Maybe you set your price too low or maybe you want to add some urgency to
your audience. But increasing your price is a process you want to be
careful about. Let's talk about how to increase the price of a product.
I'm Marley Jaxx, CEO of Jaxx productions and I have worked with thousands of entrepreneurs to
help them to build their value ladders including helping them to increase their products all the
way to their highest ticket offers. First, let's cover how to know if you're ready to increase the
price of your product. Then we'll talk about two strategies to make your product look irresistible
even while increasing your price. Then I'll walk you through my businesses process to increase our
price and how we frame our products to position them as irresistible even as time goes on.
Let's first talk about how to know if you're ready to increase the price of your product. The first thing
that you want to consider is do you have proof of concept? What this means is that you've proven
by beta testing this or by putting it out to your demographic already, that have
purchased the product or service. They've enjoyed it, they've given you feedback. This lets you know
that this is a viable offer. That what you are selling them, what you're promising them
is getting them the result that they were looking for. It's fair for many businesses to price their
offer at a moderate level and when they prove that concept and they show the amazing results
and success that it's given. Then it's easier to raise the price. One of the ways you're able to
do this is by showing that social proof. If you can show here are the happy customers who have loved
this product. Here are the happy customers who have used it, they've gotten this result, they've
improved their health, or their wealth, or their relationships, whatever that promise is that you've
given them. So, if you can check off that box then yes it's totally valid for you to raise the price.
Now, I know sometimes when you're raising your price you might have some concern or insecurity
of how is my audience going to respond to this. When I raise the price are they going to say,
"Forget it, I don't want to pay more". Well, I'm going to share with you two strategies that you can use
to make your product look irresistible even with increasing the price. The first one is to add
bonuses or incentives in addition to what you were originally selling. This is going to increase the
perceived value for the client. So you're raising the price but you're also showing there's more included.
So for example, maybe you're purchasing a program that has gone up in price but now it's
also including some coaching programs or an extra bonus course that wasn't in the original product.
Another example is maybe there's a gym membership that's raising its prices but with that they're saying,
"We're gonna be available and open for more hours" Which seems like a reasonable trade.
Hearing this, what bonus or add-on do you think that you could include for your audience if
you're gonna raise your price? Let me know in the comments and the second strategy if you have to
you can demonstrate that there are increased costs, more expenses to be able to provide this product
or service. So the example I showed you before about the gym membership may be raising its price.
Well, with being open for more hours you can imagine that there's going to be more expenses.
More employees to be available during those hours. Maybe more of the utilities, electricity, those
kinds of costs. So in that case, it's very fair to show, "Hey, the price is going up because we're
giving you more". If you want more entrepreneurial strategies like this, make sure that you hit that
button and subscribe to my channel. Now, let me share with you my businesses process that we use
when we know that we're going to increase prices. A lot of the time we introduce our products in beta.
Meaning that we put out programs or services that we are testing and we make that very clear to our audience.
They know that when they're investing in this that they're getting it at an introductory
price, they're getting it at the beta price, and we set a date where we know and we just make
this very transparent to our audience. The price is going up on this day. That way it's incentivizing
your audience to take action early. They get that first-mover advantage. They get the introductory
price and we get the immediate market feedback, so that we can create the program with them.
Make it the best program ever and get testimonials, results social proof, from the first members
that are going through it. That way when we advertise and promote in the future we can show
look how this worked for our beta students. Just know that whenever you raise your price
you may be asked for social proof or a reason why to justify it. So some of the reasons that I gave
you like showing social proof, how it's created this result, or showing the added expenses, or by
adding in more bonuses, that'll help to make it a no-brainer for your customer. Now that you know
a little bit more about increasing the price of your product. What if you could take that product
and turn it into an infinite cash flow loop that it sends your audience all the way from front end
to high ticket. I call it my infinite cash flow blueprint and I've actually gone the extra step.
I've created the whole sequence for you. So if you click the link below, I'm going to
give that to you for free. Go ahead click the link and get my infinite cash flow blueprint.