How to know you're priced too high

Breaking Down Your Business | Small Business | Business Owners | Entrepreneurship | Leadership

What’s In This Episode:

We told you to always raise your prices last week... but how high is TOO high?

"Which is the bigger risk? That your prices are too high or that they're too low?" - Brad

What someone says about your pricing has nothing to do with whether your prices are too high or too low. And if no one's complaining - you're priced too low. Pricing is based on two things:

• how much value you can establish in the customer's mind. Some people will say no. That's okay. Why waste your time trying to explain the value to them? Accept that you're not the right fit and move on.
• the confidence you have in the price you're offering.

"There's always going to be someone complaining about your pricing." - Jill

Jill thinks that that confidence depends on what you're selling and that it's different for product- and service-based businesses. And that there's a fine line between confidence and arrogance. But overall, you need to know that what you're offering is worth many times what the value is. People want to know that you're going to make a big difference in their life if you're asking for a larger amount. And something will shift in your brain when you get a yes to a higher price. Jill and Brad discuss putting yourself out there with confidence, and what to do if your clients can't afford the higher prices (good news: there are reasonable options!).

What do you think? How high is too high?