How to Raise Prices and Not Lose Your Customers

As your business grows, it’s likely to cost more to run than when it was a fledgling concern. At the same time, you must make sure the prices you charge reflect the escalating cost of living. Whether to raise fees is a no-brainer, but how you handle charging more can help or hinder your progress.

You value regular customers and won’t want to lose them. You might worry, however, that hiking your prices will cause them to shift loyalty to a cheaper competitor. Bear in mind clients who use your services already find them valuable, and as long as you honour prior price agreements and aren’t heavy-handed when raising your fees, most are likely to stay with you.

your monthly and yearly revenue growth with high-ticket items. But the thing is, generating high-ticket leads can be tricky because it requires different sales funnel tactics than low-ticket items.

Typically, higher ticket products are also the most profitable ones because they pay for themselves. This is one reason why people start selling high-ticket items in the first place. They know they need fewer sales in order to meet their financial goals.

There’s a lot of potential for skyrocketing

What Are High-Ticket Items?

High-ticket items are a high-value and high-priced product or service. They cost a bit of money and offer buyers a high value.

These items can include expensive products like cars, jewelry, and high-end bikes. And they could be services like coaching, webinars, and training. Or they could be any product or service that costs more than $1,000 and offers clients a lot of value.

As you already know, a sales funnel is a series of steps that lead a potential customer or client to a purchase decision. Similarly, a high-ticket sales funnel is defined as a selling system that leads a customer, step-by-step, to buy a higher-priced product or service.

Make It Clear Why You Must Charge More

Be honest about why you need to increase prices. Explain you haven’t done so for some time, and your business must absorb running costs if you are to continue to offer exemplary services or products.

It’s also smart to show how much you value current customers, so offer them an incentive to remain loyal. Think about how to give them more without losing out in the long run.

Offering regular customers reduced price package deals might mean they spend more and feel appreciated. As long as they buy extra and you don’t lose out, the transaction’s helpful. You might raise general fees at a steady pace, rather than hike them in one swoop.

Offer A Varied Price Range

If you’re concerned a price hike will mean your services or products are out of regular buyer’s range, why not vary fees? You can use a similar price tag to your standard fee to suit your usual customers, but provide a little less. A 30-minute consultancy session as opposed to 45, for instance. Then charge more for longer sessions or products costing more to produce than others. You can also consider pricing psychology.

When faced with high, medium, and low prices, most customers will choose mid-range options. Expect to make most sales mid-range, but offer prices at either end of the spectrum. Remember, though, never too undercharge.

Don’t worry when it’s time to raise your prices. You can do so in ways that will not ostracise regular customers. Clarify why you must charge more, sweeten the deal for faithful clients, and offer a range of price tags so you benefit from your venture instead of losing out.

Anyway, normally people who buy products or services at higher prices are typically much more invested in them and more likely to have higher levels of success with those products or services. That’s one of the main reasons why high-ticket items are great for businesses.

Obviously, they aren’t for all types of businesses though. For instance…

If you’re not willing to charge more than $1,000 for a training course…

If you’re happy charging clients an hourly rate for SEO services…

If you’re bogged down with demanding and unappreciative clients, telling yourself “this is just the nature of the job”…

Then, selling high-ticket items is not for you.

On the other hand, if…

You’re willing to charge clients’ of your service over a $1,000+…

You want to make more profit per sale…

You’re willing to spend less on overhead costs…

And you prefer selling expensive products or services rather than more affordable ones…

Then, high-tickets are perfect for you and your business.

So, if you’re considering pivoting your company and start selling high-ticket items, then come to iPayTotal and experience the awesomeness, Apply and start processing.