I have an established service/business I have been running for years, and I am considered an expert in my field. I am rebuilding our very old site, which will have many new features and a membership aspect. Unfortunately, my pricing has remained the same over the last several years, and I have always given away more for free than I should have from a business standpoint. I want to make this a viable business model and compensate myself for the time I pour into it. The new site launch brings so much to the table, but it will also cost more to maintain. How do I raise my prices without losing my customers? How do I price our new products without pricing them out? There is no one else who provides this local service.
Hi
Good luck.
A few options:
1. use AB testing: show different prices for the same service (either using different pages), or if not possible, show one price for 1 or 2 weeks, and another price for the other 2 weeks, and so on (3-4 times) until you find the ideal conversion price.
2. Use a survey for existing clients - ask them how (much) they value your business - you might be surprised for the better. Don't forget to offer an incentive for people who take the survey.
3. Raise prices, but add something to the new offer - even if seemingly small to you. this way, they are paying a bit more because they're getting more (which makes it feel justified to them) and not just because you raised prices.
Good luck
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Answered 4 years ago
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