How To Triple Your Prices, Today.

How To Triple Your Prices, Today.
Triple Your Prices: Raise Your Prices, Without Hurting Demand by James Maxwell.

A free step-by-step guide by James Maxwell.

Read time: ~15 mins.


Table Of Contents

Part One: Theory + Strategy

Learn pricing theory in <10 minutes.

  • Chapter One: What If Nobody Buys?
  • Chapter Two: My Three Promises.
  • Chapter Three: The Five Catalysts.
  • Chapter 4: The Invisible Enemy.
  • Chapter 5: Commoditization.
  • Chapter 6: Are You Price Locked?
  • Chapter 7: Full Spectrum Pricing™.
  • Chapter 8: The Pricing/Product Parking Lot.

Part Two: Execution

A quick set of tactics to help you 3X your prices.

  • Chapter 9: Triple Your Prices, Today.
  • Appendix A: Email Scripts.
  • Appendix B: A Special Offer.
  • Appendix C: Further Reading.

Chapter One: What If Nobody Buys?

A lot of you came here to answer one of two questions, so I'm going to answer them for you right away.

  1. If I raise my prices, won't demand drop?
  2. What if someone says I'm too expensive?

If I Raise My Prices, Won't Fewer People Buy?

The voice in our head loves this one. This is based on an incredibly simplistic, reductive view of the world in which price and demand are perfectly correlated. Everybody complains something is expensive, but they buy it anyway.

Fact #1: If they want it, they'll find a way to get it. (ex. Credit cards, Mortgages.)

Fact #2: Raising your prices makes your products more attractive with one exception: unless you're a commodity. (But more on that later.)

What If Someone Says I'm Too Expensive?

The first time I raised my prices – an old client called me out on it. They said my new rates were ridiculous. They laughed at me. I knew nothing about negotiating at that time – but I stuck to my guns, and closed the deal.

Fact #3: Just because someone says it's expensive, doesn't mean it is.

Fact #4: When you've stopped competing on price, you'll learn to ignore these people, or better yet, you'll learn to sell them anyway.


Chapter Two: My Three Promises

If the idea of raising your prices scares you, you're not alone. For a litany of reasons (many of which you will discover in this book), many of us face an enormous mental barrier when raising our prices and commanding our worth.

We've just dealt with the two most common questions, but these are the other questions that rush into our mind:

  • What if my competition is cheaper than me?
  • What about my existing customers?
  • Why do I deserve this price?
  • What if someone calls me out?

These questions are a distraction.

All of these questions stem from a fundamental misunderstanding of what price is. Price is not the only reason someone buys. It's one element of a larger story.

Here are my three promises to you, the reader:

  1. You will understand why most approaches to price are flawed.
  2. You will understand what price is and how to use it.
  3. You will have a concrete blueprint for raising your prices, today.

Chapter Three: How To Read This Book: The Five Catalysts

The five forces, the five hammers, the five fuels.  These are currencies that most people, and certainly most businesses, are deficient in. Cultivate these catalysts, and become a force of nature.

When you read this book through the lens of these 5 catalysts you will:

  • Understand the message more deeply.
  • Absorb the message faster.
  • Feel inspired to get started yourself.
  • Be more resilient against fear when you close the book.

The Five Catalysts

  1. Speed: Stay fast.
  2. Simplicity: Stay simple.
  3. Conviction: Stay certain.
  4. Competence: Stay ready.
  5. Rebellion: Stay free.

1. Speed.

Move faster than you thought possible.
Hours, not days. Days, not weeks.
Weeks, not months.

Stay fast.


2. Simplicity.

The shortest distance between two points,
is a straight line.
If you can say it in 6 words instead of 600,
you've said it.
Extraordinary solutions aren't complicated,
they are straightforward.

Stay simple.


3. Conviction.

You are going to want to quit.
You are going to doubt yourself.
You are going to doubt your product.
Sell yourself, first.
Convince yourself, first.
Anytime you lose focus, start with you.
Anytime you lose your way, begin again.

Stay certain.


4. Competence.

If you find your belief wavering, get good.
If you are outside your comfort zone, get good.
If you have spare time, get good.
If you enter a new field, get good.
And when you get good, get better.

Stay ready.


