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Setting Your Fees and Prices
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Does Increasing the Price Increase or Decrease Desirability?

Sometimes significantly increasing a price on something can not only increase demand for the item, it can actually increase sales... and this principle applies to speeches as well as physical products.

For example, there was a speaker a few years ago who needed to cut back on his speaking schedule because of health issues. It seemed that raising his fees would be an easy way of clearing his calendar without having to say "no" to customers.

So he doubled his fees. To his surprise, that only made him more desirable in the eyes of his customers, and demand for his speeches actually increased.

So if you’re looking to spur an increase in sales, don’t fall into the trap of assuming that lowering your prices is the only option. The perceived reason why you’re lowering — or raising — your prices can be just as important as the actual price change itself.

Of course, you can only increase your desirability by increasing your price if you are considered a must-have resource in the first place. If no one wants you or your product, increasing your price might not work.

But what about cutting your price? You'll explore that in the next session....

Here are Insights # 11 - 20 (of 20 total Insights)
in the focus Setting Your Fees and Prices....
11: Does Increasing the Price Increase or Decrease Desirability? — Sometimes significantly increasing a price on something can not only increase demand for the item, it can actually increase sales... and this...
12: The Danger of Competing on Price — As you have seen, there are a variety of reasons to set a low price (or lower your price) on a resource, including making the resource more...
13: Avoid Commodity Perception — In the previous session, you saw why you don't want to be perceived as a commodity. Competing on price is only one way for you to be perceived as a...
14: How to Increase What You Charge — So you certainly don’t want to compete on price. But what about going the other direction — raising your fees? After all, there are a multitude of...
15: How High Can You Go? — So, when it comes to changing your fees and prices, most speakers would prefer to go higher, not lower. But how high? It’s fine and dandy if raising...
16: Alternatives to Getting Paid Your Fee — What if your target market cannot afford your fees? Don’t be too quick to lower your prices. You may be able to get someone else to pay for your...
17: Should You Do It Backwards? — Now that you’ve explored how to set the price for your resources or the fee for your programs, let’s explore a somewhat radical possibility — the...
18: The Psychology of Price Breakpoints — Some of the techniques for determining prices that you've considered in this course are logical in nature — the cost of producing the product, how...
19: Determining Your Own Price Breakpoints — Without going into the psychology behind it, here’s how to determine the price breakpoints in pricing your products or services. In general — The...
20: In Conclusion.... — There is probably no issue that causes professional speakers more anxiety than trying to figure out how to price their products and speeches. I hope...

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