MBA972 When to Raise Prices + Free Ride Friday!

The $100 MBA Show

Omar Zenhom

Entrepreneurship, Business, Careers, Marketing

4.8 • 2.2K Ratings

🗓️ 30 March 2018

⏱️ 15 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Times change, and so do prices.

If your business is growing, you’ll eventually have to raise rates for your products or services. Even if it’s just to keep pace with inflation or the cost of living, your prices just can’t stay flat forever.

Of course, breaking the bad news to customers can be a scary thought. No one likes to pay more, even for something they love. That said, you might be surprised at how little resistance you’ll meet when raising prices — if you do so skillfully. Today, we discuss the right times (and the right ways) to raise prices. A modest increase for customers can mean a huge revenue boost for you. We offer proven tips and strategies for “gently” raising prices, whether it’s an immediate hike, or a long-term pricing plan to keep pace with growth.

Don’t be scared to raise prices when you have to. Remember, most customers aren’t so concerned about price — they’re concerned about value. As long as you deliver the goods, your product might be worth more to customers than you realize. Click Play!

Transcript

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0:00.0	Hey there today is free ride Friday so make sure you hang on to the end of the episode
0:04.1	so you can hear who won this week's free ride.
0:06.6	All you gotta do is leave us on iTunes rating and review and every week we do a weekly
0:10.3	random draw with anybody who's loves to this review to see who won a free ride
0:14.6	to one of our programs. This month we're giving away easy course a 30-day
0:18.4	course on how to build your own online course. It's a $500 value but you can win by just leaving us a review.
0:25.0	It's our way to say thank you for showing us love on iTunes.
0:27.0	All right, let's jump into today's episode. Heyo! Welcome to the $100 RBA Show, the business Podcast That's always got your back with our daily 10 minute business lessons for the real world
0:47.4	I'm your host your coach your teacher Omar Zen Home. I'm also the co-founder of the $100 MBA, a complete business training and community online
0:56.3	over at 100 MBA.net.
0:59.6	And in today's episode you will learn when to raise prices. If you have a business, a
1:04.6	product, a service, and you've been in business for some time, you might be
1:08.8	asking this question, when is a good time to start upping my price?
1:13.0	Listen, it's inevitable.
1:14.0	You're going to have to raise your prices at some point.
1:17.0	You're just not going to be profitable for very long if you don't because of inflation, of course.
1:21.0	But also, your business is improving, your products are improving,
1:25.2	so it means the value that you're giving is increasing.
1:27.8	So subsequently your prices should increase as well.
1:31.1	Now you don't have to raise your prices every day of course but in today's
1:33.3	episode I'm going to explain when are the best times to raise prices so it's best
1:38.1	for you and your customers. So let's get into it. Let's get down to business. Today's episode of the $100.00 NBA show is supported by the Running Remote Conference.
	...

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