Okay, here’s the million dollar question for you, when is the best time to increase your prices?
Before we get into today’s topic I just wanna say straight off the bat that it’s your business, you can choose to increase your prices whenever you like. You really don’t have to wait for someone to tell you it’s time to increase your prices. It’s always, always your choice.
However, that being said, I think there are five really clear signs that you should increase your prices now. So, if you’ve actually been looking for a sign, I’ve got five of them for you.
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1. You’re getting booked out
Sign number one, you’re getting really booked out. Now, that doesn’t mean that you have millions of clients, by the way. I’m talking about your version of being booked out. Back in the day when I was doing my one-to-one coaching my booked out level was 10 to 15 clients. Now I know that other people could’ve easily handled 50 to 100 a week, but I could not handle that. Your version of booked out is whatever feels right for you right now.
And if you’re feeling a little busy, guess what, pricing is often about supply and demand. If you have a lot of people coming for your services, or if you’ve got a wait list, chances are that you can afford to increase your prices even just by a little bit.
Now, it’s natural to feel scared about that, by the way. Every time I’d get booked out and I’d go, “Oh, I’ve gotta increase my prices,” I would think no one is ever gonna book with me again. If I increase my prices, my business is gonna die. The truth is that actually does not happen.
If you have a really high demand for your services, your market can bear a higher price. You’re thinking, “Oh my God no one’s gonna book with me again.” And you know what, sometimes that does happen for a couple of days, and you might not get as many clients as before, but it does even out.
If you’re really in demand, people will pay your new prices, especially if you’re really good at what you do. The bonus is that you can take on less clients, and earn the same or even more, but you’ll have more energy to give to those clients. And who knows, you might even have some creative space to write a book, or create something that will serve even more people.
When you’re too busy for comfort that’s a really big sign that you should increase your prices.
2. Clients are telling you that you’re too cheap
Sign number two is when clients actually tell you to your face that you’re too cheap. And this is a major one. If you’re telling your prices to clients and you’re hearing things like, “Oh, that’s really cheap,” that is a really big sign. Because nobody wants to be too cheap.
And if you hear that repeatedly that people are surprised about your pricing, take that as a massive sign that maybe people have a different perception than you do around your worth.
Now, I was chatting to someone that I perceived as quite famous. And they told me their price and I thought, “I’m surprised,” I thought, “That doesn’t feel like a good energetic match.” I expected them to be a lot more expensive. And you know what? I actually started to second guess their ability.
So if people are repeatedly telling you that you’re too cheap, I want you to listen to them and actually ask yourself if your pricing is actually being a detriment to your brand.
Remember that pricing is not just the cost of your time, or the cost of the goods sold plus a little margin, perception is a huge part about where you position yourself in the market. And more importantly, who you would like to attract.
So don’t worry if you think, “Oh my God, but what does that mean I should charge?” I’ve got a really good resource for you at the end of this video that will include my process of how you choose a price, and also how you communicate it to your clients, even your old ones too.
But let me just repeat this again, if you’re hearing people saying, “I expected it to be more than that.” Or they’re saying yes to your prices straight away and you’re like, “Oh, they really thought I was cheap,” it’s time to take action and increase your prices.
3. Attracting difficult clients
Okay, sign number three is when you’re attracting really painful, pain in the butt, horrible clients who constantly complain, or try and negotiate on price, or nitpick with you over certain things, this is a huge sign that you are an energetic mismatch to your current pricing. And sometimes really crappy clients are the universe’s way to force your hand to change it.
You really deserve to have clients who will gladly pay you for what you do. And when you’re too cheap, this is the paradox, right? You think, “But I’m so cheap, and I’m over-delivering so much, and I’m trying to be affordable and fair. Why is this happening? Why aren’t these people happy?” It’s not the price, you are an energetic match to people who aren’t appreciating you, because you are not appreciating your talents. So you are attracting clients who are mirroring your energy.
And you know what? It’s a really bad sign too when you’re constantly getting clients who say, “Can you give me a discount?” Especially when you know that you’re already affordable. You might be so cheap that you’re asking for clients who are always asking for accommodations, who overstep boundaries, and who actually take up way more time and energy.
If this sounds familiar, you’ve got to do something about it. You really need to charge appropriately for what you do, so you can attract clients who mirror your healthy self worth back to you. Trust me, it’s the case. And seriously, if you’re dealing with pain in the butt clients right now, there are easier ways to make money. This is a huge sign that it really is time for you to upgrade your prices, and energetically upgrade the clients you’re working with.
4. You are consistently creating amazing results for your clients
Sign number four is when you’re consistently creating amazing results for your clients. And this is especially true when you create results that have an impact on the client’s income.
