How to Start Charging More for Your Products or Services

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At some point, you may find that you have an opportunity in your business to begin charging more for your products or services. However, there are understandable concerns that you’ll likely have — what if you have to dramatically change your product? How will existing customers feel about a price hike?

It is possible to begin charging more to improve your profitability without drastically changing your product offering.

The secret is in changing the perceived value of your product. Perceived value is basically the value that your customer places on your product and its importance to him or her. This is a completely separate idea than market value — instead, it measures how your customers feel your product satisfies their needs.

Therefore, if you can increase your perceived value, you have a better opportunity to raise your prices without causing too much of a stir. Here are some tips for doing exactly that:

In addition to these tips, remember that you don’t want to raise prices too much at any given time. However, these tips should help you to be able to start charging what you feel your product or service is actually worth.

Copyright 2014 Viral Solutions LLC

infusionsoft certified consultant

Thomas von Ahn | Chief Elephant Slayer | Viral Solutions LLC
thomas von ahn

Watch out elephants! This slayer of business challenges comes with 30 years of record breaking sales, marketing, operations, training and leadership experience . He has worked face-to-face with 100’s of small business owners as well as large firms. His love of creating, communicating, developing and executing results for clients shines with each project, publication and training event. His entrepreneurial spirit, passion, industry experience, education, problem-solving prowess, charismatic personality and been-there-done that attitude leads his client focused approach.

 


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Filed Under: Analytics

About Thomas von Ahn

With more than 30 years of experience in B2B sales across various industries, Thomas has unique insight into both the offline and online sales sphere. It was during his time in the trenches that Thomas noticed a recurring theme: Though business owners are knowledgeable about their craft or trade, they often struggle to market and sell to their prospects. This realization is what prompted Thomas and his now business partner, Christine, to bring Viral Solutions to life. Since starting the company, Thomas has been able to assist countless business owners in developing a solid marketing plan based upon sound marketing strategy, then assigning the marketing tactics to a team of talented employees, and, finally, watching those actions unfold—his true passion.

Though Viral Solutions is on Thomas’ mind 24/7, he does occasionally take a break to cheer on the Green Bay Packers and enjoy his adopted home of Wisconsin. Much of his family also works at Viral Solutions, and this closeness with family and employees is the cornerstone of the Viral Solutions culture.