The Power of Raising Prices and Nurturing Relationships

Welcome back to the second installment of our two-part series on a topic that’s all too familiar to entrepreneurs – raising prices. 

We’ve all been there. Those late-night worry sessions where you ponder over whether you should increase your prices, fearing the potential fallout. But what if I told you that raising prices could be the key to unlocking untapped profitability and building deeper customer relationships? 

The Fear of Raising Prices: A Familiar Tale

Let’s face it – raising prices can be intimidating. What if your clients stop booking calls or making purchases? These questions have haunted me for years. Yet, each time I’ve taken the plunge and increased prices, it’s turned out to be a pivotal step towards greater profitability.

In a world where the cost of living continues to rise, business owners like me have to adapt. The reality is, if we don’t adjust our prices to account for these changes, our margins will shrink, potentially putting our businesses at risk.

The Power of the Right Price Point

So, what’s the secret to raising prices successfully? It’s all about finding the sweet spot – that magical point where your customers see the value in what you offer and are willing to pay a bit more for it. Think of it as a delicate balance between providing exceptional service and ensuring your business remains sustainable.

Consider this: our company, Great Assistant, recently raised prices from $5,000 to $6,000 for our programs. This seemingly modest 20% increase led to a remarkable 40% boost in gross profit per client. That’s the kind of impact a well-calculated price adjustment can have on your bottom line.

The Role of Customer Relationships and Content Marketing

Now, let’s shift our focus to the power of customer relationships. You see, nurturing genuine connections with your clients is more than just good business practice – it’s a key driver of growth. Think about it: 100% of the clients who responded to our price increase were loyal, long-term patrons. They knew, liked, and trusted us from previous interactions.

Content marketing, often underestimated, played a pivotal role in this. A potential customer might be quietly following your updates for years before finally making a move. This highlights the importance of consistency and quality in your content – you never know who’s quietly listening and preparing to take action.

Beyond the Sale: Building Lifelong Relationships

It’s easy to get caught up in the excitement of closing a sale, but true success lies in building a long-lasting relationship. The famous saying, “Make a sale to get a customer, not the other way around,” couldn’t be more accurate. Your focus shouldn’t solely be on the transaction; it should extend to providing ongoing value and support.

By fostering repeat business, upselling additional services, and nurturing your existing customer base, you’re essentially creating a self-sustaining cycle of profitability.

Looking Ahead: The Future of Entrepreneurship

As we wrap up this chapter of our journey, I invite you to reflect on your own business. What would it take for you to double profits without acquiring a single new customer? The answer may lie in nurturing your relationships, increasing the value you provide, and adjusting your prices to match.

Remember, mastering entrepreneurship is about more than just numbers; it’s about forging connections, adapting to change, and finding innovative ways to thrive. 

Onwards and upwards 


How I Tripled My Sales Close Rate from 34% to 81%

Today, I want to share with you a remarkable transformation that took my sales closing rate from 34% to a whopping 81% in just three months. 

My name is Tim Francis, and I’m the proud owner of Great Assistant, a company dedicated to helping entrepreneurs find the perfect assistant. Now, let me take you through the three key factors that allowed me to skyrocket my sales closing rate and revolutionize my business.

  1. The Right Sales Style

    One of the first lessons I learned was that the sales method must align with both my personality and my audience’s preferences. For small businesses like ours, the rigid, pressure-packed sales tactics of large corporations just wouldn’t cut it.

    Instead, I needed a more conversational, consultative approach—one that felt inviting and approachable.

    I discovered that asking provocative questions during the sales call helped potential clients see the value of our services more clearly. By focusing on finding the right fit, I could disqualify leads that weren’t suitable for our type of Asssistant, saving everyone time and energy.

  2. Knowing What Must Be True For Someone to Say “Yes”

    I had an epiphany when my sales coach asked me a simple question: “What would have to be true for someone to buy from you?” This led me to identify three crucial factors:

    Factor #1:  The client must genuinely believe they need an assistant and understand the benefits it brings.

    Factor #2: They should be looking for the kind of assistant we specialize in: someone based in the US or Canada, tech-savvy, and eager to become a valuable asset to the entrepreneur.

