Increase Your Prices
One of the questions I’m asked more than almost any other is, “How do I put my prices up for existing clients?”
Usually, people are expecting me to hand them the perfect email or a clever script that magically makes the conversation easy. The reality is that the email isn’t normally the difficult bit!
The difficult bit is everything that’s happened in your own head before you’ve even started writing it.
You’re imagining clients feeling shocked or upset. You’re worrying they’ll think you’re greedy or start questioning the value you provide.
By the time you’ve played out every possible worst-case scenario, you’ve often convinced yourself not to do anything at all. But interestingly, your expectations are usually miles away from the reality.
Because more often than not your clients will say something like “To be honest, I’ve been wondering when you were going to do this. I’ve been thinking for a while that we probably don’t pay you enough.”
That’s because good clients understand something that many business owners forget. Businesses evolve. And more importantly, relationships evolve too.
Think about one of your longest-standing clients. Is the work you’re doing for them today really the same as when they first became a client? I doubt it!
Their business has grown. Their needs have become more complex. You answer more questions, solve more problems, attend more meetings and provide far more support than you did originally.
Very often, you aren’t asking clients to pay more for the same service.
You’re asking them to pay appropriately for a service that has quietly become much bigger over time. Before you even think about increasing your prices, review what’s changed.
Look at how your business has developed, but also how your client’s business and expectations have changed. Ask yourself whether you’re still delivering the service they originally signed up for or something far more valuable.
Only then should you decide how your pricing needs to evolve.
When you do communicate any changes, be clear, professional and confident. You’re explaining a commercial decision, not apologising for doing something wrong.
Healthy businesses don’t stand still, and neither should their pricing. The aim isn’t simply to increase your prices, it’s to make sure your pricing accurately reflects the service you deliver today, not the one you agreed years ago!
