Tips for Business Owners on Raising Prices, How to Set Expectations and The Biggest Mistake in Business
The GaryVee Audio Experience
Gary Vaynerchuk
4.8 • 18.1K Ratings
🗓️ 19 October 2022
⏱️ 11 minutes
🧾️ Download transcript
Summary
Today's episode of the GaryVee Audio Experience is a short segment from a meeting I had recently. I was asked for advice on how to approach clients if you want to raise your rates. It turns into an awesome conversation that I think a lot of you will get value from
Enjoy! Let me know what you thought!
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Transcript
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| 0:00.0 | Hey everyone, welcome or welcome back to the GaryVee audio experience. We have an awesome episode for you today. |
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| 0:25.0 | And we hope you enjoyed this episode. |
| 0:27.0 | This is the GaryVee audio experience. |
| 0:31.0 | How many thousand dollar clients do you have? |
| 0:34.0 | So, six. |
| 0:37.0 | Perfect. So you have six 1000s paying you 1000 a month and two 4500s, right? |
| 0:43.0 | Mm-hmm. Yeah. |
| 0:45.0 | On the six 1000s, think about this. |
| 0:47.0 | If you go to all of them and say, how long is your contract with them? |
| 0:52.0 | Usually six months. |
| 0:54.0 | Great. If you give them the preview now, if you go to three of them, three of the six. |
| 1:01.0 | Great. |
| 1:02.0 | And you say, hey, just to give you an FYI, when we're up, given how much demand I have, I just want to be forthcoming, I need to bring you up to 4000 a month. |
| 1:11.0 | 4,500, 3000, but at least 3000 with the three. |
| 1:16.0 | If one of them say yes, you've paid for the other two saying no and them leaving. |
| 1:23.0 | Right. Yeah. |
| 1:24.0 | If two of them say yes, and by taking three of the six, you're not putting yourself in a bad spot that you're losing 6000 a month. |
| 1:31.0 | So the first thing you should do immediately is take the three of the six that you currently have that are going the best. |
| 1:38.0 | And tell them that when we, I want to give you as much time as possible, Sally, Ricky and Johnny, that when this expires, I need to take you to 3500, |
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