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Price Increase Checklist I Used Today

Today, I updated (raised) one of my prices.

By 32%, for new members in 2024.
I wrote about it on LinkedIn.

Here’s what I did:

1. Look at market trends – right now, inflation is pushing all the prices up. That’s not good news, but at least it’s consistent and easy to read.
2. Check for value change – I started Price Club 18 months ago, as a proof of concept for a pricing and value communication support group. During that time, every member of the 2 global groups managed to raise their price at least once without losing clients. I’d say the program is significantly more valuable now.
3. Make an engagement plan – all the current members will keep their price for another 13 months at least. To drive sales, I will also grant that fix to anyone who joins until Dec 15th. So it will apply only to completely new people, that have little knowledge about the old price.

And people
  1. Collect feedback – I asked current and former club members, all of whom said the jump from $250/mo to $330 (300€) still leaves a lot of value to the client. Some of them did it publicly (?) on that LinkedIn post.
  2. Implement, then tell people – that the new price is set, the dates are set, 15th of December at midnight CET is the cutoff point for any new members. This then allows for easy distribution of that information, which you are a part of right now.**

    That’s about it. Plan well, tell people in advance and you’re golden.

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