually think you should keep raising them until you start seeing a dip in sales - that's probably a sign that you've hit a barrier and should keep it there for awhile and improve your biz/reputation, then start raising them again. I really hope this viewer sends an update - would love to know how it worked out for her!
carmensognonvi 2 months ago
@carmensognonvi she gave some great feedback already back on my site. She's psyched and also connected with some amazing art people in the industry who are further supporting her.
marieforleo 2 months ago
Marie, thank you for this video. I am having a major breakthrough about really moving forward to market my artwork, and this is just what I needed to hear. Right now I'm using my facebook fan page as my site, while I design a new one. It's scary to raise prices when you don't have buyers banging down your doors but... These prices 'bout to go uuuhhp! xo Claire
feltswan99 2 months ago
@feltswan99 Congrats on your new site. Yes - it's important to remember that September is in a position of HIGH demand and not enough time.
marieforleo 2 months ago
Beautiful Marie, I know, first hand, of what you speak. I doubled my prices a year ago and have been more in demand than ever. It is quite liberating!
As always, a terrific video,
- Sue
livingwithintention 2 months ago
@livingwithintention Congratulations!
marieforleo 2 months ago