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5 Signs Your Prices Are Too Low
65–75% of businesses miss their revenue goals
You’re looking around at prices in your industry, and you’re shocked. People charge that much for a service like mine. And she has bookings filling her schedule and her waiting list.
It’s then that you realize you aren’t doing people a favor; you’re doing yourself a disservice. Yet, you still fight yourself over raising your rates. That’s because you’re not sure if this is right for you.
In The 22 Immutable Laws of Branding, Al and Laura Ries explain that brands need more than quality alone. They go on to say that, “A better strategy in a sea of similar products with similar prices is to deliberately start with a higher price. Then ask yourself, what can we put into our brand to justify the higher price?”
So if you answer “yes” to the following questions, consider updating your price list.
1. Are you overbooked but not meeting financial targets?
If your price is low, bookings don’t mean you’ll make a profit. You will instead need to have good time management skills to ensure deliveries are on time. Or you’ll have frequent bad reviews and experience burnout.