And this is not just for people who teach business or money, ’cause I always hear that and it’s like, “No.” You might have a business that’s completely outside of the realm of business and money. But maybe you help people save time, so they can go make their money elsewhere, or they can spend more time with their family. Maybe you help people save money by outsourcing a task, or helping them to be way more efficient with what they do. Maybe by helping them take on something that they’re not good at. Again, time is money.
Now, you might be in a business that helps high achievers to achieve peak performance. So for example, you might be a health coach, or a kinesiologist that helps high net worth clients be the best they can be. Maybe have more energy, or more confidence, or to solve a particular problem in their life.
Remember that even support people who have nothing to do with money can save high performers a lot of time and money, and help them work in their zone of genius, which can have a huge impact on their bottom line.
So if you know that you can get great results for people, and you’re getting better at it, quicker at it, well then you know what, you deserve to be paid in line with the value and results that you help them accomplish. Very, very simple. As you get more experience, you’re actually helping people shortcut their success as well.
So if you’re getting rave reviews, really great results for your clients, it is really a sign that you should increase your prices. And I want you to think that mantra, I serve, I deserve. This is a mantra that I think every woman in business should embrace, because we give so much.
I serve, I deserve. Giving and receiving in equal way.
5. You want to earn more money
Here’s another sign too, and the fifth one, you actually want to earn more money. It’s okay just to decide, “You know what, I’d like to get paid more for what I do.” And maybe you already know that you’re an energetic mismatch to your prices, and you just want to earn more. That’s totally okay.
I know you’re not the kind of person who would just charge high prices and be really crap at what you do. It’s not where you’re at. This is going to happen a lot in your entrepreneurial journey though, that you think, “Oh, I don’t feel aligned, I want to increase my prices.” But every time you’re going to feel really scared. That’s okay.
After awhile you’ll settle into it, that’ll feel really good, you’ll be able to say that price without choking. Then you know what? You might get even better at what you do, you might have outgrown your pricing again. That is totally normal. You’re allowed to change your prices however often you like.
But if you’ve been feeling itchy, or you know that it’s time to expand, then do it sooner than later. You’re going to get these huge clear signs to get out of your comfort zone and go to the next stage. No one else is going to give you permission to do this, by the way, you have to claim it for yourself.
You know what? Ask yourself now, “What would feel good for me to charge right now?” Even if it feels a little bit scary, or a little bit exciting. Just ask yourself, “What would I like to charge?”
Remember that every time you play around with your pricing, it’s going to feel scary. You’re going to feel like no one’s gonna pay it. And that’s okay. You’ll step into it, and it will feel comfortable. You’ll attract the next level of clients that you wanna work with, and it will feel great. You’ll settle into it, and then you know what? I’m sorry to tell you, it’ll probably happen again. At some point you’re gonna feel like you’ve outgrown your pricing again.
You have permission to earn more. You absolutely have permission to change your pricing whenever you like.
So before we finish let’s recap those five signs that you should increase your prices. And not all of these have to be true, by the way. You don’t have to tick of every one before you increase your pricing. Even just one is usually a sign.
So remember that first one, you’re booked out, you can’t fit anyone else in, you’ve got this big long waiting list, you’re in demand. Increase your prices. Maybe people are telling you, “Wow, you’re so cheap, you’re so reasonable, go work with her, she’s so cheap.” Take the hint, people have a different perception of you, it’s time to increase your prices. Remember three, pain in the butt clients, they don’t appreciate you. It doesn’t matter how much you’re over-delivering, it’s time to increase your prices. Four, you’re getting amazing results for people. You’re getting better at what you do, you’re short cutting your clients’ successes. It’s time to increase your prices. And the last one, just ’cause you want to. It’s okay, you don’t have to wait for someone else to give you permission, go for it. Just go for it.
Now you might think, “Denise, this is all well and good, but what should I charge?” Oh my God. Well this is the tricky part. If you’re confused about what to charge next for your products and services, or if you’re worried about how to communicate it to your current clients without annoying them, I’ve got a really great free resource for you.
This is my pricing workshop, and it’s really gonna help you not make those really obvious rookie mistakes when it comes to pricing, and help you increase your prices with integrity, and confidence. So just head over right now to DeniseDT.com/Pricing. You’ll get through it quickly, and as always I promise really fun and easy steps that you can put into practice right now.
This can totally be your best year in business, and this can totally be your best month if you sort out your new pricing. Now is the best time to do this. So just go to DeniseDT.com/Pricing, and it’s your time, and you’re ready for the next step.