You can’t whack a Porsche price tag on an old Nissan, and hope it sells.
There are a few things that need to happen before you raise your prices, and branding is one of them…
It’s a fact – you cannot raise prices significantly without repositioning your business model, your offerings AND your branding.
Raising prices involves many moving parts, not just pinning a new price to an old product or service, or ‘bundling’ versions of your current offering.
I was talking to a biz buddy of mine, Tori, about the art of raising prices. Something she has done well over the past 18 months in her own business.
18 months ago, she was hustling for $150 per hour clients. Her packages were just session bundles for $750.
And she knew this just wasn’t right. She wasn’t earning enough and she was utterly fed up. So she radically rejigged her business and raised her prices.
But….she didn’t just whack on a new price tag and hope for the best. She changed everything in her business, including her branding.
Which is where I came in….
Tori was my VIP Expert client and I strategically designed a brand identity that fully reflected and supported her new positioning. It was an aspirational brand identity for her as much as it was for her clients.
She now commands $3k-$10k prices with a brand identity that looks like she should command those prices. And she sells like hot cakes. With repeat customers.
Everything is in perfect alignment.
So ask yourself this – is your current branding in perfect alignment with your new vision and raised prices?
Watch the 5 minute video to find out more about positioning yourself and your brand to sell at a higher price bracket
So if you’re thinking about raising prices, don’t forget that repositioning your product and service with a higher price point needs a brand identity to match.
Awkward segway & fairy-tale analogy:
Cinderella needed to improve her life. She needed to transition from wearing rags to rocking a gown. The Prince ultimately fell in love with her true self, but she wouldn’t have been on his radar without dressing the part and being at the Ball in the first place.
Cinderella pulled off the ultimate repositioning rebrand!
Got to be in it, to win it.