Do you believe that there’s no ceiling, or limit, to your earning potential? You might expect me to say that the sky’s the limit, and it really is, but you have to be willing to bust the ceiling out of what you consider to be your current price boundaries.
It probably goes against the ethics that you’ve learned to embrace, but your earning potential rests primarily upon the highest priced item or service that you offer.
What’s the highest priced package I could order from you right now? How many times can you sell that item or complete that service in one year? Do the multiplication, and there you’ll have the ceiling to your earning potential. You will never earn more than that unless you come up with a new, higher priced offering.
Want to increase your yearly earnings? Then devise a more expensive service, or offer a higher-end product.
• Look for a way to expand an existing service, to make it more inclusive, or more productive – and most importantly, more expensive.
• Enlarge your largest package to include the newest, hottest, and most in-demand products – the products that you know your prospects will embrace as part of a previously-accepted package.
• Add a totally new product or service to your family of offerings – something that will still hold massive appeal for your audience, but is bigger and better than anything you may have previously considered.
• Or, appeal to a more affluent audience. Shift the direction of a portion of your marketing toward those who have the budgets, and the discriminating tastes, to pay for your new, pricey, option.
Yes, it’s really that simple.
It seems so obvious, but often, this principle eludes a great number of entrepreneurs. Frequently, they’re fearful of being able to satisfy a high-paying client, or of scaring away prospects with pricey ticket items. In truth, high-ticket items have a unique ability to bring many of the things that we savor to our businesses:
• Quality clients. High paying clients are almost always the best ones. There’s less fuss, more expertise, and higher levels of good reference.
• More time. When each transaction yields higher financial benefit, you’ll have more time to devote not only to each customer, but to the other important things in your life.
• Raised bottom lines. Just because the bottom line is at the bottom of the page, doesn’t mean it can’t grow in an upward fashion.
• Good reputations. When you give yourself the permission, and the opportunity, to serve high end clients, you reap the benefits of the good reputation that comes with those relationships.
There is, without doubt, hidden potential for creating bigger ticket items in your existing business. There is always an area that masks hidden profits, or an aspect with the potential to grow and become more lucrative. When you open your mind about your own potential, you open the avenues through which money can flow into your bank account.
There will always be an earning ceiling, but you can make the sky the limit if you take the steps to raise your ceiling into the clouds.
Bernadette Doyle is a small business marketing expert. Get more tips and advice at http://www.clientmagnets.com
Bust The Ceiling On Your Pricing Boundaries