November ‘Must Read’
No shame, no apology for raising your prices. Your costs are going up. Your income might be down. And if you are not in business, no one benefits.
How NOT to Do It
The field of lifelong learning has a history of bad pricing. Here’s what to avoid.
*Do not raise prices across the board.
Raise prices selectively, not for every class. We’ll tell you how (see below). Raising prices across the board can have huge negative effects. Some course prices go over a price break, which may reduce registrations. Other courses become priced too high in your customers’ minds, and registrations drop.
On the other hand, you have other courses where you can and should raise prices. And raising those prices doesn’t hurt registrations.
*Dump your formula pricing.
If you use formula pricing, dump it. Formula pricing is where you charge a set fee per hour. Or some other formula.
Nobody does that in business. You shouldn’t either. Courses are not “equal.” Household incomes are not equal. The competition isn’t equal either. Over a drink after work you can bemoan that ‘French Hair Braiding’ is not equal with ‘Buying Your Next Yacht.’
*Avoid Going Over Price Breaks Unless……
Avoid going over price breaks unless a) registrations suggest people will pay more; or b) you add value to the course to justify in the customer’s mind a higher price.
How To Raise Prices
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