How do I increase my prices?

Without losing all my customers that is...

One of the most common complaints that I hear from small businesses is "I just can't put my prices up, I'd lose too many customers". Wrong, for a start if you're pricing is too low, then you won't be making enough profit, and if you're not making enough profit, you'll probably be an unhappy owner and your business will eventually fail. Harsh but invariably true, so if that applies to your business you really do need to think about doing something different, don't you?

Everyone cares about the price they have to pay for the stuff or services they buy, but it's certainly not the only thing they care about. Think for a second, when you go out to eat, do you choose the cheapest restaurant or the one where you know the food and ambiance is great and the prices reasonable?

Invariably when we buy we look for value, the difference between the benefit we get and the price we pay. The bigger the gap the better the value, so as a seller we have to make that gap as big as possible. How do we do that? Stay tuned....