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Ep 131: How to 10x your prices

Ep 131: How to 10x your prices

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 Subtitle:  Take a moment to think about any famous, successful company. (Apple, Tesla, Google, Facebook, etc). One thing that most people think about when they think about a successful company is profit; how much money do they make, and how do so many people pay so much money for their products? We definitely don’t have a simple solution, but instead, a few ways you can break out of your box and increase your prices and therefore profits. We break down mindset, communication, commodities and how to not be one, defining your unique strengths, strategy, and more on this week’s episode!   Summary: In the episode, the guys discuss the importance of raising prices in a business, particularly during times of economic instability. They acknowledge that many business owners may feel hesitant to increase prices, but argue that it's necessary for sustainable growth and profitability. One of the key points the guys make is the importance of understanding the mindset of the customer. Brad emphasizes the need to communicate the value that a business provides to its customers, which can help support higher prices. Ken stresses the importance of not becoming a commodity and argues that higher prices benefit all parties involved, as it ensures that businesses are able to provide quality service and remain sustainable over the long term. Bob offers a few questions that can help business owners focus on promoting the human elements of their work and expertise, such as "What differentiates me as a person?" and "What makes me an expert in these areas?" He also encourages business owners to work on their attitudes of scarcity and abundance mindsets, which can influence their perceived ability to raise prices. Ken advises business owners to focus on their unique strengths and passions and use those to differentiate themselves from competitors. He suggests taking away the label "agency" from a business and finding ways to break out of the box to become more unique. Bob talks about the importance of recognizing that not every prospective client is a good fit for a business and that it's important to not devalue oneself for the sake of gaining clients who are unwilling to pay what one's worth. Throughout the episode, the guys offer actionable advice and strategies that can help business owners raise their prices successfully. They also highlight the importance of mindset and attitude in achieving this goal, as well as the need to differentiate oneself from competitors and communicate the value that a business provides to its customers.   Top 3 Curtain Pulls in this episode:    Mindset matters. Mindset is crucial for business owners when it comes to increasing prices. Having a positive and abundant mindset can help communicate the value provided to customers and confidently set prices that reflect that value. Conversely, a scarcity mindset can lead to undervaluing work and hurting the bottom line. By recognizing and working on mindset, business owners can achieve their goals for growth and profitability.  “I would challenge you to work on your own attitudes of scarcity, and abundance mindsets. That's really at the heart of being able to raise prices regularly without pain and without struggle.” Change the name to change the game. Labeling a business as an agency can be limiting for increasing prices, as it connotes a commoditized service. By shifting away from this label and focusing on unique value propositions, businesses can avoid competing solely on price and differentiate themselves in the marketplace. This can lead to increased profitability and long-term success.  “I think you immediately limit yourself, and you call yourself an agency or a marketing agency or an advertiser, whatever it is website development, because it's commoditized. You got to change the name to change the game.” Knowledge, strategy, attribution. Focusing on knowledge, strategy, and attribution can allow businesses to create higher prices. It allows them to communicate their value, optimize resource allocation, measure ROI, and position themselves as valuable partners. This can result in increased revenue and profitability. “There's three things in my opinion that I've observed, that you need to focus on that will make you valuable; it's knowledge, strategy, and attribution.”   For more tips, discussion, and behind the scenes: Follow us on Instagram @AgencyPodcast Join our closed Facebook community for agency leaders   About The Guys:  Bob Hutchins: Founder of BuzzPlant, a digital agency that he ran from from 2000 -2017. He is also the author of 3 books. More on Bob:  Bob on LinkedIn twitter.com/BobHutchins instagram.com/bwhutchins Bob on Facebook Brad Ayres: Founder of Anthem Republic, an award-winning ad agency. Brad’s knowledge has led some of the biggest brands in the world. Originally from Detroit, Brad is an OG in the ad agency world and has the wisdom and scars to prove it. Currently that knowledge is ...

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