"With the economy the way that it is, it's just not a good time for me to raise my rates..." If I increase my fees, my current clients won't be able to afford my services..." "No way! I just can't bring myself to tell my clients
that I have new fees."
Sound Familiar?!
I often hea.comments such as the ones above when I suggest clients consider raising their rates. (Now, I don't advise all my clients to do this, I only suggest it when it's clear to me that the value of the service they are providing far outweighs what's currently being charged.) Typically, this idea is met with a bit of resistance until I explain WHY they deserve it, and how asking for a raise is going to help them generate even MORE clients!
Are You Ready for a Raise? (Here's how to go about it!)
First, decide that you deserve a raise, then determine the dollar amount you'r.comfortable with. If you're not sure what your new fee should be, do some research by calling around to you.competitors and find out what the "going rate" is. Choose an increase that feels "right" for you. (But please, if you're going to go through the process at all, make sure the increase is an amount that will make a difference in your bank statement).
Next, tell your clients: Inform prospects of your new fee right away, but give your existing clients the courtesy of a month or so notice. Post a sign, mail a letter, or verbally let them know that your rates will be changing from $X amount on X rate. Don't make excuses. If a client asks you why you're raising your rates, you can simply let them know that you have added extra value to your service with a particular certification, or that you're simply increasing fees to keep pace with inflation and the cost of doing business. (Never tell clients that it's because you need more money!)
If you're really worried about how your clients will react, turn the rate increase into a win-win situation by offering them the
Opportunity to pre-purchase a "bundle" of your services before your new rates go into effect.
My coaching clients continually report to me that after they've gone ahead and finally implemented a rate increase that business is actually better than it was before. This doesn't surprise me. Clients want to do business with confident service professionals who VALUE THEIR OWN TIME. Once you value yours, your clients always follow suit. WANT TO USE THIS ARTICLE IN YOUR E-ZINE OR WEB SITE? You can, as long as you include this blurb with it: "Connie Scholl of
ConnieCoach.com works with Professionals & Small Business Owners who want to generate more clients and make more money." For your FREE 7 Day MARKETING e-Course, visit
conniecoach.com.com
