Mike Andes argues that raising prices by 10% attracts better customers and employees while solving most business problems. Premium customers stick around because they value convenience and quality over shopping around.
Raise prices by 10% until you lose at least 10% of your customers.
90%.
I can't believe more people don't change their prices. 90% of business problems would disappear if you just raise your price and charge what you're worth, get higher quality customers and hire better employees. Raise prices by 10% until you lose at least 10% of your customers. Our services are far more sticky than you think to the customer because once you've proven your dependability to the customer, our services are much more sticky than you might think and customers are less price sensitive than than we think. The ideal customer doesn't want the hassle of having to try to get another five estimates to get a replacement for your service. They would rather pay a premium price for a premium product.
