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How to Raise Your Prices [QTMM 2/15/17]

Posted by Ilise Benun on

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Have you raised your prices lately? 

Or maybe you’ve wanted to but aren’t sure how?

It’s actually pretty easy to raise your prices to new clients. You simply quote a slightly higher price to each new client until your prices are where you want them.

There’s one catch: it only works if you’re talking to clients who can pay what you want to charge.

On the other hand, raising your prices to existing clients is entirely different — and much trickier. In a recent article for AWAI, “Raising Your Prices to Existing Clients,” I suggested a strategy that starts with changing the way you talk about your prices. 

“When someone asks for a price, tell them, “Here are my 2017 prices.” This implies they’ll be higher in 2018 and beyond. That way, it won’t come as a shock. You’re setting the stage from the beginning. In fact, it will be expected.”

In that article, I also wrote about the fact that growing a business necessarily involves outgrowing the early clients who can no longer afford your rates as they increase. I advised how to diplomatically let go of those clients and I shared a strategy for how to do that. (Read the entire article here.)

Speaking of letting go of clients, I love Deidre’s recent post in which she shares the actual “break up email” she used with a client who was nice, but too chaotic and therefore, not a good fit. If you need to “fire” a client and aren’t sure what to say, adapt the language she uses.

More from the Marketing Mentor content machine:

Want to communicate better?
Listen to HOW Design Live Podcast Episode #54: How to Effectively Communicate Your Ideas with Eleanor Handley.

I love this episode! We talked about how to project confidence (without actually being confident), how to be genuine and authentic (even when you’re terrified) and how so many of life’s problems are a result of miscommunication. So if we all just practiced clearer communication, things would be a lot better. Take a listen.

Are you an Experienced Newbie?
If so, this new series is for you. It’s by and about creative professionals making mid-career transitions and building a new career on the foundation of their past experience and expertise, but not feeling especially confident about it. Listen to the podcast, “Experienced Newbies: Presenting Your Past” and read about how to present your past online. (Thanks to Lisa Mullis for initiating this!)

BTW: If you need a plan to get those better clients now, check out my 2017 marketing plan, mm_015_fourweekmarketingplan_cover_smallThe Marketing Blueprint: How to Connect the Dots of Your Marketing,” in which I show you how to use the only 6 marketing tools you need as a system, with 54 “excellent examples” of real people doing it right (and lots of video)! It’s on sale today! Get details here:

As always, if you want help figuring out how to get better clients, it may be time to take me up on my free mentoring session offer – it has no expiration date and I promise it’s not a sales pitch!

Want better clients in 2017 but can’t afford a big conference?

Then come to the ½ day intensive, Get Better Clients Bootcamp at HOW Design Live, May 2, 2017 in Chicago. It’s priced for you! Details here: http://bit.ly/GetBetterClientsBootcamp

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