Carl Gould #70secondCEO Carl Gould

Hi everyone, Carl Gould here with your #70secondCEO.
So how long are your agreements with your clients? But what if, taking a page out of Paul's book, you say, look, we're at will, you can do whatever you want.
You're just offering. You're not making them do anything. We love you when you're at will. Now you think that that's a benefit, that it's at will. If I'm the buyer, it's not necessarily a benefit to me. You like it. And the clients will say, I don't want to be locked into a contract. But they would love to be locked into a good contract. They just don't want to be locked into a crappy one. So you might be selling a feature that is not that important to your clientele.
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Hi everyone, Carl Gould here with your #70secondCEO. Just a little over a one minute investment every day for a lifetime of results. 
 Your good clients expect your prices to go up. So put them up, right? And I get you might have a certain cadence to it, but I would encourage you all, and if you wanna talk offline about how to do it, I'm happy to do it, but I would encourage you guys today, look at what segment of clientele or what segment of services or what segment of product and raise those prices today. 
 I don't care if you just did them in September or January 1, whatever. Wherever you think you can raise your prices, raise them. Because if you're not getting the yes, but, you have not gotten to where your clientele is willing to, the upper end of where they're willing to pay. So I'd highly recommend that you guys do that. OK? All right? And so just keep asking the question. Get with your team. If we raise it 1%, a supermarket can raise it a quarter of a point. can go from 1.3 of assets under management to 1.6 or 1.4. 
 Whatever it is for you, look at where you can raise it and raise it, right? Because you will get to the place where you'll have your best clients and you'll use pricing as a qualifier and you'll start to differentiate, here's why it matters. During volatile economic times, buyers defer to experts. 
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Hi everyone, Carl Gould here with your #70secondCEO. Just a little over a one minute investment every day for a lifetime of results. 
 
Fast forward 10 years, I do a fair amount of public speaking. I hire a PR agent and they're like, Carl, it's time for some new suits. So they're like, where'd you get those two from? They look pretty good. Great, go back to Joseph A Bank. I want you to get four this time. So I go in 10 years later. I walked in, Joseph A. Bank in Mars Town, New Jersey, and I said, I'm back. 
You know, obviously, nobody knows who the hell I am. And I said, like, oh, welcome back, whoever you are. And I said, I'm the guy who came in here, bought two suits 10 years ago, and complained about it. Ha ha, nobody laughed. So I said, I'm here for four now. So there I am. I'm getting fitted for the suit. I say to the guy, I'm like if you would have told me that I was going to walk into some store and spend four grand on suits. I had told you, you were crazy. The guy looks at me and goes 4,000. You're not gonna spend 4,000 today. And I was like, oh, is it more? And they said, no, we're running a sale. You could buy one suit and you get three for free. I was like, ha! Did I pick the right day or what? Like, what is my luck here? And they're like, no, we run the sale all the time. We've been running it the whole year. You can, anytime you wanna come in. I said, really? I said, wait a minute. I said, this is the signature suit, right? He's like, yeah, I said, are they as good now as they were then? And he was like, well, of course, our quality is always, you know. And I'm like, well, wait a minute. How are you $1,000 per suit 10 years ago and you're 250 a suit today? How is that possible? So where did my head go? I'm getting a great deal today or you were overcharging me 10 years ago? 
Where do you think my head went? Overcharging. If you don't raise your prices at some point, your good clients are gonna be like, hey, Paul, what's with the whole world's prices going up, but yours aren't? How long have you been scamming me? 
Like and follow this podcast so you can learn more. My name is Carl Gould, and this has been your #70secondCEO.
 

Hi everyone, Carl Gould here with your #70secondCEO. Just a little over a one-minute investment every day for a lifetime of results.
 
There's a pretty big risk if you don't, by the way, because if you guys think that you're keeping your pricing low and it's somehow helping your clientele, you are not. I'll give you a perfect example. When I first got into coaching, now remember I grew up in construction, I'm not a suit guy, very casual, drive a Jeep, live in a log cabin, and built log cabins for years. That's me, more me, right? So I start doing coaching and training and I hire a speaking coach and they're like, yeah, you're not doing it, wearing the clothes you wear. So they say to me, go to Joseph A. Bank and go buy two of their signature series suits, a thousand bucks each.
I'm like, a thousand bucks?
I don't even want to wear a suit. You want me to spend two grand on suits that I wouldn't even want to wear? They're like, shut up, just go and do it. Cause I'm not, you can't stand in front of an audience dressed like that. You know, you gotta wear a suit. So I go and I buy two suits, complain the entire time. I walk out $2,500 later with cuff links and, you know, cuff links and shirts and everything, belts and socks and all that, $2,500 later, right? Like and follow this podcast so you can learn more. 
Like and follow this podcast so you can learn more. My name is Carl Gould, and this has been your #70secondCEO.
 

Hi everyone, Carl Gould here with your #70secondCEO. Just a little over a one-minute investment every day for a lifetime of results. Generally speaking, I would say let's have a cadence. I like the cadence. I suspect you may not have had one of the speakers or a consultant come to you and say raise your prices today. So this would be a one-off where even if you're like well wait a minute we just raised our prices in September. So what? Raise them again.
Most of your clients won't even notice, right? But you need to get to the point where you start to get the yes, but. Like, Doug, yeah, I wanna be part of your group, but, oof, you know, I thought it was gonna be this number and you came in at that number and, oi, it's just a little bit higher than I thought, but is there something we can work out?
That's when you know you're priced right when you get the yes but like a little bit higher than I thought Randy I really wanted to do this huh you're at 10,000 a month and I you know to be honest I thought it was gonna be more like eight that's kind of what we had budgeted right so in other words if they say Randy you lost your mind I'm not doing that and they leave you're too high or they're like oh that's what you charge yeah all right good all right you're too low but if you get the yes but that's the sign that you're priced right for that avatar Like and follow this podcast so you can learn more. My name is Carl Gould and this has been your
Like and follow this podcast so you can learn more. My name is Carl Gould and this has been your #70secondCEO.
 

Hi everyone, Carl Gould here with your #70secondCEO. Just a little over a one-minute investment every day for a lifetime of results. 
 
If you were to raise your prices by 1%, just 1%, so if you charge $100 an hour you charge 101. If you charge 3% as a, you know, commission or a percentage rate, you now charge 3.03% right if you just charge 1% more what percentage of your clientele would leave you like all right at a hundred you were fine but 101 forget it I'm out of here how many of you what would your percentage of attrition be if you raise your prices 1% 0, 3% if you raise your prices 3% what was your level of attrition 5% 5% technologists probably not but some companies like 5 a little sketchy 5% 0.
 
You might get a little bit 10% okay so a 10% so somewhere between 5 and 10 you're starting to see attrition pick the number where you believe you could raise your prices with zero or almost no attrition and understanding you probably can't go back to some of your contracted clients or things you already have agreements on, but with whomever you can, raise your pricing tomorrow. 
 
Like and follow this podcast so you can learn more. Like and follow this podcast so you can learn more. My name is Carl Gould and this has been your #70secondCEO.