Dec 6, 2019
“How do I raise my prices?” is a
question I hear all the time. You all know that pricing is my jam.
In fact, I’ve even created a Brainy Pricing Course that has a module on raising prices. In a
recent questionstorming session with my current Brainy Mindset Course group, they asked to focus on getting past
mindset blocks about raising prices. That is one of many reasons
this episode seemed particularly fitting right now. It is all about
raising your prices and learning to get past your own mindset
blocks that have always tripped you up in the past (so you can move
past them next time).
If you are wondering if you can
raise your prices...the answer is probably yes. As I’ve said many
times, it’s not really about the price. It’s about what
the price and the framing of that
price. I’ll get into the importance of understanding your why and
the context of the price too. I talk about scarcity and how it can
actually validate a higher price. I talk about why it’s okay if
raising your prices is scary. It is for everyone. It’s how you
raise the price and why that matters. I also share a secret tip to
convey your price to your clients with confidence just like you
were telling them the time or the weather.
This episode should help give
you the tools and encouragement to confidently make a pricing
strategy plan. If you do want more pricing help, I have an awesome
year end special where you can get the Briany Pricing Course plus
the Virtual Workshop Bundle, and you get the Brainy Mindset Course
BIG BRAINY BUNDLE
is a $1200 value for $699, and if
you use the code BRAINY100OFF you can get the whole thing for just
$599, or 50% off – but that deal is only through December 31 so
- [04:13] If you wonder if you
could or can increase your prices or raise your rates…the answer is
- [04:28] Pricing isn't about the
price. It's about everything that comes before. If you can't raise
your rates the block is often internal.
- [05:28] When you are working in
massive volumes, small changes that are not going to be noticed
much by consumers can have a huge impact on the bottom
- [05:53] Another way to look at
profitability and prices is to understand what your costs are and
how it all ties into the baseline question of why you want to
increase the price.
- [06:48] Before you go through
the process of raising your prices, it's important to know that you
definitely could do it.
- [07:09] The next phase
you raise your prices and
discovering what you are trying to accomplish.
- [07:18] The reason you want to
raise the price is important to understand as you tackle the fears
you have about raising prices.
- [07:36] Someone in the service
industry may want to raise their prices because they're too busy.
The brain will try to scare you and ask “what if I lose clients?”
The answer is, it's okay to lose people because you're trying to
reduce your workload.
- [08:28] The increase in revenue
should make up for the people who leave.
- [08:58] Scarcity helps validate
a higher price, so don't always be available.
- [09:08] Another reason to raise
your prices is if you're not making enough profit. You need to sit
down and understand your whole strategy behind pricing before you
make the adjustment.
- [10:15] When raising your
prices, know that nothing is for everyone and it's okay not to be a
fit for someone anymore.
- [10:52] Don't tell them they
can't afford you. It's their job to decide they don't want to work
with you anymore.
- [11:10] People get more value
from things that they pay more for.
- [11:48] Think about jeans and
framing. We believe are expensive jeans are better than our cheap
- [12:27] Once you know you want
to raise your prices and why, don't over explain and draw attention
to the fact that you are doing so.
- [14:21] Apologies aren't
necessary when raising your prices. Most people will pay the price,
and some people will move on.
- [16:52] Some of my favorite
questions to ask clients: What would happen if you charged 10 times
more? What would make people happy to pay 10 times
- [18:18] If your campaign is all
about price people will notice.
- [19:14] You can also charge new
clients the new rate and phase in the new pricing for existing
- [21:02] This can also be a
chance to let a few problem clients go. Think through what you will
do when people ask for discounts or threaten to
- [22:33] Look at the competition
and understand what others charge, but don't let it dominate your
- [23:10] Have a plan and
understand some people won't want to pay your new rates. That's
okay. They're not your people anymore.
- [26:00] You need to understand
what is on the shelf next to your product. Consider the context of
the price and what people will compare it to.
- [27:08] Consider search terms
your ideal client will use, where your more expensive item can be
showcased as the best choice.
- [28:32] High anchors can make
something look more affordable.
- [29:01] Everyone hates raising
prices. It's scary. Something as simple as how you present your
price on a sticker can impact the sales.
- [30:19] Just because raising
your price is scary that doesn't mean that it's wrong.
- [31:07] It isn’t about you – it
is about the customer and what value you provide for them, which is
done through proper strategy and framing as you set and raise
- [31:31] You need to say this
new price so many times that your brain automatically thinks of the
new price as the right number and you can say it as if you are
saying the weather or time of day.
Confidence is the number one important thing when talking
about pricing. Use a
confident and friendly tone and ask for the sale every
- [34:22] If you want to raise
your prices, you absolutely can. You always can, and it is best to
have a plan to make sure you are doing it for the right reasons and
you know how you will react if you do get questions or
Thanks for listening. Don’t
forget to subscribe on
Android. If you like
what you heard, please leave a
review on iTunes
and share what you liked about the
Links and Resources:
The BIG Brainy Bundle
use the code BRAINY100OFF by
December 31st to get all three pieces for just $599 (50% off!) I
can’t wait to have you join us in 2020.