I raised my prices without losing sales in 5 steps (here’s how)

raise your hand if you have ever been terrified to raise the prices of your product I remember just a couple of years ago I was terrified to raise my price from $11,000 to $1,500 I was like making all these assumptions about things that weren't even real and I had all the bad thoughts like oh what if a current customer gets mad that I'm doing this like oh what if nobody buys at this uh price point because it's too expensive what if I don't have enough customers to meet quota and my sales start to flop if you're a business owner YouTuber entrepreneur and you can relate to these questions and have been terrified to raise your prices in the past go ahead and type in price in the comments and let's get to it in today's video I'm going to go over how you can raise your prices without losing sales and how I've done it in the past how I've went from selling courses increasing the prices on the courses to now having experience with an more so an agency like business model and I'm going to give you my best tips on how to make this transition without feeling like a fraud without feeling bad for charging more and instead feeling confident abundant and excited about the new service you're going to be providing to your clients and students most of all now first you need to ask yourself and evaluate what are you raising the price of I mean if you're watching this video you know what you're going to raise the price of it's either a course a membership a onetoone coaching service or a combination of high touch coaching uh coaching program any one of these things is what I'm referring to in today's video I've had experience with all of them except for a membership I'm not going to lie I've never done well actually technically I have Mera stop okay but um let's talk about it so first of all if you're in the Course membership category let's say right now your course is $7.97 right you're selling it for 800 bucks you want to raise it to 1,500 because you've redone the course you've addited some really new features you have a really great Community app and you're like this deserves um to have the price raised because of all the value I've added and for the more elevated service that I'm going to be providing like totally valid first you got to accept just that you are providing so much value to the world that you deserve to charge more like there is nothing wrong with your decision to charge more you deserve to charge more but on technical side let's dive into like how to do it so um I was always curious about this before and there's no right or wrong way whatever you choose to do or not to do you're fine okay you can choose simply not to tell anyone that you are going to raise your prices and just do it you have the power to do that as you are a business owner and you decide to step into this entrepreneurial world and make your own decisions so that's the beauty of being a business owner is that when there's a price raise just do it if you wanted to um announce it to your audience um that's fine it's a great way to create urg you can literally tell people like hey in you know next month uh we are raising the prices for XYZ program and here's why here's going to be the brand new features um coming soon and you could even make a couple carousels to post on your YouTube Community tab on your social medias and say like you know the before here's what it was and the after so people can see then touch and feel the actual value of what you're going to be adding to your course or your membership right that's really exciting and that gets people in the mood pretty much to pay more okay it'll make sense and people digest like oh this is great all right and so that will also create urgency and you can have like a last call to your email list into your current audience that says hey it is officially the last time you can buy this product at XYZ price join now and you can have a countdown timer and when that uh timer is over you can have a deadline funn model that expires and points to the new service or product um and the weight list or something like that okay and that's another thing you can do is say um if you're excited about this new version of XYZ program join the weight list you can create just a simple opt-in page um with a headline a sub headline and optin for people to join the weight list so they can get access to this version um with the new price raise so this applies whether you're doing um whether you're selling a course or or whether you are uh a member ship owner okay and the other cool thing you can do um with the existing price and in regards to selling it like the last call Price you could even throw in a discount code or a a bonus like sweeten the deal like it's the last time you get this price or to get this product at this price but also here's a bonus if you sign up within the next 48 hours um here's a 5 to 10% discount code if there's a season going on maybe it's Labor Day or whatever the case may be so that's a really good option as well so ultimately I want to leave you with if you've been toying with this idea and just been so nervous about raising the price um CU this was literally me I was asking the whole world do you think it's okay if I raise my yes yes it is okay because one when you're selling a bunch of these digital products like let's say you're selling 50 of these per month that's going to be an increase in support tickets right people saying I can't log in change my password change my credit card that's going to be an increase and unfortunately potentially people charging back and you know saying that they don't um they didn't purchase or authorize which is super annoying but it's just the cost of business the other thing is um really that's that's just as a side note but get your legal pages in line make sure you have the terms of service and the program agreement right there as people are purchasing so they understand the refund policy the charge back policy payment failure policy all of these things if you're um offering payment plans so just keep that in mind um and this is why also your increase in price is also very valid because you on the back end have uh a team to operate and people to pay a support team to help get you through um you know providing this service to people okay and just remember as we go into this discussion