How Your Business Can Earn More Money
No matter what business you are in right now, you can earn more money doing it.
How? Raise your prices.
Now many of you may have considered this before and are of course a little concerned. If you raise your prices, you may lose your customer who will go for the cheaper option.
And depending on the type of business you are in; this could be a real issue. But what if you could justify a price increase quickly to anyone. This could make a massive difference to your business.
In this article, you will be given three strategies for justifying a price raise.
1. Only The Finest
Does your business emit quality through its appearance? If so you can justify a price rise.
If you are a restaurant owner, it costs money to have the best chairs that enhance the dining experience. If you are a driver and your car is the latest model, full of all the highest safety features it will cost money.
Therefore, you can recoup this money within your pricing structure. If you are the best, then you can certainly charge higher prices, and this has a lot to do with presentation.
Now you can improve your presentation on a small budget. What it costs you is not important but what it looks like is. If your business looks impressive then charging more is not an issue. People expect to pay for quality.
2. Improvements For The Customer
Have you recently made improvements to your business or service?
Perhaps you invested in more staff, an improved website or a better delivery service? Tell your customers how this benefits them and they will appreciate it.
People buy benefits not features. So if your new delivery service ships products in 24 hours or your new website allows them to browse all the products quickly on any device, tell the customer.
You should be proud of your improvements, and if you explain how this benefits the consumer, they will pay a little extra.
3. Superior To The Competition
Is your product or service unmatched? Do you have a structure in your business that makes you stand out?
If so you can justify raising your prices.
It does not matter what business you are in. If you are better than the rest, and this is clear to anyone people will not mind paying more for this excellence.
However, you do need to remind people of your superiority, and you do this through your marketing.
Perhaps you have earned an award for service, or perhaps you have the most 5-star reviews on Google. Do not be afraid to tell people.
Now you may have noticed a theme here. It is all about what you deliver.
If you went into a back street cafe and ordered two meals, you would be shocked to have a £80 bill at the end. You can’t raise your prices if your appearance, service, and quality are low.
But if you change these things raising prices should never be an issue.
So what is your business like? Could you make improvements?
If so go and make them and then look to raise those prices, but if you are already ahead of the game, raising your prices might be the best thing you could do.
The MEN Team