Price increase in small steps. E4A Profit Boot Camp Business Idea.
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Uploaded on Dec 12, 2011
For most people, the process of price increase for their products appears to be the most difficult thing out there. This is because in their mind they link the price with how much they think they are worth. So they believe the price has something to do with how much they value themselves, with their self esteem. When in fact, the price you put on your product should be equal or less than the value you are delivering to your customer.
You need to think from the other person's point of view, from your customer's point of view. This type of thinking is different from the way most people approach things. Most people think only from their own subjective perspective. And their desires, needs and fears blind them from the reality at hand.
Increasing your brand by small amounts can be difficult at first. But you need to be persistent. First, raise the price of your less popular products. Even if something bad happens, you will still not have a lot at stake. You will be able to test safely and see that nothing bad really happens as a result of your price increase.
Here are some of the most important ways to price increase in small steps:
#1: Does your brand communicate effectively with your customers?
People pay attention to your brand. And they associate good feelings with your products, services and especially with your brand. Your brand needs to express something of value, to make an impact and to be easy to remember. Your employees need also to be loyal to your brand so they deliver what your business and brand promises.
#2: Improving your marketing can help people pay more for the same products.
If your marketing is great, people will be more likely to buy. And they will also be less likely to ask for a refund. This will happen especially if your product is created from scratch with the marketing in mind. Your product should look like a marketing material by itself. Everything about it should scream "I'm valuable!".
#3: Bundle additional bonuses, that cost almost nothing, but represent great added value to your customers.
Remember that it's all about exchanging value. The price of the product just measures the value of your product. So increase the value delivered as much as you can.
#4: Offer premium version of the same product.
Some people like to buy premium versions if they have the money. They like to be treated really well for their money. And your premium quality products should deliver even more value to your premium customers.
There are many ways to price increase. You just need to be creative about it. The best price increase happens when you add a lot of value to your products and services while you increase your prices less than the value added. In this way, the customer is even happier to exchange his money for your products and services.
Go to http://www.profitbootcamp.co.uk for more ideas on how to grow your business.
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