Low Price is a Race to the Bottom

Home Watch services are changing. It is essential to see the true value of the services. As the industry enters 2024, it has become clear that economic conditions have changed since 2006. So, we must adjust Home Watch Service pricing plans to fit these new realities. 

This blog discusses why Home Watch companies, especially those led by Home Watch Academy graduates, should update their pricing from 2006 standards to better fit today's economy, where sixty dollars is the new norm instead of forty.

Understanding Inflation's Impact on Home Watch Service Pricing

According to the Consumer Price Index data, $40 in 2006 would be about $61.57 to $62.35 in 2024. This shows a big increase of around 53.93% to 55.875% over 18 years. So, something that cost $40 back then would now need around $61.57 to $62.35 to be the same. This rise in prices points to the dollar being worth less, which means businesses need to adjust prices to be fair for both them and customers.

The Forward-Thinking Pricing Strategy for Home Watch Services Fees

Diane established the Home Watch company in 2006. She chose to set the service price at $40 per visit. This rate was higher than the $15 to $20 range offered by other companies at that time. Her decision was not just about raising prices; it was about understanding the valuable services her company provided and making sure the pricing reflected that. Diane's approach emphasized the idea of valuing her services and considering the expenses needed to maintain top-notch service quality.

The Cost of Stagnation

Let's look ahead to 2024, where the economic scene has evolved quite a bit. Holding onto Home Watch Service pricing strategies from 2006 might not be the best choice now. It's tough to sustain. Setting prices from over a decade ago in today's world isn't the best for your business. It can lower the quality and worth of what you offer. It's like a downward spiral that doesn't help anyone. Showing the worth of your services lets you set reasonable prices that match today's economy without facing pushback just because of the cost.

The Home Watch Academy Edge

Graduates of the Home Watch Academy who become Certified Home Watch Reporters possess the education, resources, and certification necessary to understand and convey their value effectively. This comprehensive training ensures they are confident in their pricing strategies, recognizing that $60 per visit in 2024 is not merely an adjustment for inflation but a testament to the quality and dependability of their services.

Conclusion: Embracing the New Standard

The increase in Home Watch Services fees from $40 to $60 per Home Watch visit is more than just a price change. It represents a positive step forward in how Home Watch services see themselves in the market. This adjustment shows that the services provided are valued and helps ensure that the business can thrive while being fair to everyone. 

Graduates of the Home Watch Academy can be proud of this new pricing approach, which highlights their commitment to quality backed by their training, tools, and certification. In 2024, $60 is the new standard, and it's an exciting time for the Home Watch industry to embrace this update.

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