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Issue 8
Sunday July 24, 2011





Letter from the Editor

Welcome back to the latest issue of the Shoestring Entrepreneur Newsletter!.

I hope your off to a fast start in the second half of the year. Don't worry. It's not too late to reach all your goals for 2011. Just take fresh, immediate action and watch how speed of implementation transforms your business.

In future issues we'll be introducing our guest writers who will be contributing to the Shoestring Entrepreneur on a regular basis. The content is going to be amazing. I'm very excited and looking forward to all the solid, actionable, business building information they'll be sharing.

In this week's newsletter, I'll share an article titled "Make More Money By Raising Prices." Raising prices, by even a tiny fraction, will increase revenues and in certain cases, bring you even more customers who believe that higher price equates to true value.

To your success,
Brian Carson


Make More Money By Raising Prices

by Brian Carson

A huge mistake many business owners make is pricing their products and services to low.

The lower the price the less margins you have. Simple as that. As the great copywriter and marketer John Carlton once said, "Most people sell from their heels."

That's not the way to go. You can't be afraid to sell. If your product or service is high quality and provides value to your customers, then you should charge a premium price for it.

Establishing a higher perceived value and charging a higher price is critical to a businesses success.

Whether true or not, people associate high price with higher quality and higher price with status and power. Use this to your advantage.

If you can differentiate your product or service from the market, while being more expensive, you create in your marketplace what Internet Marketing legend Frank Kern calls, "the desire to acquire." An automatic buying response.

If flat out raising your prices scares you (a natural response), increase them in small increments to test your markets reaction.

Here are some ways to raise your prices gradually:

  • Keep increasing prices until you meet resistance
  • If there is no resistance, your prices are way too low
  • Every X amount of customers, raise prices
  • Every X amount of months, raise prices
  • Run pricing split tests and follow the 0, 5, 7, and 9 rules.

As long as you are establishing true value in the customers mind and your products and services fulfill a want or need, a higher price should never be an obstacle to the sale.


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Optimum Selling Price

One thing to remember is that every product or service has an optimum selling price built in. The OSP of a product or service is a price at which the marketing/selling campaign will yield the greatest profits.

This price can change, especially if it's a product. All products have certain life cycles and the optimum selling price will change at various points of the cycle.

If you're just starting out, don't re-invent the wheel. See what the competition is doing and price accordingly. After you gain some momentum, test your pricing at various points and see what converts the best.

Some general guidelines to follow are:

  • For a service, high price equals perceived higher value
  • Keep your front end products cheaper
  • After they buy the front end, sell higher priced products and services on the back end
  • Always be testing your prices

The last thing you want to do is to price like you are a commodity. Never base your business on the lowest price. That's a recipe for disaster. There is always someone who can beat you. Only certain companies with huge distribution networks with large sales volume can do this and survive - we're talking the Wal-Mart's and McDonald's of the world.

Raising your prices even a tiny fraction can make a huge difference in profit margin. Start today by increasing your prices and watch the extra money that flows into your business.

 

Brian Carson

Brian Carson is the president and CEO of the Market Ownership Group. Before founding the Market Ownership Group, a marketing consulting/business coaching company, Brian owned three brick-and-mortar businesses that he ran profitably for over 15 years. Brian sold them off to focus all his attention to the formation of the Market Ownership Group, founded in 2008. Brian has created marketing strategies, done for you marketing materials and given advice in a diverse range of businesses, from restaurants to barber shops to online only businesses to small retail stores, and financial advisors. If you would like to grow your business to new levels of profit and growth, or if you need help starting a business from scratch, email the Market Ownership Group at bricar@marketownership.com.

 

The Brian and Lee Show

On this week's episode of THE BRIAN AND LEE SHOW, our guest will be entrepreneur and blogger Lillian Brummet. Lillian ran a successful cleaning business for six years (before a car accident took her attention elsewhere) She was able to start this business on less than a few hundred dollars. It grew so quickly that in two years she was turning away clients and looking to hire help. She also is the co-host of the radio show Conscious Discussions with her husband David and has a blog of the same name.

 

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Believing people can learn and change their circumstances if they just know how, he has distilled the most useful economic thought into seven principles the average man or woman can understand and use to plant his or her own money seeds. Seeds that will grow a brighter future. Written in an easy to understand style, "Money Seeds" explains: ...

  • How money works and why it is not real
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Using these seven principles will open up a new understanding of how the world works, and give a person the tools to take control of his or her own destiny.To learn what these principles are...Click Here.


 

Brian and Lee Resources

Copyright 2011 The Brian and Lee Show and the Market Ownership Group. All Rights Reserved.