5. Rebellion.

You are a force of nature.
Do you understand that?
You act on the world, as it acts on you.
There is no Market™ and there are no rules.
There are norms and suggestions, that you can shape.
When confronted with a Should™, whether implicit or explicit:
Refuse to comply.
Refuse mediocrity.
Refuse tradition.
Refuse gravity.
Choose more. Choose bigger. Choose higher. Choose Faster.
Choose to step outside The Rules™ forever.
Choose to play a new game.

Stay free.


Chapter Four: The Invisible Enemy.

We'll look at pricing issues and why they exist. In this chapter we'll be covering:

  • The Low Price Addiction.
  • How Price Addiction is keeping you stuck.
  • The Herd Mentality, Social Gravity and why it leads to Mediocrity and failure.

There are two reasons why we price our businesses into oblivion:

  • We don't know a better way.
  • Everyone else is doing it.

If we knew better, and we were more intentional about pulling away from the herd, we'd be fine. We'd charge what we're worth. We'd use price as a tool.

Instead, we're addicted.

The Low Price Addiction.

It takes massive confidence to bring a product or service to market. You have to believe in yourself, your product, your ability to sell it, stand behind it, and deliver on its promises. Do you recall The Five Catalysts? A deficiency in any of those areas results in fear, doubt, and a movement towards average, low prices.

We all want our products to sell. Setting a low price, or lowering an existing price, is the easiest lever we can pull.

Instead of rising to meet the demands of higher prices, we pull that lever and bring the solution down to meet our level of confidence.

However, our self-doubt accounts for just half of the equation, the other reason is invisible and sinister.

Mediocre Mimicry & Social Gravity.

Everyone's doing it, they don't realize they're doing it, and they all want you to do it. Read that again: Everyone's doing it, they don't realize they're doing it, and they all want you to do it as well.

Allow me to introduce: The Herd™ – the faceless, unconscious, unintentional mob that's floating towards mediocrity and obscurity.

The Herd™ is at its core:

  • Mediocrity personified.
  • Mimicry personified.  (ie. copycatism)
  • Social Gravity personified.

The Herd™ has priced themselves into oblivion since they don't know any better. They don't want you pricing correctly. That would reflect badly on them. They want to riddle you with doubts, fears, and claims of: "That's not realistic." or "That's not normal." when you break from the accepted norms.

Pricing is an education problem, not a confidence problem.

If people knew a better way, they'd use it. If they knew how to resist the pull of Social Gravity they'd price better. If they knew how to avoid pulling The Low Price Lever and wean their addictions: they'd price better.

Five Second Summary
  • Bad pricing is accidental.
  • Low pricing is an addiction driven by two invisible enemies.
  • Lack of education, we don't know a better way.
  • The pull of Social Gravity – conformity, mediocrity, and the average.
  • If people knew a better way, they'd be able to resist these two forces.

Chapter 5: The #1 Killer Of A Business: Commoditization.

This is a death sentence for any business. When you compete on price, your drive yourself into the ground and become a commodity. Now that you're a commodity, you're forced to compete on price – it's a vicious cycle.

When you look like them,  sound like them, and price like them – you're them. You're a commodity. Social Gravity is the force behind commodiztization – commoditization happens slowly, and accidentally. Be aware. Resist with all your might.

When You're a Commodity:

  • You're replaceable.
  • When you're a commodity nobody knows why they should buy from you.
  • You have no margins.
  • You have no economic moat.
  • You have no protection from competition.
  • You're racing to the bottom.
  • You're not unique.
  • You're a cog in a machine.
  • You're competing against the likes of Amazon and Walmart.
  • You can't scale.
  • You're stuck on the hamster wheel.
  • You're stuck working inside your business instead of outside it.

Chapter 6: Are You Price Locked?

Before we explore advantageous pricing, let's take a look at common pricing mistakes, and why they happen.

  • The symbiotic circle between pricing and product.
  • Most businesses are Price Locked.
  • Why 'Wide And Deep' beats 'Narrow and Narrower'.
  • Why pricing is a tool to create, and sell products.
  • Why products are containers for value, labeled with a price.
  • The Parking Lot of Price: A helpful visual.
  • FSP: A product for every price, a price for every product.

Narrow Prices = Narrow Products = Narrow Prices.

