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Is It Time To Raise Your Prices?

People will tell you that the middle of a recession is not the best time to put up your prices.

They say that customers buy on price and, if anything, you should drive down your prices to increase your market share during a downturn.

That's one theory but I believe it's a flawed argument as research undertaken by the biggest and most successful companies in the world shows that only 15% of customers buy on price.

The rest of us have discovered that if you pay peanuts you get monkeys.

It's an old saying, but a true one - you get what you pay for.

So if your product or service is better than the competition, don't be afraid to charge a premium.

My advice is - at the very least maintain your current prices and resist pressure to cut what you charge.

If, however, you truly believe in your product or service, I reckon there has never been a better time to increase your charges.

Your customers know that we are about to hit 5% inflation so most of them will not blink an eye if you increase your rates.

So go for it my friend and you'll see the impact on your bottom line.