Discussing rate rises with your clients can feel like an icky subject, and one that I tried my darn hardest to avoid for as long as possible.
But here’s the thing – you didn’t quit your 9-to-5 and start your own business, only to work harder, earn less, and feel overwhelmed a.f. all the time.
The 4 secrets to communicating your rate rise
The 4 essential element for raising your prices are:
- Be very clear about your new rate (including updating your pricing on your website).
- Communicate your value and credibility, using stats wherever possible (for example, “over the past 6 months it’s been wonderful watching your business grow thanks to [insert your service]”).
- Communicate the “why” behind your rate increase (for example, “the new fees will help me to get them more inline with average market rates”).
- Give your clients plenty of notice
Tip: ensure your contracts include a line about potential price increases.
Here are my scripts for raising your prices in a way that’ll make your clients want to stick around.
Your email scripts
Package your services in a new, client-centric way:
“I wanted to let you know about some exciting updates I’m making to my services. I’ve created these so I can further help my clients achieve XYZ.”
Lock them into another retainer or package:
“Every year I reassess my offerings, and in the new year I’ll be raising my fees. If you’d like to lock in your current rate for another X months, please let me know and I’ll book you in for another pack.”
Create a VIP experience
“In X months I will be increasing my package prices, however I currently still have X number of spots still available at the current rate. I’ll be opening up these spots to my database at the end of this month, however I wanted to give you the opportunity to jump in first.”
Lastly, give your clients an opportunity to discuss this further with you over the phone.
And now you’re ready!
Let me know: are you feeling more confident about emailing your clients?