how to raise prices without losing customers

How To Raise Prices Without Losing Customers

Most business owners are reluctant to raise their

prices.

All things held constant though, even if you lost a significant portion of customers,

you would still make more money.

By raising prices 10%, your profit margin will be more than enough

to offset those lost customers.

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The Three Most Effective Ways To Raise Prices

1) Rather than raising prices at

contract renewal time,

don’t use a contract and

raise mid-season

If you don’t have a contract, you don’t have competitors trying to get

your clients’ business at the contract’s end.

Also, most businesses aren’t prospecting as heavily mid-season.

2) Only raise prices on

underperforming clients

Figure out which clients you are breaking even on or even losing

money on and only raise those prices.

• Don’t know how • Don’t have the

confidence

Most businesses don’t raise

prices because:

Many are scared to raise prices because are

afraid customers will leave, even if the current

profit margin is unsustainable.

Business owners must understand though that

there aren’t awards for the MOST clients… you want

the BEST clients!

If you are unsure about raising prices on old clients

for fear of losing them…

3) Raise prices only on new clients

This won’t offend existing clients, and I think it will show

you the value a healthy profit

margin enough that you’ll eventually raise prices on all

clients.

Service Autopilot can help figure out which clients are underperforming and

help keep track of job costs.