The P.R.I.C.E Framework Part 2: Are You Reviewing Your Prices?

Welcome to this week's podcast.

And we're diving straight in with the R out of the price model.

And I hope you guys have done your homework for last week.

For those of you who have just joined, if any of you were listening last week, have any of you done the homework? Or is anyone willing to give me a thumbs up or a thumbs down as to whether you've done the homework? It's all well and good listening and going, yep, I really need to do that.

But you have actually got to implement what we're talking about because nothing is going to change if you don't implement anything.

So if anyone's watching, has anyone implemented what we spoke about last week, let me know.

And if you listen to this on a replay from the podcast, then again, please let me know in the comments whether you've actually done your homework.

Could be good to know.

Right.

As I said to you before, I'm just going to dive straight in.

We did P last week, which was position.

And obviously I started there because it's the start of the word, which makes sense.

But also you can't follow on with anything else until you have your position.

You need to know where your business or where you want your business to sit.

who you're going to serve, what you want to be known for and what makes you different.

But once we have established that, we need to then move on and think about where are you right now? And that is what the R is for.

And if you're wondering what that R is for, it is for review.

And I think this is probably one of the least exciting words in business and that everyone goes, oh God.

review but potentially one of the most important because sometimes it's not necessarily that you have got a pricing problem so we haven't actually looked at what's happening problem so we set our prices at the beginning we get busy we keep doing what we've always done and then three years later we're still charging the same amount even though absolutely everything around us has changed it could be that your costs have changed your experience has changed your services has changed, your customers have changed, but the price for some reason has stayed exactly where it is or not fluctuated really too much.

Talk about why you need to regularly review your pricing along with other things and why you should actually look at it.

And some of the questions I want you to start asking yourself.

hi Kim so and the reason actually just going slightly off topic but not really I saw a comment I think it was on my Sunday debate by a lovely lady who was joining in with a discussion and she said about price and that I think she mentioned something about price and I asked her a question she said well my OG's are on the same price, even though they're getting a better service, because when I signed them up, that's what they paid for.

Now, my argument would be exactly this and why we're talking about review.

Why should your services change and get better and you're offering more, but the clients still be paying the same? Because my argument would be, well, surely if the client's getting more than what they originally bargained for, then why not put their price up? So, you know, even if you've got OGs, you know, doesn't mean that you can't up their prices because yes, they might have been with you for 10 years, but maybe you were offering a lot less 10 years ago and actually prices have gone way up since that point.

So with those OGs, by keeping them at the same price, you're probably actually losing money because you haven't factored in all of the price increases over those years that you've not changed that price.