How to use premium pricing to create differentiation in a crowded market
In your business's growth stage, you will probably find that you are working too hard for too little money. This is unsustainable and can lead to burnout, and it’s why I’m taking a stand against “hustle culture”!
As you build the customer base for your online service business, does the idea of raising your prices fill you with panic? While it’s natural to be concerned about what your clients might think, have you ever considered that, as well as improving your ROI and helping you to avoid burnout, raising your prices might also make you more attractive to other people?
In recent months I’ve been thinking a lot about premium prices, prompted by what I’ve seen in the online business space and all the things I've learned from my Profitable Membership Summit. As I say in this episode. “Premium pricing is bold. And it also works.”
If you feel like you want some help in figuring all of this out, visit ScalingDeep.com/coaching and see what I can do for you.
What You’ll Learn From This Episode:
- Why trying to compete with other people’s standards can lead to burnout
- The link between high prices and the perceived quality of your offer, and how to make it work for you, especially if you’ve been working in the space for a number of years.
- How raising your prices can create a space for people to rise up - and why this is nothing to be afraid of!
- The way I was able to experiment with premium pricing and sell my Brave Messaging Toolkit and my VIP Business Design Days.
- The reasons why some people are attracted to a higher price.
- Premium pricing isn’t luxury - position yourself higher in the market with your products, not by competing on price.
- How do you know if you should be charging premium pricing? Is this the right path for you?
- Why the journey to premium pricing is an ongoing experiment - it’s ok to be a disruptor!
Links to Resources Mentioned in this Episode:
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