Pricing is largely a product problem. When we price too narrow, we think too narrow, which causes us to price too narrowly. We don't have enough products. The products we do have, are too cheap. The niche we serve is too small. Our recurring revenue is too low. Our referrals are non-existent. We're Price Locked.

Are You Price Locked?

Price Lock happens when you aren't aware of your options, or you've priced yourself into a corner. It's a limitation. 99% of businesses are price locked.

When your options are invisible.
(ie. You don’t see alternatives.)
You’re Price Locked.

When you’re stuck pricing too low.
(ie. You’re racing to the bottom.)
You’re Price Locked.

When you’re stuck pricing in a narrow band.
(ie. You’re choosing between $10 and $15)
You’re Price Locked.

If your niche is too small.
(ie. Scale is impossible.)
You’re Price Locked.


Some More Thoughts On Price Lock.

If it doesn't exist people can't buy it.

If there's no $500 product, they can't buy it.

If there's no $5,000 product, they can't buy it.

If there's no $50,000 product, they can't buy it.

They can't come back if there's nothing more to buy.

If a second product doesn't exist, they can't buy it.

If a third product doesn't exist they can't buy it.


If there's nobody to buy it, they can't buy it.

If your niche has 100 people in it, you can only serve 100 people.

If it doesn't exist, they can't buy it.

If they don't exist, they can't pay.


Chapter 7: Full Spectrum Pricing™

A price for every product, a product for every price.

Full Spectrum Pricing (FSP) is my signature strategy – the ultimate way to leverage price and products effectively. I will be releasing an entire book on FSP itself, but here's everything you need to know to understand it.

Price Wide

  • If someone needs a solution but only has $10, can you sell to them?
  • What if someone needs a solution but wants $100 worth of value?
  • How about $500? $1,000?  $70,000? $250,000? $1,000,000? etc.
  • In other words: Do you sell wide?

Sell Deep

  • Can you upsell customers to help them feel more certain they'll get the outcome they desire? Do you have options and upgrades to help them purchase more?
  • Do you have ways to have them come back, again and again?
  • Do you have products for that solve their problem today and tomorrow?

The Principles Of FSP:

  • Leverage Price Bands, clusters of prices that "feel" similar.
  • ex. Price using powers of 10: 10, 100, 1000, 10,000, 100,000, 1,000,000. etc.
  • Give people endless opportunities to buy from you.
  • Give people options to buy from you that meet their circumstances. ($$)
  • Develop products and solutions that solve problems at each Price Brand.
  • Make these products complement each other using Flow Stacking.
  • No dead ends – give clients 100 ways to keep buying from you.
  • Keep expanding deeper into a clients life with new solutions to new problems.
  • Mantra One: Price Wide, Sell Deep.
  • Mantra Two; A price for every product, a product for every price.

Chapter 8: The Pricing/Product Parking Lot

Imagine your variety of prices and products as an empty parking lot. All kinds of cars will enter the lot. Hondas, Fords, Ferraris, and even Rolls Royce. Create parking spots (ie. Products/Prices – opportunities and ways to buy) that match the profile and resources of a buyer.

Some people need, and want, $500,000 of value from you. Some need, and want, $500,000 but can only afford $50 today. Price at every level you can think of. Create every product you can think of.


Give people a place to park.

Give people a way to buy from you.

Give people a way to have their problem solved.

If there's no space for them, they can't park.

If the space doesn't match their car, they won't park.


Five Second Summary

  • The price is the product. The product is the price. They form a symbiotic circle.
  • Price Lock is when your business is too narrow. (ie. niche, price/products.)
  • People can't buy something if it doesn't exist.
  • The cure is to price wide, and price deep.
  • Focus on providing as many products/services as possible as many times as possible at as many prices as possible.
  • Full Spectrum Pricing is the idea of making a product and price for every possible customer, in every possible permutation.
  • Mantra One: A Price for every product, a product for every price.
  • (Think: The Pricing Parking Lot)
  • Mantra Two: Price Wide, Sell Deep.
  • (Think: Keep them coming back, give them new reasons to come.)

Chapter 9: A Step-By-Step Sequence To Triple Your Prices, Today.

This is where the rubber meets the road.

