How To Increase Your Prices In A Recession

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Recession Proof Strategies [Part 6]

When I say "Increase your prices in a recession”, everybody tells me “That's not possible Dan, what are you nuts?”

So we did a survey of the people in the room, and 80% of the people in the room had increased their prices by 10% or more in the previous six months. We then asked, okay, out of those several hundred people who'd done that, who hit real big resistance from their customers in doing that? Two people raised their hands.

Now I would say there was a skewed audience, they’ve been smart marketers, but the principle is the same. You can increase prices regardless of the economy with no resistance from the customers.

Here’s how: One of them is just to raise your prices because most people are very guilty of selling things for too little, too low. There's a lot of what we call price elasticity and raising your prices. And quite frankly, the higher somebody pays, the more they typically value it and think it's better anyway.

Let's say you’re providing an online program to teach people time management and how to be more productive with their time. Which is something entrepreneurs really struggle with. And you can come up with a generic product that's called “Time Management for Entrepreneurs”. And it's a series of manuals and courses and, let's say it's six modules in a course. Well, you can pretty much sell that for about 200 dollars on the high side.

But now if you have time management for busy executives, well now you can sell that for 400 dollars. If it's time management for busy executives who run a company that is generating over a hundred million dollars a year in sales, well now you can sell that for 2,000 dollars because it's very targeted. And in many cases, it's the exact same content. It's just tweaked for them. So the more you can niche and target your product offering, the better.

This all ties to the relationship you have with your customers, and why a certain percentage of them can be offered a unique or different service specified to them, where they feel they are more looked after. They think ‘this was catered to me’, and it makes the job of the sale much easier. If you want deeper insights into developing great relationships with your customers and increasing your average order value, then I would recommend you join our NO B.S. Newsletter; where each month we pick a topic and go much much deeper into growing your business, and giving you timeless business, time-management, and sales principles.

If you’re not a member yet, let me hand you my “Renegade Millionaire Time Management,” “Brass Balls”, and “Midas Touch For Selling” courses (worth $19,997); all FREE when you get started today.

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.

Magnetic Marketing
3443 W Bavaria St
Eagle, ID 83616
United States

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<span class="preheader" style="display: none !important; visibility: hidden; opacity: 0; color: transparent; height: 0; width: 0;">Recession Proof Strategies [Part 6]</span><table class="nl-container" width="100%" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;background-color:#fff"><tbody><tr><td><table class="row row-1" align="center" width="100%" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0"><tbody><tr><td><table class="row-content stack" align="left" border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;color:#000;width:500px" width="500"><tbody><tr><td class="column column-1" width="100%" style="mso-table-lspace:0;mso-table-rspace:0;font-weight:400;text-align:left;padding-bottom:5px;padding-top:5px;vertical-align:top;border-top:0;border-right:0;border-bottom:0;border-left:0"><table class="text_block block-1" width="100%" border="0" cellpadding="10" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;word-break:break-word"><tr><td class="pad"><div style="font-family:sans-serif"><div class style="font-size:14px;font-family:'Helvetica Neue',Helvetica,Arial,sans-serif;mso-line-height-alt:16.8px;color:#555;line-height:1.2">
<p style="margin:0;font-size:16px;mso-line-height-alt:19.2px">
<span style="font-size:16px;">When I say "Increase your prices in a recession”, everybody tells me “That's not possible Dan, what are you nuts?”</span></p>
<p style="margin:0;font-size:16px;mso-line-height-alt:16.8px"> </p>
<p style="margin:0;font-size:16px;mso-line-height-alt:19.2px">
<span style="font-size:16px;">So we did a survey of the people in the room, and 80% of the people in the room had increased their prices by 10% or more in the previous six months. We then asked, okay, out of those several hundred people who'd done that, who hit real big resistance from their customers in doing that? <strong>Two people raised their hands.</strong></span></p>
<p style="margin:0;font-size:16px;mso-line-height-alt:16.8px"> </p>
<p style="margin:0;font-size:16px;mso-line-height-alt:19.2px"><span style="font-size:16px;">Now I would say there was a skewed audience, they’ve been smart marketers, but the principle is the same. You can increase prices regardless of the economy with no resistance from the customers. </span></p>
<p style="margin:0;font-size:16px;mso-line-height-alt:16.8px"> </p>
<p style="margin:0;font-size:16px;mso-line-height-alt:19.2px">
<span style="font-size:16px;">Here’s how: One of them is just to raise your prices because most people are very guilty of selling things for too little, too low. There's a lot of what we call price elasticity and raising your prices. And quite frankly, the higher somebody pays, the more they typically value it and think it's better anyway.</span><br><br></p>
<p style="margin:0;font-size:16px;mso-line-height-alt:19.2px">
<span style="font-size:16px;">As far as the fastest way to do it, well, we have a saying, which is “there are riches in niches”, which means if you can find a specifically targeted niche, there's easily an ability to raise your prices. Let me give you an example: </span></p>
<p style="margin:0;font-size:16px;mso-line-height-alt:16.8px"> </p>
<p style="margin:0;font-size:16px;mso-line-height-alt:19.2px">
<span style="font-size:16px;">Let's say you’re providing an online program to teach people time management and how to be more productive with their time. Which is something entrepreneurs really struggle with. And you can come up with a generic product that's called <em>“Time Management for Entrepreneurs”</em>. And it's a series of manuals and courses and, let's say it's six modules in a course. Well, you can pretty much sell that for about 200 dollars on the high side. </span></p>
<p style="margin:0;font-size:16px;mso-line-height-alt:16.8px"> </p>
<p style="margin:0;font-size:16px;mso-line-height-alt:19.2px">
<span style="font-size:16px;">But now if you have time management for busy executives, well now you can sell that for 400 dollars. If it's time management for busy executives who run a company that is generating over a hundred million dollars a year in sales, well now you can sell that for 2,000 dollars because it's very targeted. And in many cases, it's the exact same content. It's just tweaked for them. So the more you can niche and target your product offering, the better. </span></p>
<p style="margin:0;font-size:16px;mso-line-height-alt:16.8px"> </p>
<p style="margin:0;font-size:16px;mso-line-height-alt:19.2px">
<span style="font-size:16px;">This all ties to the relationship you have with your customers, and why a certain percentage of them can be offered a unique or different service specified to them, where they feel they are more looked after. They think ‘this was catered to me’, and it makes the job of the sale much easier. If you want deeper insights into developing great relationships with your customers and increasing your average order value, then I would recommend you join our NO B.S. Newsletter;  where each month we pick a topic and go much much deeper into growing your business, and giving you timeless business, time-management, and sales principles.</span>
</p>
<p style="margin:0;font-size:16px;mso-line-height-alt:16.8px"> </p>
<p style="margin:0;font-size:16px;mso-line-height-alt:19.2px">
<span style="font-size:16px;">If you’re not a member yet, <a href="https://magneticmarketing.com/_tracking/email_click/broadcast/NrBZAX?contact_id=QYpNWbV&amp;url=https%3A%2F%2Fwww.nobsletter.com%2Fspecial-offer%3Faff%3Dda42afcd-db5c-44e1-88ba-2a7b84bca314-1WzIyLDI2MDMwXQ8" target="_blank" style="text-decoration: underline; color: #0068A5;" rel="noopener">let me hand you my “Renegade Millionaire Time Management,” “Brass Balls”, and “Midas Touch For Selling” courses (worth $19,997); all FREE when you get started today</a>.</span></p>
<p style="margin:0;font-size:16px;mso-line-height-alt:16.8px"> </p>
<p style="margin:0;font-size:16px;mso-line-height-alt:19.2px"><span style="font-size:16px;">Dedicated To Multiplying Your Income,</span></p>
<p style="margin:0;font-size:16px;mso-line-height-alt:16.8px"> </p>
<p style="margin:0;font-size:16px;mso-line-height-alt:19.2px"><span style="font-size:16px;">Dan Kennedy</span></p>
<p style="margin:0;font-size:16px;mso-line-height-alt:19.2px"><span style="font-size:16px;">Magnetic Marketing</span></p>
<p style="margin:0;font-size:16px;mso-line-height-alt:16.8px"> </p>
<p style="margin:0;font-size:16px;mso-line-height-alt:19.2px"><span style="font-size:16px;">P.S. Don’t forget, whoever can spend the most money to acquire a customer wins.</span></p>
</div></div></td></tr></table></td></tr></tbody></table></td></tr></tbody></table></td></tr></tbody></table>
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Recession Proof Strategies [Part 6]

