There are people in my markets cheaper than me and there are people more expensive than I am. When people ask me how I am priced, I would say I am “mid-to-high range”. I don’t really sell on the price as much as the value that TMT is giving you.
A great pitch to clients is: “Would you rather have your business running smoothly, without risk of being affected by a cyber attack and pay my prices, or just have antivirus software on your machines and no other protection?” (I don’t use the technical terms with a client.) You have to think about the fact that you are competing with other MSPs that are operating with this same mentality.
These are the guidelines to get there. Starting with that insurance requirement…
What do those insurance requirements look like? That’s a big place to start and make sure they’re meeting the needs because if they’re not willing to protect their own insurance policy that they’re ALREADY paying money for and stay compliant with that, then what other problems are you going to have down the road as their IT provider?
Would you rather lose customers because your price is higher, because your service sucks, or because you’re priced too low and you can’t even provide the service that you want to be able to provide? I’d rather lose customers by raising prices and being a little more expensive and have a solid service, good cyber, and all the other things… than to lose customers because we can’t answer our phones.
What I see with most MSPs, is that there are things they’re leaving out, but they’re not charging for them either, of course. That’s the other mistake. You cannot just add it in and say that you’ll just absorb the cost.
One brilliant thing that Will Nobles, CEO of Vector Choice (who has also been a client of ours) has done, is now every year if you sign a new contract with him, you are on the updated version of that agreement. This contract includes higher prices on all services year after year.
By including the year and the name of the service (i.e., 2023 Managed Services Agreement) then a few years later you can update the clients from the old version to the new version of the contract. So by taking our example, in two years they get upgraded to the 2025 Managed Services Agreement with higher prices. You just have to make sure you have taken great care of your customers in the meantime. You let your customers know you have a brand-new service offering. You’ve updated everything or enhanced it. You’ve added onto things that you’ve been doing, added value, and then position the message to your customer as how you want to upgrade them. This includes charging more for each service or tool with each new agreement/contract.
If you want to get more of those high-value clients and raise your prices, then you need to come to this year’s annual Roadshow event.
One of the things that we are going to GIVE you the minute you register is a fantastic webinar that we just put together and delivered with templates, pricing tools, and examples in it. There are examples of how to go about specifically raising your prices, not only knowing by how much you have to raise your prices, but giving you tools for the actual pricing. You will also get an outline of a service solution you need to be included in your plans right now, in order to be competitive. The marketing templates are not just how to go back and talk to your customers about raising their prices, but having them actually be happy about it. All included and available upon registration for the IT Marketing Roadshow!
Get The Full Video On Other Tactics To Raise Your Prices Free With Your Roadshow Registration