Want to double your income instantly without any extra work?
Raise your prices πππ
Here is what you need to know on how to 2X
Step 0
Before anything, focus on fulfilment.
If you can't deliver what you promise, the rest of the thread will be useless.
If you're struggling with fulfilment, check this out
twitter.com/jordan_ross_8F/status/1548291381134692353?s=20&t=f4F7Tm6rR5f75sSrtImF5A
Step 1
Get rid of limiting beliefs
π¨ "What if my clients think that I'm being greedy?"
π¨ "What if I end up not selling to anyone?"
π¨ "This is way higher than the market price. People will choose my competitor."
99% of the time, it's just in your head.
The reason you're making less money right now is because you think your offer isn't valuable enough.
There are 1000s of people out there who'd pay you 3-5X your current prices without any questions.
If you believe you're only worth your time, you'll be doomed forever.
Switch your mindset π
By increasing your prices, you're doing yourself, your team, and your clients a favor.
π» You can offer better pay to your employees
π» As a result, you can offer better service to your clients
π» And most importantly, you'll make higher profits
Step 2
Sell the outcome, not the service
"Email marketing services for D2C brands"
v/s
"Increase your email-attributable revenue by 30% in the next 60 days."
Now package this into a product/ solutions aka "productized services"
- Monthly and quarterly email strategy
- Ongoing A/B testing
- Copy and design
- Segmentation
- Flow optimization
How different does this look from vague offers that don't communicate anything?
Step 3
Understand the value equation.
There are 4 variables you can influence
- Dream outcome
- Perceived likelihood of achievement
- Time delay
- Effort & sacrifice
To increase the value of your services, try increasing the top 2 and reducing the bottom 2.
Simple math
Let's understand this better with the help of an example. (eg, email marketing agency)
1. Dream outcome - increase your email-attributable revenue by 30%
2. Perceived likelihood of achievement - 80%
3. Time delay - 60 days
4. Effort - minimal engagement
Here's how you can craft a no-brainer offer out of this.
"Increase your email revenue by 30% in the next 60 days. Else, we return your money back or work for free until you reach your goal."
Boom! π₯
Higher the value you can create, the more you can charge.
Step 4
Add sh*t tons of social proof.
It could include
- Text/ video testimonials
- Case studies
- Reviews/ ratings
This instantly builds your credibility and makes them feel safer.
It shows that you've done it before and you can do it again.
Always remember -
"Social proof is your best friend and risk is your biggest enemy."
If you can provide a guarantee and completely eliminate risk out of the equation, you can instantly charge much more.
Step 5
Downsell the upsell
If you're charging $2k for a service, increase it to $4k.
And now provide 2 payment options
1οΈβ£ Pay $4k in 2 instalments - $2k upfront and $2k in 30 days.
2οΈβ£Pay $3k today and save $1k.
This works for 2 reasons.
β
You and your client are familiar with $2k as it's your usual pricing.
Familiarity creates calmness.
β
Anchoring to a higher price point ($4k) and downselling for a lesser price ($3k) incentivizes them to take advantage of the prepayment discount.
Remember.
Your goal should be to collect as much cash as possible upfront.
And that's how you double your income without extra work.
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Enjoyed reading this thread?
Follow @jordan_ross_8F for more advice on how to scale your agency and remove yourself from operations.
You'll also enjoy this thread π
twitter.com/jordan_ross_8F/status/1549438448716730369