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Coaches - Should You Raise Your Prices in 2009?Susan L Reid
To raise or not to raise; that is the question.
As a coach, how can you justify raising your fees when every day, people are losing their jobs, homes, and their savings, left and right?
What happens if you raise your fees and end up alienating your market? Worse yet, what if you raise your fees and nothing happens?
We're living in an environment of fear. Before you throw in the towel and resolve to do nothing, keep these three things in mind:
The Case for Raising Your Prices
Although the overall strength or weakness of the economy may seem like a logical way to decide to raise or not to raise your prices; it isn't. What your clients will pay for your products and services has little to do with the economy. What your clients are willing to pay has to do with your perceived value.
If they perceive you as offering something that they really need, they will pay you for your service, regardless of the price.
So, should you raise your prices in 2009?
It all depends.
Keep in mind that when the economy changes, the types of products and services that become "in demand" change, too. In tough economic situations, it isn't so much about supply and demand; it's about solution and demise. If you are able to supply a specific solution to keep a client from facing demise, then the case for raising your prices can be made.
Consider this angle: When the economy slows, there is a need for new and different coaching services. Instead of raising your prices on your current services, consider adding a new product or coaching service package to meet the emerging need. If you can do that, then you will have increased how your clients perceive your value and created another revenue stream for yourself.
Raising your fees in 2009 takes careful consideration. On the one hand, you don't just want to dismiss, out-of-hand, the possibility of raising your fees. On the other hand, you don't want to price yourself out of the market by arbitrarily raising your prices. Consider the two cases put forth in this article. Then, decide for yourself if you can establish a direct link between raising your prices and your able to supply a specific solution to increase your client's profitability and success in the emerging economic market.
If you can, then you're justified in raising your prices this year.
Copyright © 2009 by Susan L. Reid
Copyright ©2009 by Susan L. Reid, DMA
Intuitive small business start-up expert Dr. Susan L. Reid is the award-winning author of Discovering Your Inner Samurai: The Entrepreneurial Woman's Journey to Business Success, and business coach and consultant for entrepreneurial women starting up home-based business for the very first time.
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