24 December 2017
Everybody knows that raising the rates you charge your clients can be intimidating. Will I lose clients? Will it affect me being able to attract new clients?
Many people think that price is the most important factor when getting and retaining new clients, but some people know the true differentiator is value. If you can show your clients that you’re delivering tons of value to them, they’ll happily pay the fees you’re charging.
The following tips will help you raise your rates without losing clients by providing greater value.
1. Schedule Regular Rate Increases
If you wait until you need to raise your rates, then you’ll likely end up making much larger increases than if you schedule smaller rises more regularly. If you can make your rate increases more regular, you’ll also appear more transparent and those rises will be easier to explain. Making your rate rises a normal part of business helps clients to accept them more easily.
2. Upsell And Cross Sell
Look at other areas of your business that your clients can benefit from in addition to your current services, then cross sell those services with your current offerings. This will allow you to maximise the amount of profit you’re making from each individual client, while providing even more value to your clients than you already do.
3. Change Your Rate Structure
Rather than simply changing your rates, you can consider changing the structure of how you charge your clients. You could go from charging hourly rates to a weekly, monthly or task-based fee. This will allow you to charge the amount that you deem fair for your services, without a dramatic increase in the base rate.
4. Offer Specialist Services
If you can offer services which more directly target a specific demographic, that group may be willing to pay more. Focusing on one industry or client profile can demonstrate your specialist skills in that field. You can then use that specialisation to provide greater value to clients within that field.
5. Introduce Price Tiers
Offering additional services for an extra fee can be a great way to encourage your clients to choose to pay you a higher rate. Obviously you want to keep providing the same great service to your existing customers, but at the same time allow them to pay higher rate for extra value options, such as additional support or extra services.
Want to learn more? You can find more resources to help you get more clients without even selling on my website, here.
Learn more about pricing by watching this quick video here: https://youtu.be/K0sW2unRWDo
A Bit Of Humour For You
Man walking along a road in the countryside comes across a shepherd and a huge flock of sheep. Tells the shepherd, "I will bet you $100 against one of your sheep that I can tell you the exact number in this flock." The shepherd thinks it over; it's a big flock so he takes the bet. "973," says the man. The shepherd is astonished, because that is exactly right. Says "OK, I'm a man of my word, take an animal." Man picks one up and begins to walk away.
"Wait," cries the shepherd, "Let me have a chance to get even. Double or nothing that I can guess your exact occupation." Man says sure. "You are an economist for a government think tank," says the shepherd. "Amazing!" responds the man, "You are exactly right! But tell me, how did you deduce that?"
"Well," says the shepherd, "put down my dog and I will tell you."
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