Five Ways to Increase Your Value, Part 5

How can you increase value and sales in a turbulent and unpredictable economy?

5.   Charge more!  You would think this would make sense… if you want to increase your value, then charge more for what you offer.  But most people are scared to charge more.  They think if you offer a cheaper price you will get more business.  You won’t.

Do Lexus, Mercedes or BMW offer less priced cars than Ford, Kia or Hyundai?  Of course not!  They offer higher priced cars and charge more for them.  They use the term “luxury” to describe themselves.  

Does Apple charge less for its newest iPad or iPhone?  No.  And people line up around the block the day they come out with the latest models… because if they don’t purchase them right away, the price will drop!  They are afraid that they might be stuck with a lesser valued item, so they buy NOW, while the price is high.

I work with some great corporations who never discount items.  They deliver quality products and services all the time. And they have no problem with pricing them higher.  They are proud of the employees and work behind what they offer and they charge accordingly.  

Are you afraid to raise prices?  A lady told a friend of mine one time that if she doubled her price she would lose half of her clients.  My friend smiled and said, “Good. Do the math on that statement.”  He said if she doubled her price and lost half her clients, she would still have the same total income… and could now market to the people who she already had in her new price range.  To increase your value, increase what you charge.

Easy Action Steps: Follow these steps and you will never have to worry about pricing.  Spend time increasing the value in your mind, and it will be easier to increase it in the minds of others.  Find people who agree with you and sell more.