Tips On Increasing Your Price

On last month’s Diamond Q&A call, Yesim asked me if I had any tips on how to increase the price of the services she is offering to help executives grow their sales and increase their authority on LinkedIn.

I thought the answer was something you would like to hear…

Fees depend on who is buying and their frame of reference for price. Their actual return on investment, and in this case their level of ego.

Fees depend on a created expectation based on everything they know about you before you are having this conversation that builds the expectation that gee, this isn’t going to be a cheap date.

Fees are dependent on the actual ability of the person paying them.

So you have to consider all three of those things. The way you can start experimenting with your fees is to switch from a single program offer to an option offer. I would come up with better names, but for example, Basic or Deluxe. And you either take something away from what you do now and move it up or create some additional value.

Your basic stays priced at where you are and your deluxe gets prices higher. So maybe you are at $5,000/month right now and you price the Deluxe at $8,500. As soon as you are attracting more and get good at selling more at $8,500 then at $5,000 – drop the $5,000 and $8,500 becomes your Basic and you inch your way up.

Then there is the aspect of their need to practicality, gee how do I justify this? What is my return on investment?

And then, ironically, you need to think about getting your leads from somewhere other than LinkedIn so you can zoom in more on the avatar characteristics of a buyer. And in fact, it may be somebody who is using LinkedIn at all right now themselves.

Our next call is today, Thursday March 16th. If you're already a Diamond Member, you can register for the call and submit your question right now.

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Dedicated To Multiplying Your Income,

Dan Kennedy
Magnetic Marketing

P.S. Don’t forget, whoever can spend the most money to acquire a customer wins.