The Game with Alex Hormozi The EXACT letter I used to INCREASE customer prices...don't chicken out | Ep 319
Jul 22, 2021
Discover how to strategically increase prices without alienating customers. Learn the importance of effective communication when informing customers about changes. Get insights on framing your price increase to highlight value and benefits. Alex shares personal anecdotes that provide real-world context on retaining customer loyalty. Plus, gain access to a valuable Scaling Roadmap to help your business thrive.
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Tripling Prices
- Alex Hormozi tripled his prices at his gym and lost a third of his customers.
- This "culling" eliminated problem clients, doubled revenue, and boosted profits.
Raising Prices Effectively
- Explain the reason for the price increase and resell the current value you offer.
- Highlight planned improvements, tying the increase to a promise of enhanced value.
Framing Price Increases
- Frame the price increase attractively, minimizing the perceived cost.
- Break it down to smaller units like weekly or daily costs instead of annual increases.
