🎯 Work Smart Wednesday - December 13, 2023
How NOT to raise your prices, how I avoid working hard, and a quote on the value of walking on a beach
Work Smart Wednesday
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1. 💲 A thread I now read annually when I raise prices
I adjust my prices at least once per year. The raise reflects my improved skill and ability to solve problems quickly and effectively for clients.
My clients received an improved average financial ROI of 28x this year, that figure jumps to 59x if you account for the value of time savings and improved efficiency I helped them achieve.
So far, I have routinely adjusted my rates once annually on 31st December to reflect market value and new capabilities - though I always honour prices locked in before that cut-off date for the following year. My signature offer is increasing from $997pm to $1297pm for everybody who buys after 31st December, and will include more high-value features (such as mastermind sessions and better templates).
Skills are not static, they improve over time, and as such prices should be adjusted in line with this improved quality. Adjusting my rates allows me to spend more time and resources on each of my clients, significant improving my client’s ROI overall. You should probably raise your prices too.
Every time I raise my prices, I read this thread from Rob Walling about how NOT to raise prices.
Knowing what not to do is often equally as important as knowing what to do.
When it is something we do infrequently, it is easy to forget. Revisiting this thread helps me to ensure a smooth price adjustment.
My golden rules for raising your prices:
Overcommunicate:
Tell people what to expect and when. Let them know multiple times, across multiple channels, and in multiple ways.
Give plenty of notice:
Let them have ample time to adjust. They may need to rejuggle finances or plans. It shouldn’t come as a shock. Consider timing. Communicate with current clients first before you announce publicly (this ties in with point 5!). I told my clients in multiple stages over the last few weeks.
Be absolutely transparent:
Don’t try to hide any fees or misrepresent any figures. Be upfront and honest.
Justify your actions:
Don’t raise your prices for no reason. Be reasonable. Give clear justification. Explain what the customer will get and how it will help them.
Remind clients you care about them:
Let them know how much you value them. Make it clear that support is available to help them with the transition.
Want to see the email I sent out? You can find it here.
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2. ≠ Difficult does not equal worthwhile
Does Jeff Bezos work harder than I do? Does a footballer work harder than a cleaner? Does a celebrity actor work harder than a doctor?
These are often futile debates. Each demand different skills and face unique challenges. The argument at its core is a debate on different ways to measure value.
What I find difficult or useful, you might not agree with - and that is okay.
However, there are two fundamental lessons I hope we can all unite behind:
Just because something is difficult it doesn’t mean it is valuable.
and the often ignored but equally true:
Just because something is easy it doesn’t mean it isn’t valuable.
I see too many entrepreneurs doing things because they misattribute how valuable the activity is - such as going through great lengths to professionally edit a video for social media when a rough cut does the job.
Equally, I see too many entrepreneurs fail to take action on easy things because they incorrectly assume that because it is easy it is not worthwhile - such as introducing an automated referral request system, or reposting old content.
I constantly remind myself that my effort is not directly proportional to my results. I actively seek out the tasks that are low effort and high reward.
What are you misvaluing right now?
What difficult things are you doing which aren’t worthwhile?
What easy things can you do that will move you forward?
Take 5 minutes, think about it, write it down. This will be the most productive thing you do today.
3. 💡 Quote I'm pondering
“Properly exploited, one good idea that occurs to you while walking on a beach is worth more than ten lifetimes of hard work” - Gary Halbert
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I often “prescribe” for my clients to go for walks. Alone. Without headphones.
THE HORROR!
While it sounds like a very small change, I find that the clients who actually follow that advice tend to go further and develop the fastest.
The simple opportunity for your brain to wander on a regular basis provides some of the most outsized returns I have seen for any “hack”. You get your head in the game, you feel rejuvenated, refreshed, motivated, and you subconsciously solve problems. It is literally a no-brainer.
Yes, that was a pun.
🙃
That's it! I can't wait to hear what you think. What did you find most useful? What do you want more or less of? Reply to this email now and let me know.
Also, if you have anything interesting to share, I want to know about it😊
Have a great week,
John
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