    Factor #3: They must want us to handle the assistant-hiring process for them, as we offer not just assistance but also training and support to ensure a successful long-term partnership.

    Understanding these criteria allowed me to quickly assess whether a prospect was a good fit, leading to faster and more effective sales calls.

  3. Weekly Call Reviews

    To continuously improve my sales technique, I started recording my sales calls and submitting them to my coach for review.

    Every week, we would both analyze the calls independently and then meet to compare notes and identify one or two key areas for improvement.

    The 30-minute weekly sessions were incredibly productive, allowing me to implement the suggested changes immediately the following week.

The Results: Closing Deals Faster Than Ever

By diligently following these three steps, I witnessed a stunning transformation in my sales process. Sales calls that used to take an hour were now wrapping up in just 35 to 40 minutes, resulting in a substantial increase in my close rate.

My journey from a 34% close rate to an impressive 81% was a transformative experience that reshaped my approach to sales. 

It taught me the importance of finding a sales style that resonates with both me and my target audience. I also learned to focus on the essential criteria that lead to successful partnerships with our clients.

I encourage you to apply these lessons to your own business and see what happens. Remember, it’s not about closing every deal at any cost; it’s about finding the right fit and building long-term relationships that benefit both parties.

I hope this has inspired you to rethink your sales strategy and embrace the power of authenticity and genuine connection during your sales calls. 

Onwards and upwards

~ Tim Francis, Founder of Great Assistant

Discover the Best Communication Platform for Entrepreneurs and Assistants

Effective communication is vital for entrepreneurs and their assistants to work seamlessly and boost productivity. With numerous communication platforms available, it’s crucial to choose the right one to avoid distractions and frustration. 

In this blog post, we’ll explore the drawbacks of popular options like Slack and email, discuss the essential criteria for an ideal communication tool, and unveil the best platform we’ve discovered: Chanty.

The Downsides of Email and Fragmented Communication

Email, often considered an unlimited to-do list, is a major distraction for entrepreneurs and their assistants. With anyone capable of assigning irrelevant or unnecessary tasks, the email inbox becomes a wasteland of distractions. 

While completely eliminating email may not be feasible for everyone, reducing its impact on productivity is crucial. Fragmented communication across various platforms like Voxer, Slack, Facebook Messenger, or Instagram DMs can also hinder focus and efficiency.

The 11 Criteria for the Perfect Communication Tool

After evaluating 30 different communication tools, including popular options like Slack and WhatsApp, we identified 11 key features that define an exceptional platform for entrepreneurs and their teams:

  1. Limited Access: The tool should be exclusive to internal teammates, preventing outsiders from disrupting workflow.

  2. Focus-Promoting Interface: A distraction-free interface is essential to maintain concentration and productivity.

  3. Perpetual Message History: Storing message history allows easy access to past conversations and valuable information.

  4. User Management: The ability to add or remove users easily supports team growth and efficient collaboration.

  5. Message and Keyword Search: A search feature enables quick retrieval of specific discussions or information.

  6. Teammate History Research: Accessing teammate conversations aids in emergencies, dispute resolution, and seamless continuation of work.

  7. Multimedia File Transmission: The ability to share documents, images, and other files simplifies collaboration.

  8. Cross-Platform Compatibility: Web-based and cross-device functionality ensures seamless communication across different operating systems and devices.

  9. End-to-End Encryption: Robust security measures protect sensitive information and discussions from unauthorized access.

  10. Intuitive User Interface: A visually appealing and user-friendly interface enhances ease of use and navigation.

  11. Do Not Disturb Mode: The option to turn off notifications when the tool is not in use prevents unnecessary interruptions, allowing flexibility for late-night or early-morning messages.

Introducing Chanty: The Ultimate Communication Tool

Among the evaluated platforms, Chanty emerged as the best communication tool, meeting all 11 criteria. 

While lesser-known compared to Slack, Chanty surpasses it in terms of functionality and features. By opting for Chanty, entrepreneurs can create a focused and productive environment for themselves and their assistants. The scalability of Chanty makes it suitable for expanding teams, and its affordability adds to its appeal.

Choosing the right communication platform is paramount for entrepreneurs and their assistants to maximize focus, productivity, and collaboration.