Builders - Put Your Prices Up - Marketing For Free Strategy

While the purpose of all of your marketing efforts is to get new customers and to sell more to your existing customers this all amounts to nothing if you do not earn money to put in your bank account, so the quickest way to earn more money and to increase your profits is to simply put your prices up, so this is one form of marketing for free. Ideally you want to increase your prices without losing any customers, but even if you did lose a few customers would you be any worse off?

How do you know if you are charging enough for your products or services? The only way you will know whether you can get away with putting your prices up or not is to just do it and see what happens.

I will let you into a little secret, if you get very good at marketing you will learn techniques to help you raise your prices, in fact when you get good at marketing you will probably be forced to put your prices up to keep the workload down. As you get busier you could take on extra people and grow your business like that (and deal with the extra stress involved with having more staff) or you could position your company in a league above your competitors and simply charge more for your services which will help you to grow your profits without doing any extra work.

What car do you drive? What cars do your neighbours drive? Did you or your neighbours buy the cheapest cars that were available? Probably not, the reason why we do not all buy the cheapest cars on the market is because we do not all buy on price.

Some people do buy the cheapest products and services available but most people do not buy on price, some people will not buy anything else but the most expensive products on the market.

This is one reason why you can put your prices up, people may tell you that they want your best price but it doesn't mean they are going to go with the cheapest quote, if you really communicate to your prospective customers the reasons why your products or services are better than the competitors it will go a long way towards helping you to justify your prices.

Also, if you position your company as the best in your area you will get customers who only want the best, these are the types of customers you want in your business and they will help you grow your profits.

If you are worried are about putting your prices up you could test a 10% increase or you could even test a 20% price increase on 50% of your new enquiries. If you do not lose any of the new jobs you can then increase the prices across the board.

You must test this, when I first heard about this strategy I was hesitant but after some time I decided to increase my prices by 20% on every product I was selling at that time, I was astonished, I lost no customers and made a lot of extra cash with no extra effort. I have even spoken to people who increased their prices and as a result actually got more customers because they were perceived as being a better company to deal with.

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Leonardo Wood specialises in helping UK contractors and small business owners with their sales & marketing to help them grow their businesses.

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