“You’re not charging enough. You need to charge more for your business.” I say this to businesses constantly, but most are afraid to raise their price.
Here’s how to charge what you’re worth:
Table of Contents
- Can a Service-Based Business Charge More?
- How Proven Experience Helps You Increase Your Rate
- Using Presentation to Charge a Higher Rate
- How Your Story Can Showcase Your Values
- Using Convenience as a Way to Up Your Rates
- How Value-Added Extras Can Help You Charge More
- Charge More For Your Business With Stellar Customer Support
Can a Service-Based Business Charge More?
Even though I talk about pricing in the context of buying an online e-commerce business, it still rings true for services businesses, as well. There is likely much more you can do with price.
Here, we walk you through six ways you can differentiate your business, allowing you to charge more for your services and earn what you’re worth.
The 6 Top Ways to Justify Your Higher Price
- Customer support
How Proven Experience Helps You Increase Your Rate
Is your product or item simply better than the rest?
This is the best way to justify price, especially if it’s backed by user reviews.
I pay more for my Whoop than I ever did for a FitBit or Apple watch, because it’s that much better!
Using Presentation to Charge a Higher Rate
If you do have any eye for brand or packaging and can follow through, you can differentiate sheerly through presentation:
- How does your product look on the shelf or online?
- Is the unboxing experience premium?
- Is your brand that much better?
How Your Story Can Showcase Your Values
This is the hardest to succeed in, but resonates more and more every year.
Sustainability, ethical sourcing, American-made, these are all reasons to justify price, but you have to tell the story first.
Using Convenience as a Way to Up Your Rates
Next day shipping, assisted setup, and anything else you can think of to make your buyers’ lives easier is reason to justify a higher cost.
How Value-Added Extras Can Help You Charge More
This is very underrated. Anything you sell is essentially an “offer”… so what can you bundle with it to justify the extra cost? Think free downloads, video content, extras, and samples that helps stop customer objections and make their life easier.
Charge More For Your Business With Stellar Customer Support
You can’t charge more just for having it, but you can for having it be amazing. 24/7, right away, real humans in chats, emails, or calls… If it stands out enough now, that helps justify price.
If you’re considering a rate increase and think you should be charging a better – or even a premium – rate, improving on these six aspects of your business is the most effective way to do it.
I’d be thrilled to hear how you did it, so leave a comment below.
Catch the Builders.Build podcast with my best friends, Colin and James, to discover more about our individual TikTok perspectives and entrepreneurial journeys across brands, products, websites, and more.
Thank you for reading this guide on how to charge more for your business!
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