now about coaching and hire ticket Services the more you charge the more people will take your your product seriously um this was a huge thing when I was selling courses our completion rate was a lot lower than it is now as as we're helping people um with one-on-one coaching and done for you Services right because it's now a high ticket investment to work with myself and my team but before it was only 800 1,500 bucks that's it and um people that's a price point that doesn't really like stab the gut that's not even an expression but it it's a you know what I mean it's a price point that doesn't really hurt like it it's a price point that could be shelf like oh like I'm excited I bought this course but you know I have all these other things and next week I'll get to it next week and then next week they never get to it and then yeah so the success rate and the completion rate is way higher when it comes to one-on-one and high ticket services and there's two categories with this one it's going from like course model charging all the way to 10 15 20K which is what I did I stopped selling courses which I have talked about in this video why I stopped selling courses and move to this High ticket model you can watch that but but the point I want to say is you can go from 1K to to however much you want to charge okay the business model is going to change right because you're going to have to switch from providing a real service um as opposed to having an automated course in the background but it's totally doable and I want you to know right now now if you're charging a one-on-one coaching price point like you're charging 50 bucks 100 bucks an hour you can go from charging that to charging 10K within you know a 3 to 6 month container I honestly do believe that that is possible for you and I'm going to convince you with these next couple of points on why you should be excited to do it and how it is possible but real quick I wanted to interrupt this video to let you know that if you are a YouTube business owner so you have a Channel right now and you're operating a business with that channel and you know that your channel is able to generate more Revenue more sales more impact exposure income all of that you definitely want to check out our subscribers to sales Ascend program which is all about us placing an internal YouTube team and scalable systems into your channel so that your growth can 5x within the next 90 days guaranteed in this program in this service we go in and we rebuild the motor of your channel we basically deconstruct it to make it go viral and we also Implement a team to take over all the YouTube operations for you so that your burnout and overwhelm goes away and your revenue and peace goes up so if you're serious about investing in yourself and your YouTube business definitely book a YouTube strategy call with myself or a member for my team right here in this link or the first link in the description to learn way more about this all right so moving on to why it's so much more appealing to sell a higher ticket than lower T ticket product one the conversion rates are way higher if you have 100 leaves that you're selling a course 2 versus a high ticket service the conversion rate for a high ticket should be around 20 to 30% that's really high and I've seen it be much higher before whereas with a course that is a lot lower at best with a webinar sales funnel it's around 7% which is kind of way lower than high ticket the difference between selling a low ticket and high ticket and mid ticket it's all the same it really is all the same and the the crazy part is a higher ticket funnel is is way more simple it is a lot longer kind of but it's way more simple like the tech and the headache of that it's not so involved and it's way more simple okay and so I wanted to make that point is why you should be excited to go high ticket the conversion rates are higher and you need way less leads to make your desired Revenue per month so let's say you're selling a program at 10K assuming you get paid in full upfront that's only three customers you need per month whereas if you're selling a $1,000 product that's 30 people that's 30 customers that you need per month which is in my opinion much harder to get especially if you're not generating over 2,000 optin to your sales funnels per month okay and so that's a big pillar right there is that this is why you're not going to lose sales because you're going to gain so much more Revenue with way less customers by charging more and raising your prices especially for one-on-one coaching okay that's the other thing when you are going into the one-on-one model to the hight touch coaching slone for you Services model SL agency work this is really cool because then your price points allow you to get help all right so your price points are going to allow you to get an assistant coach somebody to help with appointment setting more than likely somebody to help take sales calls for you and also have someone in there to help manage the success of the client you can also do fun things when you have higher price points like give people gift baskets you can have a welcome uh basket that has your merch or whatever it is a cool notebook it could feel like a white glove service you can offer them champagne when they walk into the door you know what I mean because you have the budget now to do this but for me the the best thing about raising your prices and going high ticket is the fact that your clients get the results way quicker they complete the work they they see more success it's really exciting and especially on our subscribers to sales team it feels like family I mean we're talking to you every day we're having conversations and uh leaving each other voice notes back and forth in slack we're able to hop on a huddle we're able to hop on a call and it's just a lot more intimate which is really great for getting that specific person with a unique business with a unique Channel results so if you like this video definitely check out the video that's coming up next all about what why I stopped selling courses and switch to high ticket super insightful that video starts right here just click right here and I'll see you there dear diary I ditched the make money online Niche and here's how it's been for the past three months

As found on YouTube

Get Your Resources Here:

You May Also Like