Should I up my prices fo

17 replies
Hey Warriors,

I have a question. I have a service business making lyric videos and custom ig stories for musicians. Its been running for about 8 months now and im nearly at 1000 followers on instagram (Its not much but I have constant returning customers).

Lately I have been told by people higher up in the industry for the quality I provide I should up my prices for my videos. Some say im 'WAY UNDER Pricing'

I currently only charge $65 for a lyric video but ive been told minimum should be at least $100

My only fear is I may lose my returning customers or scare away the new ones.

Any advice here? do I stick with my prices n slowly build or do I up my prices to filter out the cheap buyers.

Thanks
#prices
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  • Profile picture of the author laurencewins
    That's simple. Increase the prices for new customers to $100 (or whatever you see fit) and keep the same prices for current clients. I don't know your clients but you could consider increasing their rates by a small amount down the track. You said you have only been doing it for 8 months so don't bite return customers because they may become your bread and butter.
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    • Profile picture of the author lewisjamespro
      great advice, thank you
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    • Profile picture of the author Jessica Ambos
      Originally Posted by laurencewins View Post

      That's simple. Increase the prices for new customers to $100 (or whatever you see fit) and keep the same prices for current clients. I don't know your clients but you could consider increasing their rates by a small amount down the track. You said you have only been doing it for 8 months so don't bite return customers because they may become your bread and butter.

      True at that. Grandfather your previous customers at the old price. New customers are going to be charged at the new rate. Inform them of the rising cost of goods, etc.
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  • Profile picture of the author yukon
    Banned
    Originally Posted by lewisjamespro View Post

    Hey Warriors,

    I have a question. I have a service business making lyric videos and custom ig stories for musicians. Its been running for about 8 months now and im nearly at 1000 followers on instagram (Its not much but I have constant returning customers).

    Lately I have been told by people higher up in the industry for the quality I provide I should up my prices for my videos. Some say im 'WAY UNDER Pricing'

    I currently only charge $65 for a lyric video but ive been told minimum should be at least $100

    My only fear is I may lose my returning customers or scare away the new ones.

    Any advice here? do I stick with my prices n slowly build or do I up my prices to filter out the cheap buyers.

    Thanks


    Charge a lower price for bulk orders.

    Example:
    • $100 for 1 order
    • $80 for 5 orders
    • $60 for 10 orders

    If traffic wants the lowest price they'll give you more work. Win win.
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    Hi
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  • Profile picture of the author webmarke
    Why not simply grandfather in your current clients and up the price for new customers coming in?
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  • Profile picture of the author ryanbiddulph
    Definitely increase prices because doing so will expand your prosperity consciousness, leading to more money. You'll shed the fear of loss; a big block to dissolve, to make more money.
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  • Profile picture of the author Jason Kanigan
    Originally Posted by lewisjamespro View Post

    Hey Warriors,

    I have a question. I have a service business making lyric videos and custom ig stories for musicians. Its been running for about 8 months now and im nearly at 1000 followers on instagram (Its not much but I have constant returning customers).

    Lately I have been told by people higher up in the industry for the quality I provide I should up my prices for my videos. Some say im 'WAY UNDER Pricing'

    I currently only charge $65 for a lyric video but ive been told minimum should be at least $100

    My only fear is I may lose my returning customers or scare away the new ones.

    Any advice here? do I stick with my prices n slowly build or do I up my prices to filter out the cheap buyers.

    Thanks
    Get out of the scaredy-cat mindset.

    Get into abundance mindset.

    I will tell you right now there are plenty of buyers out there, real buyers of what you offer, who are shaking their heads and turning away from your offer because your price is too low. Low price means low quality to them. They are NOT looking for the best deal.

    A couple days ago I was looking for a voiceover artist to narrate a 2-minute story.

    I went to a popular freelancing site and found many artists to check. My eyes did not go to price. My ears were interested in what the narrators sounded like: I had a specific kind of voice in mind--or more accurately I knew what I did not want. I found the likely candidate, messaged him, and received a quick reply though it was very late...WITH AN OFFER IN IT. Easy to buy. I didn't need to go anywhere else, check any other artists. I simply clicked and bought. Didn't have to go back to the offer page and click all the options. No friction.

    These good buyers are seeing your $65 price not as "a deal" but "it can't be very good."

    If you lose past customers because of a $35 increase, which I will admit is percentage-wise a big jump, you could always give them a coupon offer to discount.

