The easiest way to fast-track your path to a million is to charge more for your products and services. However, when you tell someone to raise their prices, they often push back and say that the market doesn’t allow for that type of increase. This is where you have to choose your customer wisely.
The price a customer is willing to pay is directly tied to the amount of value they receive. If your services deliver a 10 percent sales increase to company that does $1 million in revenue, then you brought $100,000 in value. If you deliver the same 10 percent increase to a $100 million company, your value is exponentially higher. Would the first company pay you $250,000 for your services? No way. Would the second? It is quite possible.
Sometimes what stands in your way from exponential growth is not you or your product. It’s the customer you are targeting. Ryan learned this lesson the hard way. For a few years he had been teaching his business model to people who wanted to start their own companies and was charging $1,000 for this information. A few years later, one of his students was teaching the exact same content but targeting a different group of people charging $100,000!
Ryan realized that he approaching his target market trying to get as many of they to say “yes” as possible, instead of positioning himself as a solution to the elite segment of his market and aligning his pricing accordingly.
The result? He found a select group that was willing to pay 50-times more than his original rates. You will find your path to a million dollars a lot easier if you choose your customers wisely.