Money on the Table: 10 Signs It's Time to Raise Your Design Prices
In this podcast episode, I’m reflecting on some of the challenges O&F has faced with pricing over the past five years. <br/><br/> Breaking down the ways of recognising when it's time to raise your prices and offering tips on how to do it effectively.The signs that indicate it's time to increase your pricing include:When clients readily approve your invoice without discussion.If you're overworked or feeling stretched due to too many clients.If you're working with and attracting "difficult" clients on a budget.When your conversion rate is exceptionally high.If you initially undervalued your services.When your diary is fully booked with a waitlist.As your experience and confidence grow.When you consistently receive positive customer feedback.If you're not meeting your profit goals.When you hear comments about being "too cheap."Your design business should be both fulfilling and financially rewarding. I’m also bring practical insights about exactly how to implement a price rise in your business plus some pro tip techniques to find your position in the market..<br/><br/>How to calculate your conversion rate <br/>‘Conversion rates are calculated by simply taking the number of conversions and dividing that by the number of total ad interactions that can be tracked to a conversion during the same time period. For example, if you had 50 conversions from 1,000 interactions, your conversion rate would be 5%, since 50 ÷ 1,000 = 5%.’ <br/><br/>Email me on rhiannon@oleanderandfinch.com if you want to a look at the one day marketing workshop Conference, Content and Clients. I’ll send you the flyer. <br/><br/>If you want access to the Client Project Database - DM me @oleander_and_finch Thanks for listening to this episode of "Designing Success: From Study to Studio"! Connect with me on social media for more business tips, and a real look behind the scenes of my own practicing design business.<br/><br/> Grab more insights and updates: Follow me on Instagram: https://instagram.com/oleander_and_finch<br/>Like Oleander & Finch on Facebook:https://www.facebook.com/oleanderandfinch For more FREE resources, templates, guides and information, visit the Designer Resource Hub on my website ; https://oleanderandfinch.com/ Ready to take your interior design business to the next level? Check out my online course, "The First Year Framework," designed to provide you with everything they don’t teach you in design school and to give you high touch mentorship essential to having a successful new business in the industry. Check it out now and start designing YOUR own success<br/> (waitlist now open) https://oleanderandfinch.com/first-year-framework/ Remember to subscribe to the podcast and leave a review. Your feedback helps me continue providing valuable content to aspiring interior designers. Stay tuned for more episodes filled with actionable insights and inspiring conversations. <br/><br/>Thank...
