Rewarding Price Increases

by Kai Davis | Last Updated: March 31, 2020
Rewarding Price Increases

When it comes to raising prices, I am a fan. One of the easiest ways to earn more is to charge more.

But, taking the courageous action of raising your prices can bring out the resistance in full force.

After all, who are you to charge more? (Answer: you’re a badass business person, and you deserve to charge more).

What I’ve found is that one way to do battle with this form of resistance is to build a small reward into your proposals/quotes.

Here’s how I tackle the small steps of charging more.

First, I make sure that I’m spending that increase on me:

If this proposal closes, I’ll buy myself that thing as a small reward (e.g., video game, book, kitchen tool, house plant)

Then, I take an upcoming proposal/quote and make a small price increase:

Hm, I’ll charge $100 more on this quote and see what happens.

After that, once that quote (or another quote) closes, I’ll use that ‘extra’ money as a small reward.

You did the thing! You charged more, you closed the deal, and here’s your reward!

Finally, once I’ve validated to me that charging more still works, I’ll nudge the prices in future quotes/proposals up a bit.

Excelsior!

Kai

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