How to Charge More For Your Business

“You’re not charging enough. You need to charge more for your business.” I say this to businesses constantly, but most are afraid to raise their price.

And even though I talk about pricing in the context of buying an online e-commerce business, it still rings true for services businesses, as well. There is likely much more you can do with price.

Here’s six ways to justify your higher price… The top things that allow you to charge more:

• Experience
• Presentation
• Values
• Convenience
• Extras
• Customer support

 

Using Experience to Charge More For Your Business

Is your product or item simply better than the rest?

This is the best way to justify price, especially if it’s backed by user reviews. 

I pay more for my Whoop than I ever did for a FitBit or Apple watch, because it’s that much better!

 

Using Presentation to Charge More For Your Business

If you do have any eye for brand or packaging and can follow through, you can differentiate sheerly through presentation:

• How does your product look on the shelf or online?
• Is the unboxing experience premium?
• Is your brand that much better?

 

Using Values to Charge More For Your Business

This is the hardest to succeed in, but resonates more and more every year. Sustainability, ethical sourcing, American-made, these are all reasons to justify price, but you have to tell the story first.

 

Using Convenience to Charge More For Your Business

Next day shipping, assisted setup, and anything else you can think of to make your buyers’ lives easier is reason to justify a higher cost.

 

Using Extras to Charge More For Your Business

This is very underrated. Anything you sell is essentially an “offer”… so what can you bundle with it to justify the extra cost? Think free downloads, video content, extras, and samples that helps stop customer objections and make their life easier.

 

Using Customer Support to Charge More For Your Business

You can’t charge more just for having it, but you can for having it be amazing. 24/7, right away, real humans in chats, emails, or calls… If it stands out enough now, that helps justify price.

 

Thanks for reading. I write a weekly email newsletter of bringing products to life. Follow me on Twitter at @orenmeetsworld and subscribe via the link below!

– Oren

 

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