We were discussing a combined project with another business I’ve dealt with before.
Both the MD and the managing partner were amazed at how incredibly cheap the other company was offering to provide a product to them. Their concern was that the company must only be dealing with small organisations and therefore didn’t charge “big company” prices.
What’s more their obvious concern was that the company might not be able to deliver or support a big company. Yet they decided to go with them because the price was almost loose change to them and if things went wrong it was only a “test.”
After the meeting I realised that the company in question hadn’t increased their prices in all the time I’d dealt with them – about 5 years.
Suddenly I realised that my prices hadn’t gone up in that time either.
The more I thought about it, the more I realised that I was doing my clients a disservice.
How would they know that I could deal with their issues if I didn’t charge the right price to ensure they felt it was real value for money and not just some cheap tat?
After all I’ve been coaching businesses all over the world for over 5 years full-time now. I’d written for several prestigious magazines, I’ve maintained this blog, in one form or another, for nearly 5 years and I’ve done it all for the same rate.
So as from the 4th July my prices are going up.
What about you? Do you think maybe your market sees you as too cheap? Would your clients actually be ok with you putting your prices up?