Yesterday I told you about the “10X to 100X Rule” and why it’s so important to give your customers massive value.

Today we’re going to talk about price.

And in specific, why it’s so critical that you charge premium prices and have LARGE profit margins.

Having large profit margins is what allows you to give your customers outstanding value and what I call the “WOW Experience”.

You see, most business owners are operating on such small profit margins that there’s no way they can give their customers a “WOW Experience”.

If you’re a business owner who’s struggling to make ends meet right now, you understand what ‘m talking about.

Back when I started my first business (the cleaning and restoration company) in 1996, I was only charging $39.95 to clean 2 rooms and a hall in someone’s home.

And me, being the young, inexperienced business owner that I was – didn’t even realize that I was LOSING munee on EVERY job I did.

I finally wised up, and raised my prices.

And it wasn’t no small price increase either.

I TRIPLED my prices overnight.

And over the coming year, I raised them even more.

I got to the point where I was charging three times as much as any of my competitors.

Now…

You might be thinking to yourself, “Who in the heck would pay three times as much munee”?

I’ll tell you who – everyone who wanted to hire a high-end cleaning company.

As soon as I began charging premium prices for my services, an interesting thing happened.

No longer did I find myself working in apartments and run down homes.

No siree.

I found myself working in millyun dollar homes.

And let me tell you, the people who live in these kind of homes wouldn’t dream of hiring a budget cleaning company to maintain their carpeting investment.

They paid a lot of cashola for that carpet, and now they want it maintained by a professional who will show them how to get the longest life from their investment.

Let give you another example:

I’m a member of a high-end coaching group for entrepreneurs that’s run by a gentleman named Matt Furey.

The investment to be in this group is about $1,500.00 a month.

Yes, you heard me right.

$1,500.00 a month.

Once again, you might be thinking to yourself, “Kevin, why in the world would you pay that kind of munee to be a member of a coaching group? Aren’t there cheaper groups you could belong to”?

And the answer is yes, there are cheaper groups that I could be in.

But…

Because the monthly investment to be a member of Matt’s group is so considerable, he only attracts members who are SERIOUS players.

Members who are making stuff happen.

Members who you can REALLY learn from.

And let me tell you, the investment that Matt charges for his coaching program is a bargain.

So…

The big takeaway for you is this.

Don’t be the “low-price” entrepreneur.

Charge premium prices.

And when you do, you’ll be able to give your customers a “WOW Experience” that will have them begging you for more.

Dedicated to your success,
Kevin Thompson