Today I was visiting with a business owner who told me of her frustration getting last-minute cake orders. She lamented that it was taking her away from pre-planned family time, leading to disorganized staff communication and turning her day upside down.
She blushed when I asked if she charged extras for rush orders. “Yes, I keep saying I have to do this. But in the beginning, I was worried about losing the business.”
If your business is delivering a service that creates more convenience for your customers but is taking more time and energy from you, you need to increase your pricing. Plain and simple. This is a great way to either weed out those customers who are disrespectful of your time and business systems or get more profit quickly. Here are some excellent premium pricing options you can use to help your business make a little extra cash and take better care of yourself in the process:
1. Rush Order Pricing: As I mentioned above, rush orders can take a ton of time and energy from you and put other projects on hold. Think about FedEx or USPS. They have higher rates to deliver packages more quickly. You should too!
2. Custom Projects: If someone asks you to create something for them from scratch, it takes time for many reasons. You might have to learn a new skill or train an employee on a new skill. You may need to order different supplies. Unforeseen complications might come your way that you couldn’t anticipate because it’s not under the umbrella of your typical product or service. Even organization-wise, it might be trickier because the customizations might not have a place in your current automation order form. For example, you might have to enter data manually or reorganize your spreadsheets to accommodate the new information. I recommend having some turnkey options and then making a list of add-ons for your customers to select on your form so they can customize without throwing our existing systems for a loop.
3. VIP Offers: Extra time, extra offerings, and resources for at-home, in-home services. All the things that create a VIP service experience should definitely cost more! This is a great way to work customers up from economy class items, and after they become loyal, encourage them to increase their time with you. They will feel special, and you will be thrilled at the extra weight in your purse.
Do you have any favorite premium pricing techniques? We’d love to hear all about them. Want help with your pricing system? Book a complimentary coaching session today!