Increase price without losing clients.... #82

Many of my clients are initially worried about raising prices because they are afraid of losing clients. Is this something that concerns you? You don't have to worry. What actually matters is the way you communicate the increase. This article will show you how to increase your fees to clients in the right way. 1. Show gratitude

Thank your clients and show them how much you appreciate their business. When people feel valued they are always likely to be more understanding.(read more about gratitude here)

2. Explain your reasons

Talk about your costs. Honesty is always the best policy. Don't hide things, it s better to be upfront. Explain what they will gain from the price increase. Detail why your product / service is now worth more. Understanding is the aim.

3. Add value to your product/service

Make your offer better. Explain that a fee increase will benefit them and make sure you deliver on this promise. How can you increase value and add things to your product / service (without reducing your profits). Think of things like additional support, increased availability, shorter turnaround, improved quality etc (Read more).

4. Demonstrate your value

Before talking about increasing price you must make sure that you are delivering on your promise, over and above! A happy and satisfied customer will always be more responsive and understanding.

5. Offer alternatives

Always focus on value not price. That said always give the client options. Additional features and value at the increased price or less expensive option that covers the essentials. When you offer choice you confirm that prices reflects value.

6. Give advance warning

No one wants to be shocked by sudden and unexpected price increases. This may lose you clients. Don't do that. First suggest it may happen. A good time is right after a ‘win’. Inform them that you will be raising your prices after a certain amount of time. Then a while later set a deadline for the change. Clear communication is very important. Don't forget to let them know about all the options and alternatives available.

7. Face to face is best

If possible always opt for a face-to-face conversation with your clients about your pricing. This way you can be more aware of their reactions. You can respond to concerns in real-time. The follow up is important. Here you reiterate the new rates sheet, additional benefits and available options. (Read more).

8. Plan answers to their questions

Be prepared for resistant clients. Think from their point of view and make a list of concerns that they may have. Prepare answers to these potential questions. Know the reasons for the price increase. Demonstrate the extra value that your clients will get. In this way communicating a price increase shouldn’t be difficult (read more).

9. Be confident

You've given advance warning about a potential price increase. You clients will be expecting a discussion. Be confident. There is no need to apologise. Increasing rates are a standard business process. Take control of the situation and make sure that they know that you’re not here to negotiate.

Don't be afraid of increasing your prices and losing clients. Be confident in what you do and the value you provide. Know your reasons why the increase is necessary. This will make the whole process much easier and achievable.

I encourage many of my clients to get rid of their discount mindset. Believe and prove that you are valuable to your clients. The ones worth keeping will stay. You don't need to win nor keep every client. They will come and go, this is business. You will have losses. Accept it. Do your best, be the best version of yourself and you can do no more. Stand your ground. Get paid what you rightly deserve.

Negotiate only as a last resort - if you have a great client that you love to work with and the type of work fits your niche but they just don’t have the budget, negotiate a rate that works for the both of you.

There will be clients that you have a great relationship with but just don't have the budget. Gauge each specific situation and in such circumstances come to an agreement. Try to bundle in things which are more valuable to you in exchange for less of an increase. Always emphasise your value and be confident.

I work closely with my clients with pricing strategies and this includes how to increase prices. Other areas include

🔹 Gaining clarity on personal and business goals

🔹 Building an in-depth strategy and action plan

🔹 Ensuring accountability to progress and breakthrough challenges

If you want to take your business to the next level and want to find out more about how I could support you, drop me a message by clicking here