  • Option A: Raise Your Existing Prices By 3x.
  • Option B: Create a new service/product Price Band that's 3X more expensive.
  • (Option C: Try both.)

Option A: Raise Your Existing Prices By 3x.

  • Head to your pricing page, and triple the number that's there.
  • Inform your current customer base by phone, or email of the change.
Note: Email scripts for all the suggestions below are in Appendix A.

You can choose to:

  • a) lock in their old pricing,
  • b) extend their current pricing a few extra months
  • c) give them a lifetime discount on new pricing
  • d) give them notice of a price increase and a cutoff date.

If you get any backlash/negative feedback you can:

  • Use one of the methods above to soften the blow.
  • Or choose to stand firm, and help them find another provider.
  • Be polite, be empathetic, be transparent.

Option B: Iterate On An Existing Product, Or Create A New service/product that's 3X  the price of the current offering.

This is a perfect option if you're afraid of disrupting your current price mix.

Iterate On An Existing Service/Product:

  • Ask: Is there a product I can deliver in a better, bigger way?
  • Ask: What extra things would I need to do to set it apart from my current offering? What would make a customer pay attention?

How To Think Of a New Service/Product:

  • Ask: What new problems can I solve?
  • Ask: What else is my customer doing?
  • Ask: What other problems do they need to solve
  • Ask: Do I have the skills to solve them?
  • Ask: Where can I go to learn?
  • Ask: How can I learn in days, not weeks?
  • Ask: What books would I read?
  • Ask: What videos would I watch?
  • Ask: What if I only had a week to build?
  • Ask: How can I launch in 7 days?

How To Deploy Your Iterated/New Product Quietly:

Ideally, you just put your product on your website. But I realize you might be afraid to do that. Here's what I'd recommend if you're hesitant to disrupt things or want to test quietly.

  • Create a separate, unlisted, landing page.
  • Pitch new customers with it on social media via DM.
  • Call current customers or reactive lapsed customers with your new offer.

Appendix A: Email Scripts.

Tweak as needed to match your service or product.

  • a) lock in their old pricing,
  • b) extend their current pricing a few extra months
  • c) give them a lifetime discount on new pricing
  • d) give them notice of a price increase and a cutoff date.

A) Lock in their old pricing.

Hey X,

I wanted to give you a heads up, you might have noticed we've increased our rates.

As a long-time client, I will continue to honor our existing rates and your pricing will not be impacted and I have no intention of asking you to move to the new rates.

Feel free to reach out if you have any questions.

Warm regards,

Y


B) Extend their current pricing a few extra months.

Hey X,

I wanted to give you a heads up, we'll be changing our rates effective X.

As a long-time client, I will be extending your current pricing an additional three months until Y.

Feel free to reach out if you have any questions. I've always got time for you.

Warm regards,

Y


C) Give them a lifetime discount on new pricing.

Hey X,

I wanted to give you a heads up, you might have noticed we've increased our rates.

As a long-time client, I wanted to extend you a lifetime discount of X% of our new rates. This will be applied to all of your invoices moving forward.

Feel free to reach out if you have any questions.

Warm regards,

Y


D) Give them notice of a price increase and a cutoff date.

Hey X,

I wanted to give you a heads up, we'll be increasing our rates effective [DATE].

I've attached the new pricing for you to review.

Feel free to reach out if you have any questions.

Warm regards,

Y


Appendix B: A Special Offer

If you're interested in working with me, I've got a special offer just for you. As a reader of this book %10 or $1000 on your first project – whichever is higher.

To claim it, book a free consult. During this session (One Big Thing™) I'll provide you with one actionable piece of advice you can apply in your business, right now.

All you have to do is mention this offer (or type 3XPrice) in the Comments section of your booking form or let me know on the phone. If and when you decide to work with me, we'll ensure this discount is applied on your first invoice.

Free Consult: One Big Thing™
I guarantee I’ll give you one actionable idea (in 15 minutes or less) that you can put into action as soon as you hang up the phone.

Appendix C: Further Reading

Lever Zero: Raise Your Prices.
The spark that will get you started.
Sell A Billion Things, A Billion Times, To a Billion People.
The formula for massive wealth and enormous companies.
The Only Pricing Strategy You’ll Ever Need.
Introducing: Full Spectrum Pricing.