I Increased My Prices... and here is why

I have been toying with announcing this for a while and I didn’t know if I should just do this in private or in public. But I have decided to share this with everyone to really illustrate the reasoning behind my prices and to highlight where other agencies fall short. I increased my prices... and here is why.

In This Email You Will Find:

• I increased my prices... and here is why

• Ways to monetise a newsletter

• What I Have To Sell You

I increased my prices... and here is why

I was auditing an account recently.

Their emails, their automations, their sign-up forms… everything, had been built and designed by a well-known agency in the marketing space. If you are at all involved in the world of email marketing, you will have heard of them.

Their work was shit.

The flows were basic, the sign-up forms lacked strategy, and the copy was bland.

I know for a fact this e-commerce business had paid just south of $10,000 for the work that had been completed.

It pissed me off on a few levels.

I would be lying if I said the strongest emotion I felt wasn’t jealousy.

‘How could a company charge 3x what I charge for work that is 33% of what I do?’

More than anything, this has just put the value of my work into perspective, and I have decided to position myself a lot differently.

We are a team of 10 staff with five full-time employees, all with very specific roles. We are a premium agency.

I didn’t realise the extent of it until comparing it to the competition, but if you are looking for quality work that is truly customised to your business, then In-box is for you.

We are not like other agencies. The work we do will last for years, and that work commands a premium price.

I decided to 3x my prices. I need to grow my agency and beat those with inferior services. It’s the right thing to do, and to do that, we need revenue.

On that note, if you would like to see my pricing, check this out here.

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Ways to monetise a newsletter

Last week, I talked about how I am growing my newsletter.

This week, I wanted to talk about how I am monetising it and how you can do the same.

So let’s run through it.

Beehiiv’s Network

Just above this part of the newsletter, you would have seen an ad. Every time you click that ad, I make money. It’s nothing massive, but it’s about $10 - $20 per email I send.

Direct Business

Obviously, there are a bunch of potential clients who read my newsletter. It’s one of many touchpoints prospects have with me, but it contributes to overall new business. This can range in a given month from $1,000 all the way to $20,000 in new business generated.

Sponsorships

I sell sponsorships for the newsletter. This month, we will generate just south of $1,000.

Digital Product Sales

I sell digital products and guides, which you can see in the footer section of this email. In a given month, I will generate between $100 and $1,000 in sales of these products.

As the economy gets tighter, you need to begin to think laterally in terms of monetisation strategies.

If you are an e-commerce business, your newsletter is valuable in that you can sell advertising to other brands through a dedicated newsletter promoting another company’s offer. I am blown away by how few businesses have ever done this. If you have a database of 20,000 prospects, you could easily charge over $1,000 for a shout-out to another business.

If you are an agency, the same goes, but in your case, you can command much higher prices with much smaller lists, as the AOV of your product is significantly higher than that of a typical e-commerce business.

Food for thought 😉 

My Referral Program

What I Have To Sell You

 Check out some of the guides I put together:

• Master outline of every flow of an e-commerce business needs: click here

• ChatGPT prompts for 6 automations: click here

• Editable design files that you can copy and paste for your own business/agency: click here

• Make more profit with your next email sale: click here

• My strategy for making money as a consultant: click here

• 639 different swipe files for email and sign-up forms: click here

Thanks for tuning in!

 Cheers,

Gavin