Episode 349: How To Increase Your Prices Without Losing Any Customers

By Adam Stott | April 25, 2024 |

As a business owner, one of the most challenging decisions you may face is when and how to increase your prices. It’s a controversial topic, but it’s essential for the growth and sustainability of your business.

In this edition of #AskAdam, Adam and Charlie discuss the controversial topic of raising prices for existing clients. They emphasize the importance of adjusting prices to account for inflation, increased costs, and changes in the economy. Adam shares his philosophy of rewarding loyalty by keeping prices the same for existing clients while increasing the value they receive.

Show Highlights:

  • Many businesses undercharge and fail to adjust their prices
  • Business owners should regularly evaluate their pricing strategy and consider raising prices to maintain profitability
  • The concept of market thresholds involves testing the market’s appetite for higher prices and adjusting accordingly
  • Loyalty should be rewarded by keeping prices the same for existing clients while increasing the value they receive
  • Increasing value is crucial when raising prices, as customers will be more willing to pay if they perceive the added value

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Adams website: https://adamstott.com/?el=Pod

Watch the Episode on Adam’s YouTube Channel: https://www.youtube.com/adamstottcoach?el=Pod

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Join Adam’s network on LinkedIn: https://www.linkedin.com/in/adam-stott-coach/?el=Pod

Business owners: Monetise social media, get more clients, increase your following, and make more sales: https://socialmediamonetisation.com/unlockfb?el=Pod

Coaches, Consultants, and Speakers: lower your marketing costs, increase ticket prices, and get more high-ticket clients: https://personalbrandunlocked.com/fb-event-reg?el=Pod

Transcript:

Please note this is a verbatim transcription from the original audio and therefore may include some minor grammatical errors.

Adam Stott:

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