How To Increase Your Prices Without Losing Customers | TRADESMEN and ELECTRICIANS
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- Опубликовано: 1 окт 2024
- How Do You Increase Your Prices Without Losing Customers?
A very common problem I come across is guys who want to increase their rates and charge more, but are scared to lose customers if they do raise prices and worried about not being able to get work.
They know they want or need to increase profits and a simple solution is to raise your prices.
However, many clients may go elsewhere if they are used to a certain pricing structure or rate and you may put off potential clients.
I say, raise your prices!!! If you lose customers, you will gain new customers. There is no shortage of work in the UK currently.
The day to day running cost of an electrical contractors isn’t cheap. Vehicles to run, constant training to attend, tools and purchasing trade publication which have constant errors in them that cost an arm and a leg.
This is where law of attraction comes in. Do you want to earn £200 a day or £300 a day. You need to give off energy and believe in your self that you can earn the £300 a day, every day!
If you go out pricing at £200 a day, you will get a £200 a day client.
If you go out pricing at £400 a day, you will get a £400 a day client.
There is a HUGE difference.
The £400 a day client wants quality reliable work carried out.
The £200 a day client wants the same but settles for less but sometimes argues if they do not feel they get that.
If you feel you are worth £400 a day and feel your services justify the price, CHARGE IT!!!
I get electricians all the time tell me they get work and lots of it but it isn’t profitable, so they want to charge more but due to current market value, they feel they cannot charge more. The solution is simple, STOP COMPETING with others who are not in your league and CHANGE YOUR CUSTOMERS.
If you have an existing client base and are reluctant to raise your prices due to fear of losing them, raise the prices. The loyal clients who value you will stick around! Are they really going to go elsewhere? Hell no. Getting a good electrician is like finding a gold plated unicorn in Nania!!!!! They will not go elsewhere and if they do, they are not your client because they are a £200 a day client. You don’t need those in your life.
You are perfectly justified to raise your prices because the cost of living and running a business in the UK is increasing. It isn’t going down. And it costs to employ decent guys, including yourself. Everybody who does a good job deserves decent pay and package and ultimately the client is paying for that. If they want reliability, it costs. If they want good workmanship, it costs. If they want competence, it costs. If they want reliability, workmanship, and competence to be compromised, they are not the client for you.
When I was contracting, I provided a fantastic service for a fair price. I could demand top money because of what I offered. I didn’t put myself in the league of ‘competitors’ who provided a far inferior service and job and made it clear to potential clients why I wasn’t in the conference league, and why being in the premier league costs. The truth is, they are either a conference league spectator because they like the conference league, or they can’t afford the premier league. Either way, not my problem. I’m in the premier league.
If you want help with understanding how to attract the premier league client, I offer one on one coaching sessions and I am happy to help if you feel you have what it takes!
Now ask yourself, are you in the premier league or are you in the conference league and does your pay match your league???
If you are interested in One on One coaching with me - email me - danstheengineer@gmail.com
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Everything I mention in this video is from my own experience as an electrician and business owner. If you choose to take any advice given from this video, I hold no responsibility of the result.
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I’m in the champions league son .
Glad to hear it..... I've not seen many who are!!!
Good work
Quality costs mate 👍
Absolutely and where safety is concerned I don't think quality should be compromised at all!
So true ! Dad who I work for keeps telling me that his customers won’t accept a price increase ! But as far as I’m concerned even the national minimum wage goes up , where else do you see people charge nearly the same price for year upon year , great advice thanks for this video 👍
9/10 jobs I price I get and I’m making some good money. I turn up when I Say I’m going to.
I’m polite professional and knowledgeable.
Clean tidy and courteous.
Always ask the client before you walk out the door if they are happy and understand what’s been done. I always get return customers.
All well and good Dan , but I live in London and 75% of jobs that I price up for I never get because of the illegal and unqualified so called electricians mostly from Eastern Europe that will undercut your price by as much as 70% and they are doing this all the time to all trades not just electrical work......Example...I priced a job in November for a small rewire of a 2 bed flat using good quality materials which I always use and I allowed 10 days and approx £1200 materials / parking / fuel etc...
My price was £4000 which I believe was extremely good value for the customer , I did not get the job......
I found out from the customers friend who I do work for that they got a guy from east Europe to do the job and he did it in 3 weeks and his price was £ 1200 cash in the hand....try to compete with that..😳 .
This happens all the time to all trades .
The industry in this country needs to get this sorted out and soon as it is putting a lot of good tradesmen out of work....end of rant
Ps...The only good thing to come out of this is they cannot get in touch with the guy who did the work to get there certification as they are selling the flat.....I wonder why....!!!!
Cheers mate and enjoy your travels....👍
The answer to this is in one of my next videos funnily enough. You are attracting the wrong type of client. We are all compatible with different types of client. You are attracting the wrong client which I sort of touch on in this video. You're telling me that you are constantly competing with cowboys essentially yet I worked in London and the South East and used to come across this until I changed my mindset and how I market myself. Then I didn't have the problem in the slightest.
Serves them right, I’m in Ireland buddy and luckily enough there are very little foreign electricians to speak of well at least where I am. The reason is people just don’t trust anything about them & I can’t understand how it happens in the uk.
As yensabi said, the illegal, unqualified and untaxed will always undercut. I'm now driving 120 miles a day to get away from London and these people. Customers are surprised when I present them with a card machine for payment, assuming all trades take cash and duck the income tax. The various bodies who dip the pockets of all trades are pointless employment clubs for old men who do nothing to protect the qualified trades who pay for their cushy jobs (looking at you - IET, NICEIC, Stroma, NAPI etc)
IAM am tradesman and I employee trades too. Productivity, quality of work and customer service are the most important factors for being a tradesman or customer. If your all three are high prices are worth every penny and your valued. If your slow, poor quality and customer service with difficultly of getting job done a £1 a day is to kind..
Just advice I needed.....thanks 👍🏼
No worries Jay!
Are they really gonna go elsewhere 😂
You are spot on. This is what these customers don't understand. We have guys to pay, vans to run, materials to buy. Training. Thousands in tools. And most importantly the beer fund. It all has to come from somewhere. If you are a quality trade 300 a day is more than reasonable.
I have a course out that breaks down overheads and many respond to me after completing the course absolutely shocked how little money they actually make.
My price is £350 per day
great tips! thanks for sharing Dan!
Thanks for watching
Nice work!!
Great advice Dan.
Cheers Keith
The fire alarm Service with the testerfire
I have this ruclips.net/video/CBglRzHNGGI/видео.html
When you doing the fire alarm video
What one?
Recently raised my hourly rate by 30% and only lost one regular customer. All my other regulars said that was fine, and as always I have a full three months / 5 days a week order book with several new clients.
You are Premier League!
Hahaha. I even made it to the champions league final once
Get £200 a day on site with breaks & no overheads has to be minimum £300 a day surely
Rising your prices
Nothing like blowing your own trumpet
👍 Have a good day mate