Chapter
Overcoming the Fear of Increasing Prices for Small Business Owners
26:15 - 32:27 (06:12)
Small business owners often fear increasing their prices due to anxiety of losing clients, but fail to realize the potential value they provide. Moving up to higher quality clients who understand the value can lead to business success, rather than relying on one client who can pose a risk.
Clips
In order to succeed, businesses need to focus on increasing their profit margin rather than just their sales.
26:15 - 28:14 (01:58)
Summary
In order to succeed, businesses need to focus on increasing their profit margin rather than just their sales. However, many companies struggle with this concept due to various factors, including resistance from within the company itself.
ChapterOvercoming the Fear of Increasing Prices for Small Business Owners
Episode#165 - Mike Michalowicz - Fix The Biggest Problems In Your Business
PodcastModern Wisdom
The speaker emphasizes the importance of increasing prices for better quality clients and communicating the value they are receiving.
28:14 - 31:10 (02:56)
Summary
The speaker emphasizes the importance of increasing prices for better quality clients and communicating the value they are receiving. He also warns against relying too heavily on a single client, even if they bring in most of the business.
ChapterOvercoming the Fear of Increasing Prices for Small Business Owners
Episode#165 - Mike Michalowicz - Fix The Biggest Problems In Your Business
PodcastModern Wisdom
Johnny and Youssef transitioned from selling low-cart value online coaching to coaching coaches with a higher cart value, resulting in the same amount of sales calls and conversion but with more serious clients.
31:10 - 32:27 (01:17)
Summary
Johnny and Youssef transitioned from selling low-cart value online coaching to coaching coaches with a higher cart value, resulting in the same amount of sales calls and conversion but with more serious clients. The power of high-cart value transactions is highlighted with the story of the University of Mississippi.