4 Smart Strategies for Raising Your Rates
Is there ever a perfect time to increase your prices?
The smart-ass in me says “Yes! Now!”
But in all honesty, there’s more than one ‘perfect’ time to take old too-low pricing and give it a makeover.
Below you’ll find four smart strategies for how to find a great time to raise your rates.
Base it on your…
At least once a year, but try for twice. Set it in your calendar, give a 1 week heads up to your subscribers, then press publish on new pricing throughout your site.
How does your experience and expertise develop? After every 5 web sites, or 10 SM campaigns, or 3 VA clients. You’re bringing additional value and insight to the service and final products – so charge accordingly.
You’re booking out each month, or are close to it. Time to raise your rates. There’s a demand for what you’re doing, and that means your work is worth more than before. Like Uber’s prime time pricing, or when a flight is almost full – those trips cost ya!
Endless stream of compliments? Have former clients letting you know in testimonials that working with you was ‘such a good deal’ and that they got ‘way more than their money’s worth’? Time to raise your prices – the people have spoken.
What sort of stuff do I need to sell to use these strategies?
- Tweet this!
You can use these for either products or services. They work just as well for either one. The process of raising your prices with a client you’re already working with on an ongoing basis is sliiightly different (but the timing factor remains the same). I’ll be digging into that process a bit more in another article, but in a nutshell it comes down to delivering great value, getting super clear in your communication, and being as flexible as possible with your dreamy clients.
The process for implementing a price bump in a product, or a service for new clients is straightforward:
1) Pick your strategy above
2) Select what sort of increase you’re putting in place, either a percentage or dollar value.
3) Send a ‘heads up! last chance!’ email to your community to let them know that new prices take effect in a week (not too much notice, they’ll just drag their heels) so if they want to buy at the old price, now’s the time.
4) When the day of the increase arrives, get it done! Update your offerings, scheduling platform, invoicing system and any other places you’ve made mention of the old price. Remember to walk through your purchase process to ensure everything is pointing in the right direction -> higher revenues.
5) Get out of the house and enjoy the rest of your day. No panicking or email refresh mania allowed.