BRX Pro Tip: Your Pricing
Stone Payton : And we’re back with Business RadioX Pro Tips. Stone Payton and Lee Kantor here with you. Lee, here’s a question or a set of questions that comes up a lot. Pricing.
Lee Kantor: Yeah, I think when it comes to pricing, you can’t be afraid to increase your price. As you kind of get better at what you do and your time becomes more scarce, I think it makes perfect sense that your price should increase.
Lee Kantor: A lot of professionals keep the same prices for years. Meanwhile, inflation keeps happening. Your expertise is getting more – it’s growing more. Your demand is increasing. That means your price should be increasing as well. I’m not saying you should double your prices overnight, but having a regular price increase is totally reasonable, especially when you’re better and busier.
Lee Kantor: So, when you raise prices, you’re attracting clients who value quality over bargains. You don’t want to be a low-price provider in any circumstance. And when you raise your prices, you’re signaling that you’re worth more than you were last time. And that creates a sense of urgency when the potential client knows that the price is going up. So, it’s a good idea for them to lock in at that lower rate.
Lee Kantor: It’s something we’ve been doing for a long time. When our clients sign with us, we kind of lock them in on that rate and then at that level of service. And then, we’re constantly trying to push the value line higher. And the next group of people that come on will be paying that higher price from that point forward.
Lee Kantor: So look at your pricing. When was the last time you raised your rates? Figure out a way to increase them. Communicate it clearly and start with your new folks and decide on what that price increase is for next year. Lock it in. You’ve earned it.