When I say "Increase your prices in a recession”, everybody tells me “That's not possible Dan, what are you nuts?”

So we did a survey of the people in the room, and 80% of the people in the room had increased their prices by 10% or more in the previous six months. We then asked, okay, out of those several hundred people who'd done that, who hit real big resistance from their customers in doing that? Two people raised their hands.
Now I would say there was a skewed audience, they’ve been smart marketers, but the principle is the same. You can increase prices regardless of the economy with no resistance from the customers.

Here’s how: One of them is just to raise your prices because most people are very guilty of selling things for too little, too low. There's a lot of what we call price elasticity and raising your prices. And quite frankly, the higher somebody pays, the more they typically value it and think it's better anyway.

As far as the fastest way to do it, well, we have a saying, which is “there are riches in niches”, which means if you can find a specifically targeted niche, there's easily an ability to raise your prices. Let me give you an example:

Let's say you’re providing an online program to teach people time management and how to be more productive with their time. Which is something entrepreneurs really struggle with. And you can come up with a generic product that's called “Time Management for Entrepreneurs”. And it's a series of manuals and courses and, let's say it's six modules in a course. Well, you can pretty much sell that for about 200 dollars on the high side.

But now if you have time management for busy executives, well now you can sell that for 400 dollars. If it's time management for busy executives who run a company that is generating over a hundred million dollars a year in sales, well now you can sell that for 2,000 dollars because it's very targeted. And in many cases, it's the exact same content. It's just tweaked for them. So the more you can niche and target your product offering, the better.

This all ties to the relationship you have with your customers, and why a certain percentage of them can be offered a unique or different service specified to them, where they feel they are more looked after. They think ‘this was catered to me’, and it makes the job of the sale much easier. If you want deeper insights into developing great relationships with your customers and increasing your average order value, then I would recommend you join our NO B.S. Newsletter; where each month we pick a topic and go much much deeper into growing your business, and giving you timeless business, time-management, and sales principles.

If you’re not a member yet, let me hand you my “Renegade Millionaire Time Management,” “Brass Balls”, and “Midas Touch For Selling” courses (worth $19,997); all FREE when you get started today. (https://magneticmarketing.com/_tracking/email_click/broadcast/NrBZAX?contact_id=QYpNWbV&url=https%3A%2F%2Fwww.nobsletter.com%2Fspecial-offer%3Faff%3Dda42afcd-db5c-44e1-88ba-2a7b84bca314-1WzIyLDI2MDMwXQ8)
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.
Magnetic Marketing
3443 W Bavaria St
Eagle, ID 83616
United States Powered By ClickFunnels (https://magneticmarketing.com/_tracking/email_click/broadcast/NrBZAX?contact_id=QYpNWbV&url=https%3A%2F%2Fmagneticmarketing.com%2Fpoweredby)
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