- So you need to make more money in your business.
You need to put your prices up.
Well, in this video, I'm gonna show you
how to do that right now.
I'm James Sinclair.
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so we can let you know when we bring
our great new videos to grow your business.
So, guys, one of my big foundations of business success
is increasing profitability in your business
and how you do that.
Now, I've done seminars on this.
I've made YouTube videos about it,
but the number one magic word that increases profitability
in your business is making sure you have plenty of margin.
Now, if you haven't seen a recent video that I'd done,
all about how to get margin in your business,
then click here.
Now, we need to discuss there how we can bring our prices up
to make that margin happen,
and that's what this video's all about.
Let's go.
I'm gonna give you six ways now
of how you can put your prices up in your business,
real practical strategies that I've tried and tested,
that I know that absolutely work.
Well, number one in another video that I just done recently
about this is making sure
that you have authority and expertise in your industry.
This is the number one way
of putting your prices up consistently,
making sure you have books around you,
making sure to have YouTube videos, Google awards,
business awards, Trustpilot, all of that stuff,
and make sure you've got it strapped to your business
in abundance, and it has to be in abundance,
so that you are known as the ultimate expert
and authority in your space.
Hey, when people are gonna buy something now,
they're doin' a quick Google reviews
and they're testimonial checking you
to make sure that that's there,
so make sure you're doing it.
Next thing, something new.
This is something that I've always used
to put our prices up.
Now, I own a chain of visitor attractions,
leisure attractions.
When you do a refurb
or you put a brand new piece of equipment in,
that is a great way to put your prices up.
You can put your prices up 15, 20% by having a refurb,
and people will pay it because they love new, you know.
That's what human beings like.
They much prefer to go to the new rather than the successful
and they might go back to the successful
once they tried the new,
but that is what human beings do.
The new restaurant in town, they go and try it.
The new gym in town, they go and try it.
The new hotel, they go and try it.
Now, they might try it and not like it
and go back to what they know is successful,
but they will try the new.
Now, if you can be the new and successful,
then you got a great business.
Point number three is limited supply.
Hey, this is the thing about human beings.
They want to buy what they cannot buy.
Why is that?
There's psychology here.
People want to buy what they cannot buy. (inhales sharply)
So when a new restaurant opens in a town,
and I know a restaurant owner had done this really well,
and his name is Matthew.
He would open his restaurant,
and you know, he's got a hundred tables there.
He would only book out 20 tables
for the first two weeks of opening,
so people would ring up and say,
"Sorry, we're fully booked."
"Oh, you know, I really want to get in."
"Sorry, we're fully booked,
"and you have to book at least two weeks in advance
"to get a table here."
I mean, that reputation spread like wildfire
around the town that he operated that business.
And what did that do?
I made him the ultimate expert.
It gave him authority.
People booked up to two weeks in advance
because they couldn't get a table with him
the day they wanted it.
This gave him expediential power to grow his business,
and put his prices up because
if you want to come in, you have to pay the prices,
and that's what he did.
He created limited supply.
Testimonial famous is the next one.
You want to make sure that your business
is testimonial famous.
Your market testimonials from people that have been there.
Can you get some celebrities, some well-known people,
some local dignitaries into your establishment
and buying from your business,
buying your products and services?
And then market that.
Can you get some Instagram influencers?
Some LinkedIn influencers, some Facebook influencers
to use your products and services for free if need be,
but then market that they use you.
People love that.
Sheep mentality of buying from someone
that knows that they know, like, and trust,
that then now buy from you.
So, try and get your business testimonial famous.
Link up with influencers.
It doesn't cost nowhere near as much as you think,
and sometimes, just usually letting them
have your products and services for free.
This stuff has been going on for years, guys,
but usually only the big boys can get to do it.
Now, you can do it with some micro influencers
that might only have 10, 20,000 followers,
but they are famous to a few.
As the real strict, guys, you wanna get them in,
then market that they use you,
and then watch those people come to you,
and they will pay more because their chosen,
trusted influencer uses you.
Next thing, similarly, is collabs.
Hey, can you white label with a collaboration
with someone that has a bigger brand than you?
So for example, if I was making, brollies,
if I was making towels, could I contact Rolex
and say, "Look, we make brollies and towels.
"Can we white label the Rolex brand on here
"so we can sell them towels and those brollies
"and those apparels for more money
"because it's got the Rolex brand on it?
"We'll give you a cut."
But that will monumentally increase the prices
you can charge because you white label across their brand.
They're happy they don't have to do the work for this.
Hey, let me tell you about a firm that do this
over and over and over.
It's the guy with the mouse, guys, Disney.
They white label their brand to people
to make toys and plush
and people that make clothes across the world
'cause they can't make everything themselves.
But you know, you could go into a local supermarket.
I mean, I'm thinking about Sainsbury's and Tescos
here in the United Kingdom.
They sell Disney stuff that they make,
purely for their supermarket,
and they'll pay Disney a slice of commission
for every item of clothing they sell.
That allows them to increase their prices
'cause they white labeled that brand.
That's a great collaboration
that can increase your prices.
Now, you might not be able to do it in that big style
if you're just starting out
or you're a medium-sized business,
but there are chances to do collaborations locally
in smaller areas that I guarantee you
will help grow your business and increase your prices.
I have done that with schools locally.
In my business in the early days,
I would engage with a school
to help run a school disco
or school shows when I started my business.
I used their brand, their collaboration,
to help me put my prices out
because there was this trust basis between us.
They made more money and I made more money
because I used that local brand that was well-known
with my brand.
And then lastly, guys, I mean the big one
is put your bloody prices up.
How often do you put your prices up?
Just put your prices up.
Most people can put their prices up 10%
and most people will not stop buying from you.
Make sure you put your prices up.
It's the simplest one.
I've left it to the end
because most people just don't do it.
It's obvious, and it will work.
Well, in the next video that we're gonna bring up
that's gonna pop up at the end of this video.
I'm talking about six ways of how you can save money
in your business to increase your profitability.
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Give us one of those and comment below
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See ya real soon, bye bye.