    But trust me, there are people passing you over at present because their belief is that your price is a reflection of how good or not good you feel your service is. Raise it and three months from now you'll be wondering, "What was the big deal?!"
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  • Profile picture of the author SSA Soft
    you should keep the prices same.once you make your worth in industry then you can increase the prices how much you want.
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  • Profile picture of the author SDJ74
    Great question, lewisjamespro!

    1. Pricing is always seen in relation to the value offered. If the value offered is greater than what the price indicates, you have a good price. And vice versa.

    2. Your price will attract the clients who "match" the ability to pay for your services. And again here everything is relative. If you, for instance, add value to your offer or package, then you can easily defend asking a higher price which is adjusted to your new offer.

    3. I would say if you´re thinking of rasing your prices, make sure you defend the reason for why the prices have gone up (at the same time telling your tribe that for those extra $30 they´re now getting... A.... B.... AND C.... which altogether should have a perceived value of say around $300). You could add add-ons, extra services, and the likes, to show that you´re giving more back.

    4. If I gave you an offer which had a value of $4000 and told you your price would be $400 or even $350 and you would clearly be able to see the value - would you be prone to buy?...

    This is a way to see pricing, brother.

    #pricing #addedvalue #business
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  • Profile picture of the author Jamel Hassell
    You should aim to maximum quality and money for your time . You have shown that you can produce hi quality content so therefore you have earned the right to up your up your prices .Another thing is that you are undercharging,so you need to look at the markets prices to see how much upside you have. And yes you will lose a few customers in the process but on the flip-side you will get new paying customers that are willing to pay the higher price . These are the customers that understand and appreciate value. When you are doing business you have to consider the cost of doing business too,so if your prices are cheap and the cost of doing business is high your bottom line will be thin or you can possibly operate at a loss .
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  • Profile picture of the author crackhouse
    Man, $65 sounds way underpriced. How long do these take you to do? As suggested, bulk pricing is an option - but it's hard to imagine musicians would order bulk videos in this age of online streaming.

    Put the price to $99 for new customers and slowly transition to the new pricing for everyone over a period of months.
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  • Profile picture of the author affmarketer101
    Give a headsup to your return customers and say you will increase prices soon. Ask them to share friends to join before price goes up. By this way, you may have more customers by referring.
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  • Profile picture of the author IGotMine
    Lately I have been told by people higher up in the industry for the quality I provide I should up my prices for my videos. Some say im 'WAY UNDER Pricing'
    I've produced hundreds of videos for clients over the years. My competition is extremely over-priced.

    "Hey Buddy, your service should be priced higher...because I'm losing business to you."

    You know how much your time is worth to you. Are you happy with the amount you make? If you feel you should make more per hour, raise your prices. Don't do it because other people say you should.

    The best test is to ask your current customers how they feel about the price. Would they order at a higher price? How high?
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  • Profile picture of the author JohnVianny
    Originally Posted by lewisjamespro View Post

    Hey Warriors,

    I have a question. I have a service business making lyric videos and custom ig stories for musicians. Its been running for about 8 months now and im nearly at 1000 followers on instagram (Its not much but I have constant returning customers).

    Lately I have been told by people higher up in the industry for the quality I provide I should up my prices for my videos. Some say im 'WAY UNDER Pricing'

    I currently only charge $65 for a lyric video but ive been told minimum should be at least $100

    My only fear is I may lose my returning customers or scare away the new ones.

    Any advice here? do I stick with my prices n slowly build or do I up my prices to filter out the cheap buyers.

    Thanks
    Yes, you could potentially lose some buyers BUT it's way better to get HIGH TICKET cause the perceived value of yourself in front of the public dramatically shift, and you will be better get paid with LOW customers complaints

    in fact the worst customers are the one who pay less. People who payed more are more educated and tend less to complain.
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  • Profile picture of the author DURABLEOILCOM
    You should be charging $99.99 for all new customers. Return customers get locked in at $79.99, offer a discounted rate for three or more orders at $69.99. Make sure you are asking for quality reviews and testimonials from your current and past customers.
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  • Profile picture of the author simonmc
    At one time our prices were ridiculously low. When we upped the price we lost a whole bunch of clients but heres the thing.... We still made more money but for less work which meant we could concentrate on attracting more clients at the higher rate.

    You can always drop the price again if it does not work out.
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