#99: How to increase your profits with this one strategy tweak
Welcome to a new episode of The Founder Podcast. In today’s episode, we discuss the strategy behind pricing your offerings. We take a deep dive into why positioning yourself as a premium option can enhance your brand's perceived value and boost your bottom line. We explore strategic pricing insights, debunk the myths around being the cheapest, and share actionable tips to help you price confidently. Highlights: "Every dollar more that you charge is a step closer to not just profitability but sustainability and quality in your business." "Being the cheapest means cutting corners, but charging more allows you to invest back into your products and services, enhancing overall customer satisfaction." "Price your product not just for the market, but for the quality, longevity, and experience it offers. That's the true value." Timestamps: 00:00 - The Pitfalls of Underpricing 00:43 - Setting the Stage in Pricing 05:00 - The Luxury Margin 06:17 - Comparative Economics: Louie Vuitton vs. Marshalls 08:20 - Small Price Increase, Big Impact 09:10 -The Real Cost of Pricing Too Low 10:00 - How a 10% Price Increase Translates to 33% More Profit 12:45 - Educating Customers on Value 15:00 - Avoiding Apple-to-Apple Comparisons 16:55 - Are You Undercharging? Looking to scale your business? Want to learn directly from the same team that helped me sell my last business for 9 figures? Click this link below to check out how you can work with us. https://nextlevelhomepros.com/grow-home-service-vsl Join my community - Founder Acceleration https://www.founderacceleration.com Apply for our next Mastermind:https://www.thefoundermastermind.comGolf with Chris https://www.golfwithchris.com Watch my latest PodcastApple- https://podcasts.apple.com/us/podcast/the-founder-podcast/id1687030281SSpotify- https://open.spotify.com/show/1e0cL2vI1JAtQrojSOA7D2YouTube - @thefounderspodcast