Van Smick's Blog

Tag >> Sales
Did you know that one of the best and fastest ways to increase your bottom line is to raise your prices?
 
Many elder law attorneys and life care professionals have an aversion to this concept because they fear a loss of clients as a result.  But the truth is, most can afford to raise their prices as much as 5%-10%...with almost NO drop-off in business!
 
Do some market sleuthing.  Find out about the pricing and fees of your competitors.  If you are not at the high end of the market, make incremental steps toward the medium to upper echelons.  Remember: the majority of people do not make buying decisions based on price alone -- especially when it comes to legal services.

They make buying decisions based on value -- the quality and character of the service they receive in exchange for their investment.

Your clients are not your clients because you're inexpensive (if so, you probably have LOTS of problems with attrition and collections already, and it's time to go after a higher quality market segment anyway!).  Your clients are your clients because you have demonstrated that you can make their lives better.  They trust you, they like you, they appreciate you -- and they will continue to pay you, even if you charge a little more.

Here's a fantastic table that shows you how much your sales would have to DECLINE before you start losing profit.  I think you'll agree, if you're like most, you can easily increase your prices to your great advantage...

 Still skeptical?  Start slowly.  You can begin by quoting your higher prices to new clients only.  Once you find the "sweet spot" that allows you to maintain a conversion rate you're happy with while increasing your revenue substantially, you can start rolling out your new prices with confidence to your existing clients.

This is one of the fastest and easiest ways to increase your profits.  So don't wait to get started!