The Power of Raising Prices: Boost Expertise, Profitability, and Career

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This article is a summary of a YouTube video "Why You Must Raise Your Price (Clubhouse WWPM XI w/ Blair Enns)" by The Futur
TLDR Raising your prices reflects your expertise and value, drives profitability and loyalty, proves your worth in the marketplace, and can make a difference in your career and legacy.

Key insights

  • 💼
    "The more value we deliver, the more we should charge."
  • 📈
    Raising your prices can signal confidence, demand, and limited supply, and can help manage overwhelming demand.
  • 🤝
    Margin allows for better client relationships: "Margin allows you to fix mistakes early in the relationship...and you will have a client maybe not for life but for a very very long time a profitable client."
  • 💰
    "If we cannot win while charging more...we are selling a commodity and we're undifferentiated in the marketplace."
  • 💰
    "The biggest mistake that most people make is they underprice their services because they're afraid of losing the business."
  • 💰
    "If you can't get the market to say hey you're worth more for this, then it's a sign that you might be earning a living but you're kind of lower down on the Maslow hierarchy of needs."
  • 💰
    The cycle of raising prices is a never-ending process that requires courage and acceptance to break through the prison cell of your own making.

Q&A

  • Why should I raise my prices?

    — Raising your prices reflects your expertise and value, and can drive profitability and loyalty from customers.

  • How can raising prices prove my worth in the marketplace?

    — Raising your prices can demonstrate that you offer high-quality products or services, which can differentiate you from competitors and prove your worth in the marketplace.

  • Will raising prices make a difference in my career?

    — Yes, raising your prices can make a difference in your career by positioning you as an expert and attracting higher-paying clients, leading to increased success and opportunities.

  • Can raising prices affect customer loyalty?

    — Yes, raising prices can drive customer loyalty as it signals that you are confident in the value you provide, and customers who appreciate your expertise are more likely to stay loyal.

  • How can raising prices impact my legacy?

    — Raising your prices can contribute to your legacy by establishing a reputation for excellence and leaving a lasting impact on your industry, inspiring others to follow in your footsteps.

Timestamped Summary

  • 💰
    00:00
    Increasing pricing reflects the impact of expertise and value delivered, eliminates the need for change orders, and prevents clients from beating you up in negotiations for cheap prices.
  • 💰
    01:25
    Charge more up front to avoid resentment towards clients and sending change orders, as your price reflects your confidence, demand, and supply, and raising your price sends a message to the marketplace to slow down and increase profit.
  • 💰
    02:32
    Profitability drives loyalty as having margin allows you to fix mistakes early in the relationship and use some of that profit to fix mistakes and make little problems go away, resulting in a profitable and loyal client.
  • 💰
    03:27
    Charge more for your services to avoid being seen as a commodity and to prove your value in the marketplace, as being unable to command a price premium is proof of being undifferentiated and not creating meaningful value.
  • 💰
    04:58
    Raise your prices to make a difference in your career and leave a legacy of how you treated your team members, as clients will remember you for your impact on people rather than your work.
  • 💰
    05:45
    Raise your prices to reflect your true value and worth, and don't be afraid to challenge your own assumptions about what the market will bear.
  • 💰
    06:29
    You'll be stuck in a cycle of undercharging, raising your prices, and getting stuck again unless you learn to expand your own prison cell walls and skip the next four rungs.
  • 🎧
    07:15
    Check out "The Future" podcast for intimate conversations and personal stories from familiar and unfamiliar faces that you can listen to while doing something else.
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This article is a summary of a YouTube video "Why You Must Raise Your Price (Clubhouse WWPM XI w/ Blair Enns)" by The Futur
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