Here is the exercise for you today, but the exercise is to put down on a piece of paper what your current price is and put down all the things that are included in that price, even the things that you don’t mention to clients, but you do anyway. Perhaps you send them a welcome gift, for example, or perhaps you share some of their posts on Twitter. Whatever that is, list every single one of them down. Every single piece, list that out. List that out and say, “These are all the things that I include, whether the client knows it or not for this price point.” Then I want you to double the price point, and I want you to say, “Okay, if I was now delivering at this price point, what would that look like? What could I promise them? What could I deliver to them? What would they get in terms of tangibles and intangibles for this doubled price point? What does that now look like?”
We started off with our original offering, what that is, and included every single thing that we include for that, whether the client knows it or not, whether they’re aware of it, every single piece of the puzzle that is part of your offering, your tangibles, your intangibles, every single piece that’s on a piece of paper.
Now we’ve got the next piece of paper and we say, “Okay, if we double our prices …” Let’s say our price doubles. What would we include for a service that was twice the price? What would we include? Again, I want you to list everything out so that you feel in total integrity that you could charge this doubled price for what you’re listing out.
Then I want you to double the price again. You’re doubling the doubled price. This is going to be four times the first price, doubling the double price, and I want you now to list out everything that you would include in that price, every single thing that you would include in the doubled, doubled price bracket, every tangible, every intangible, everything that you are delivering that you might make the client aware of where you might not surprise things, all that. I want you to write that all down, every single thing that you can possibly think of that you would include for that doubled, doubled price.
So we’ve got our original, what we offered, we’ve got what’s included in that offer. We’ve got our doubled price and we’ve got what we would include in that. We’ve got our doubled, doubled price and we’ve got down now everything that we would include for that doubled, doubled price.
Now, what I want you to do is go back to the middle piece with the first that doubled. That price, I want you to charge that price for the highest end service delivery if you possibly can. So what you are doing now is you are doubling your prices, your prices are twofold, but you are giving fourfold value for that. Usually, that can really help people with increasing their prices, with stepping up, with increasing the service and the delivery that they make to their customers or clients. What you are doing is you are now going out into the market with your price doubled, but you are giving quadruple value compared to what you are just now because that is what your doubled, doubled you would deliver for.
I hope this makes sense to everybody because this can be a really good way about thinking about how can I raise my prices, how can I get that higher level of customer or client, and will they be willing to pay me more for it?
I hope that this episode has been useful for understanding how you can raise your prices and create a win/win where everyone feels great. Thank you so much for listening. Until next time, let’s find the clarity in your numbers, increase your wealth, and get more money in your pockets.