Many clients ask me the question "How do I know when to change my prices?" I realize that they are asking mostly because they are afraid to do it. Often they know it's time but the fear of losing even one customer is so horrible they can't reconcile it in their minds.
Knowing when (and how) to change prices is critical to business success. Many small businesses don't address pricing until it's a problem (i.e. they're losing sales or profits) often they don't even recognize it. Sustainably profitable businesses are more proactive when it comes to pricing and making changes. As a result they can often ride out tough times better than the rest.
In this episode of Live with the Pricing Lady I talk about how to know when to "change my prices." We look at 10 signs that indicate a price change might be needed.
0:00 Introduction
0:55 When People Ask Me
2:05 The Most Obvious Reason
3:07 Wrong Positioning
3:47 It's been a long Time
4:37 No One Is Buying
5:23 Customers Say You're not Charging Enough
5:56 Resentful
7:44 Working Too Hard for Too Little
8:43 New Customer Groups
9:26 New Products / Offers
10.13 Atypical reasons
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