How to Raise Prices w/ Ramit Sethi
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- เผยแพร่เมื่อ 18 ต.ค. 2024
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Raising prices in your business can be cringe-inducing, especially when you're afraid it might lead to losing clients. In this video, you'll hear New York Times bestselling author of the book I Will Teach You To Be Rich, Ramit Sethi as he walks you through exactly WHY thinking negative thoughts when considering raising prices is all wrong, and how you can raise prices with class (and more importantly - results).
You'll learn Ramit's secret to raising prices, which is that you need to focus on the VALUE you provide for your clients, not so much on the fact that you want more money. If you frame it in a way where they understand what an amazing deal they are getting for all of the value you are bringing to the table, then your offer will be irresistible to them and hard to refuse.
You'll also get an exact script that you can copy word for word to finally get that raise at work that you deserve. Or you can also use it to reach out to clients to prove your worth and be compensated in return.
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Thanks for watching!
The tutoring is key. Most parents put a high value on a kid's education. Are their kid's seeing results at school? Think of all the family arguments you are saving them by having their child's homework done. They get to come home and enjoy their kids. As a parent, that's worth alot of money. If you are achieving results and they won't give you a raise, you need to look for a client that can see the value. Take the results that you achieve and use it to find a higher paying client.
"raising my prices"...Ramit talk dirty to me! Loved this!
Wow, $15 an hour for a contractor is way under-priced. Some people don't recognize that, as a contractor, you should be charging more than what you might make as an employee. She should be charging at least twice as much as she is.
You're welcome! Thank you for checking it out :)
As always great Marie TV! Loved this because I do scripting just like Ramit.
The way I teach my clients to match their offerings to the results the client wants. It's as simple as asking, 'If I waved a magic wand and everything was possible, what would the ideal solution look like & what would that mean to you personally?'
The first few sentences are the gems, where the client tells YOU what to say to make the sale Remember, value is about what they get, not what you do.
When you are priced low, you tend to attract more price sensitive clients. I own a karate school that was the cheapest in my area and it was extremely hard to get people to sign up. I have raised my prices to be highest in the area (it took me years with small increase to get there). I found that as you raise the prices, you don't get less customer, you just find different customers that are better able to pay your prices. Of course, you need to be committed to excellence in your field.
fantastic! I never thought of delivering the future value while talking about current price increase! this 30-60-90 days pitch is amazing! truly enjoyed the video. Thanks for sharing & doing such a wonderful work!!
Great interview, Marie! As a wealth expert and CFO for women entrepreneurs, the topic of raising their prices almost always comes up. I think Ramit really highlighted the heart of the matter when it comes to raising prices in business -- being confident in, and clear about the value we offer our clients. It also helps us to ensure we continue to deliver great value.
You're so welcome. Happy to hear you enjoyed it!
It really does come down to both pricing strategy, AND approach + mindset. I just did a video on this as well because there's so much involved in that decision. That's why it can be so intimidating. I believe first and foremost the mindset shift here is crucial. Love this video!
Happy to have you here with us! :)
Thank you so much for this video! It still offers practical value. I recent increased my overall pricing by an average of 30%. And because of this video, I became a better businessman. As a result, I was able to raise my prices with a high success rate. Thank you for all that you do.
I just coached my 23 yr old daughter on getting hired as a sous chief for a raise. I gave her Ramit's book then we talked about the bullet points to use at the interview. One thing that you should always do is put everything in terms of making money, saving money, or saving time for the owner. She got the job and received a 40% raise. Ramit, you would be proud. She didn't tell them how much she made at the old job and stuck with the amount she'd require to switch jobs.
Wow. This was really good. I have a client who had this same issue. I quickly shot this video over to her! One thing I would be SURE to do before sending out the script is have the other person to recommend on hand in case their budget truly doesn't allow for them to keep you on board (usually they come back if you've proven your value effectively).
The value of language positioning is so powerful⚡️
I am SOOO thankful for this video. It came at such a PERFECT time. I have been struggling with this topic for years and often times just let potential clients go, because I don't know how to tell them my value. That is going to change NOW. Thank you so, so much.
I do some private tutoring. When I was first starting out, I gave a client a lowball price (which basically had me working at a loss) to get my foot in the door. At the time it seemed like a good idea to make a name for myself, until my client decided she wanted to refer all her friends and family at this cut-rate price. I didn't want to cause a conflict charging different prices to her friends and family, but also I didn't want to kick her for referring others by raising her price. It became so awkward I left the job and the referrals. I learned when I give a lowball quote, to always make it clear it is just for them.
Or just don't lowball at all!
Ramit is awesome!! I’m buying his 2nd edition updated “I Will Teach You to be Rich” book!!! 🙌🏽 He is so straightforward and doesn’t complicate things!! Blessings!! 🙏🏽
I really like the reflective/relationship-based communication that Ramit suggests in this video.
Side note: During the outtakes at the end, I was not expecting Marie to drop the F bomb, but I found it hilarious. Keep it real, Marie, keep it REAL! ;)
I'll remember this for next time!! Thanks I always love your videos and your enthusiasm!!!
The Price-Demand ratio works for commodity products but doesn't work well for non-commodity products and personal services. In my business, I found that demand for my service actually increased with increased price. Also, many other positive things happened with the price increase. For example, delinquent payments almost disappeared, my clients treated my service with more respect, and I attracted better clients that I loved working with.
I think this would be a fascinating conversation in person. I think we have a lot of common ground here, but I have to get to work.
