Feeling like you ‘should' reduce prices because of the cost of living crisis?
Like many, for me the year began with flu. This week I caught up on missed calls I had put off.
I noticed something
Call after call there was discussion around pricing.
Like their customers won't pay as much now for their services.
In the ‘current climate'.
AND, as they are nice people, they should reduce their prices to help out.
‘Should' any of us do that?
Have you done any of the following?
- A BA in economics?
- Waded through ONS figures****?
- Paid for your own research?
No?
Can you TRULY say that your potential clients are NOT willing to pay your prices for the amazing value you offer?
For the service you give?
For the transformation they deserve?
Did you know this?
The ****Office of National Statistics on 19 January 2023 actually states: Less than a fifth (18%) of businesses currently trading expected turnover to decrease in February 2023 (beyond usual seasonal fluctuations).
It's so easy to bring your own attitudes and values around money to pricing right now – or be influenced by bad news around you – or by well meaning people who really don't have a clue!
The problem
All of us are on tricky ground when we start to reduce prices whilst our costs go up – we are in the very real jeopardy of not being able to keep on helping ANYONE!
Low (or no) profits leads to a business that is not sustainable.
How can you maintain – and even increase – prices without feeling like a d!ck?
The solution
Here are a few ideas for starters.
3 Ways to ETHICALLY Maintain (even INCREASE) Prices In A Crisis
Just three ideas from the SO many options I work on with my clients – to see what truly matches their business, their clients and themselves.
Remember to make sure you tell clients what they are getting ‘extra', about the benefits to them, so they know how marvellous you are -without any sleazy selling or feeling like you are greedy (because YOU will realise how blooming marvellous you are too!)
- Getting savvy with payment methods – gives your client a choice of how to pay, and a feeling of security, with low risk to you. You are totally ‘allowed' to offer these at a premium price OR to keep the price the same but as a benefit to customers. These may include
- Staged payments.
- Credit card option.
- Rolling contract.
- Offering value bundles – things a client really would love (not just meaningless fluff) and which will be a true advantage to your client, can be thrown in or there for a small additional charge as an option – and a zero or teeny additional cost to you. Bundles can be really profitable and give both the client and you real value.
- Helping clients access funds that you can be paid through – if you truly work with clients who are struggling, then you may find they are entitled to funds which you can help them to access. Research once, offer to your target audience, especially if you are able to access funds direct.
I will come back to live examples I used in my own work over the coming weeks.
I work with professional experts like coaches, consultants and creatives who are fed up of trying every marketing ‘should' and are ready to get really focused on making their marketing matter so they can make a difference to people and the world.
I help by coaching and mentoring them to grow their business ethically, organically and profitably so it remains sustainable – all without compromising their ethics or comfort zones.
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