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!
Autumn 