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3 Strategies for Raising Your Prices | Entrepreneur.com

Of the 28 million small businesses in America, 21 million lose money. Why do so many people lose at the game of business? The number one reason businesses fail is, simply, their prices are too low. They don’t sell their products at prices high enough, then they operate on margins so small they are unable to expand.

Unless you are extremely well capitalized, you should not attempt to offer the lowest prices in your market. Bragging that you are competitive on price does not gain more customers.

For 25 years I have shown companies, even whole industries, how to increase profits by raising their prices, including those who think, “But our industry is so competitive.”  Every industry from insurance to heavy equipment to fundraising is competitive.

Trying to match or beat others on price is a suicide mission, not a business practice.  Your business needs increased margins to expand and service customers. Price matters and you must raise yours.

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3 Strategies for Raising Your Prices.

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