Learn how to raise your prices to boost margins and build your stockpile of growth capital. Exploring ways to deploy price changes.

1. Exploring ways to deploy
price changes.
HOW TO RAISE
YOUR PRICES

2. OUR JOURNEY
● Gradual increases
● Just do it
● Price testing
● Add value elements

3. ● Armed with a range of options when it comes time
to raise prices
THE IDEAL TAKEAWAY

4. WHERE WE’RE AT

5. LET’S DO THIS
Up to now, we’ve…
● Determined a strategy to calculate new price
● Determined the new price
● Determined ways to strengthen value proposition
● Composed a new total offer to establish premium
price position
Now it's time to roll out the new price...

6. OPTION #1: GRADUAL INCREASES

7. BALANCE THE TENSION
● Keep increasing your price until you meet price
resistance
● If you’re not getting price resistance, your prices
are too low

8. INCREMENT THE CHANGE
● Every X new customers, raise price
● Every X months, raise price

9. WHERE IT WORKS
● Everywhere
● Especially, service companies

10. OPTION #2: JUST DO IT

11. THE ‘BAND-AID METHOD’
● Most appropriate for service businesses
● Raise your price to whatever you think it is
currently worth
● Justify it with a clear value proposition and proof
● Sell the heck out of it
Note: Good reason for a (pre price raising) sale

12. WHERE IT WORKS
● Everyone
● Especially, service companies

13. OPTION #3: PRICE TESTING

14. REMEMBER…
Perceived
Value
Perceived
Cost
Pricing is a game
of balance.

15. THE ‘HANDY DANDY’ SPLIT TEST
Always be testing.
(great way to feed an A.I.)

16. WHICH CONVERTS HIGHER?
Offer different prices to different customers…
● Very easy to do online
● Use split testing software to vary price

17. SAMPLE SIZE
(Number of conversions)
MINIMUM SPLIT
(To be meaningful)
10 3/7
20 7/13
30 12/18
50 21/29
70 30/40
100 45/55
200 92/108
300 141/159
50 238/262
HAVE ENOUGH DATA?
The difference
between random
& proven.

18. UNIVERSALLY-APPLICABLE
Online: run an a/b test comparing the same total offer
serving up different prices
Offline: split your list into two parts, and mail half the
offer with price “a” and half with price “b”

19. WHERE IT WORKS
● Everyone
● Especially, service companies

20. OPTION #4: ADD VALUE
ELEMENTS

21. BUNDLE ADDITIONAL STUFF
Incrementally add more to the pot...
● Service components
● Product components
● Bonus features
● Longer guarantees
● “Free shipping and handling”
Not “technically” a price hike, you’re actually changing the offer

22. WHERE IT WORKS
● Everyone
● Especially, service companies

23. CLOSING

24. CLOSING THOUGHTS
Premium pricing is more important than you think.
● Higher margins have a compounding effect on
bottom line
● To command a higher price, increase your total
offer
● Balance the tension
And it’s easier than you think.

25. THANK YOU
Chris Mohritz / chris@mohritz.co
Slides: 10x.to/rfbo
A
B
O
U
T

26. UNLEASH YOUR BUSINESS
EMBRACE EXPONENTIAL
10xeffect.com