And, about the book, I'm not working on this part of my business, but watching Marie's videos, I would expect and want to know where to find her guest's work. I appreciate their time, even if I'm not interested in their services or don't agree with their point of view. As far as I understand, that's not what his book is entirely about, but it's an area he works in.
Marie, your contents are always greatly helpful. Thank you so much and I look forward to seeing all of your future videos :)
This is SO good. Value creation and differentiation is essential. The ability to reflect on how you have, are, and will create more value for your customer really does create a win-win. Love this!! :) Thanks so much for sharing! :)
I'd love to see Ramit dance :) This is awesome! Thank you so much!
Thanks Marie for this episode even though was about 6 years ago the topic is always up-to-date
Thank you Purna!
LOVE the new set up Marie. And of course I love Ramit :)
Hi, I've just joined your channel & you're AMAZING! Such an inspiration to ppl like me who is a stay at home Mum wanting to start a business. Do you do podcasts of your shows as I'm always busy & on the go, thanks! Great channel
Thank you! Such great info re: adding value, etc. xo
Marie - my prices are as low as it goes, and still, people are often hesitant to sign up and many times don't. In the past few months, I've had limited clients - they all end up saying they can't afford it. Any tips or suggestions? I've already lowered my prices and this is getting frustrating!
That was an excellent script to use when raising prices. I've worked with so many small business owners who severely undercharge (until they meet me!). You can bet I'll share this video with the next one who whines about not being able to raise prices. Well done!
Thanks! Yes, I'm the only one in my city who offers my services and products. I'll work on it. Glad to see things moved forward on your end as well. :)
Great conversation and value for any entrepreneur !! Thanks so much ....
This is awesome, Ramit. I'm heading over to your channel!
Adding value is key. If I don't get convinced there is more value, I will have a difficult time paying more.
I absolutely LOVE this script. Totally going to use it!
Awesome interview and advice, Marie and Ramit! Thank you so much!
In order to tell what I would add to my services or products, I'd have to send that survey. However, I believe that I have created something that all my traveling entrepreneurs were looking for, and that is the Parisian French Pronunciation Master Class, which has no equivalent in the current market and helps them streamline their path to becoming fluent in French. Thanks again, Llyane
Fantastic video with a lot of good info. Thanks Marie, and Ramit.
now my shoe shine business will flourish!
This is my new favorite youtube channel!
1.the way you communicate your worth is by setting the price, using personal interactions to raise the subjectively felt worth, is technically manipulation (it's not meant in a pejorative way). However I think it would be more honest to say demand went up & higher demand = higher price.
2.if you like the book, sure buy it. But the video description somewhat misleadingly said “how to raise prices”, it didn't say: "New book teaching you how to raise prices."
Love every thing u do. Thank u:)
That ooo at 6:50 that was so good😜
I do! And I offer a heck of a lot more value + services in my packages and coaching than others in my field. Will get there!
Thank you for the great info....super
Love this one!
This is so helpful!
Why would using your personality to communicate your worth be manipulating? Isn't it the responsibility of an entrepeneur or business person to clearly communicate their expertise?
And if I like what Ramit is saying, why wouldn't I want to buy his book?
I'm really asking these questions, I'm not trying to be a pain.
Enjoyed this video great tips, and tool.
Dance!!! Ramit!! Thank you so much!
Wonderful. Wonderful. Wonderful.
Beautiful dress! Thanks for great information.
Great video once again guys!
$15 per hour is an employee mentality. You will always struggle if that is what you are charging. You have to think like a business owner and set your rates accordingly.
I am a Raw Vegan & Wellness Coach, as well as Culinary Instructor. I'm glad to hear about your daughter! Healthy and clean, baby. :) Thank you for subscribing!
your wonderful God bless you!!!
Great interview and info!
This is gold !! 💎👌🏽🙌🏽
Amazing tips!
yaaaaaayyy... its ramit! my fave indian dude
u guys ..... i am taking bow on u ..
thank you
massively wow!
Adding value and having a niche in your business will help increase your prices .
Hi all! Have you ever heard regarding the "Phantom Cash System"? I learned it on Google Search and found out great stuff about it. Some of my neighbor also suggest me to look at it
Wow
DANCE RAMMIT!
Raise your prices and show how you add tangible value.
Ramit give us a dance!
Is your business on a raw food diet? My daughter is a vegan cook. You produce good videos. I just subscribed. You could work your TH-cam channel into a separate stream of income. Are you a TH-cam Partner yet?
DANCE!
dance ramit
I want to see Ramit dance ;)
I really help here... TT
"convince people you're worth more money,
don't just tell them it's costing more from now on"
So your advise is: use your charm to manipulate people...
Mostly this video felt like an advertisement for this guy & that book.
🎯✔💯%💘
5:40 - does anyone smell anything?
lol
I work in the broadcast industry (post-prod) and this video is pretty easy on the eyes :) Until I realized apart from the plastic like super softened skin tones, it is colorless, scarily sanitized mis-en-scene. This is twlight zone material here. GTFO ASAP. Other than that, good to hear the tip :)
Yeah sorry but i'm going to dismiss this as fan-girl defense, since your comment is just an ad hominem attack, and has no argument or point explain why I'm wrong.
You are just trying to impose your opinion on me,& i don't bow to pear pressure. Especially when it is as toothless as it is on the internet.
no arguments ? just more insults ?... You can't make me angry,
to me you're just a line of text and a thumbnail picture.
That's not nearly enough to engage any emotional response.
My guess is: you were enraged that i dared to criticize a video you liked
and now you are trying to make me angry or just annoy me as revenge.
I'm just going to dismiss you as an insecure & childish person as long
as you don't put forth some sort of a reasoned argument.