Can I charge more than my competition?

March 30, 2013
3 comments

This week's question from my portal “The Neagle Code: Directions
for Life” comes from someone who wishes to remain anonymous.

Neagle Code Question

Hi David,

How do you charge your clients more money? I feel like if I increase my prices, I will lose clients due to competition.

 

Neagle Code Answer
Hi and thanks for your question.

The key to increasing your prices is to make the decision, and then ensure that you give more in value than what you charge.

It’s that simple.

I’m not sure what line of business you are in, but I’m going to use a service-based business as an example here.

Let’s take a look at restaurants. There millions of restaurants out there, and if you look at the really successful ones, you can learn a lot.

Successful businesses all have one thing in common.

They all have a unique selling proposition.

Your unique selling proposition sets you apart from the crowd.

It’s what makes you unique, and if you are unique, you won’t have to be concerned with competition.

Let’s go back to the successful restaurant.

A unique selling proposition for a restaurant may be that they specialize in one particular type of food, maybe they only use farm to table ingredients, maybe they have live piano music playing during dinner or maybe you can throw peanut shells on the floor.

Whatever it is, it is designed to SET THEM APART FROM THE CROWD.

To find your unique selling proposition, think about what makes YOU unique.

What services do you offer that make what you do extraordinary?

Once you can identify your unique selling proposition, you won’t have to be concerned with competition, and you can no longer use it as an excuse to charge less than what you are truly worth.

Just Believe,®
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3 comments

3 comments

  1. Hi David,

    I have a company name, but recently have published books and I’m doing more speaking events. I am confused what to do next with my branding, how do I introduce my own name without weakening my brand?

    Thanks!

    Nicky x

    Reply

    • Nicky, this question is difficult to answer since I don’t know anything about your business. However I can say, from a basic starting point, your clients will identify you as the brand as long as you keep them informed of the transition. Start subtly if it feels right, but make sure you keep them aware each step. I look forward to hearing more as you progress.

      Reply