If the 99 Cents Only Stores can raise their prices, why can't you?

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For the first time in its 26 year history, the 99 Cents Only Stores will be raising their prices to offset the rise of household items, foods and other goods.

To raise or not to raise, that is always the question. Well, if your not making enough to cover your costs, you must raise your prices (or lower your costs) in order to make a profit. But what if you just feel like you are worth more?

If you feel that you are worth more than you probably are. If you know that your product or service brings your customers incredible value, quality, ease, relief, hope and/or benefit, then consider separating yourself away from the competition and raising your prices.

Raise prices during an economic downturn you say? Well, if you are competing on price right now then you are facing a difficult battle. You can never win when you are competing on price alone. Your value and your service are your competitive edge so if you want to attract the clientele that can pay for what your worth AND you can deliver on that promise, then a price increase may be an option to think about when looking for ways to increase your revenues.

If you are STILL unsure though, complete the following exercise from Dr. John DeMartini, world leading behavioral expert, speaker and author:

  1. Calculate how much you would like to raise your prices
  2. Write down 100 benefits to your customers that would result from this raise
  3. Write down 100 reasons why NOT raising your prices would be detrimental to your business and customers
  4. Give yourself a raise!

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