You heard that correctly. It’s time to raise your rates.
Price increases. Yikes!
They are sometimes scary as a company owner to say the very least.
“Imagine if when I raise my rates, all of my potential clients to disappear”
“Imagine if when I raise my rates, no previous customers will give me a referral”
“Imagine if when I raise my rates, I will no longer have a business.”
I know these are concerns. However, I have another idea I’d love to introduce to you…
Imagine if when you raise your rates, you eventually bill your value.
Imagine if when you improve your rates you instantly receive a raise.
Imagine if when you raise your rates, you can choose less customer work and eventually have enough opportunity to build your company. What if you had the opportunity to start organizing and systematizing your company?
What if you had the opportunity to construct something you could sell over and over again, without having your earnings tied to your own hours anymore?
There is some serious advantages to raising your rates.
In my experience of rising rates of my products and services, my company did not suddenly die, in actuality, barely anyone even noticed! The client’s that noticed it, weren’t surprised. The expected rates to raise.
As soon as I doubled, (yes DOUBLED) my web design rates I found the amount of queries that I obtained or customers I landed increased!
You know just how many people noticed and got in contact to the reduced cost? NONE!
This was as a fairly major lesson for me.
If you are currently considering raising your rates, don’t freak out. It is not something you want to worry like mad over.
Alright, so in the event that you’ve determined that today is the opportunity to maximize your rates, then I’ve got a strategy for ya! There is a fantastic strategy and a bad way to do a cost increase. I would like to explain to you just how you can use that cost increase to your advantage!
If someone would like to book with you or purchase from you following the price increase, let them know costs are increasing and you are giving them a opportunity to get in at your old rates.
You may either raise your costs and then let folks know for a particular length of time that they could still get in at your previous cost and save X dollars.
It is possible to let folks know your rates are increasing on X date and also exactly what they will save the new cost should they reserve today.
It is all the exact same thing in the long run.
Whichever way you choose, there has to be a finish time and date to when clients can purchase your service or product in the reduced, discounted cost.
And keep in mind, if you specify a deadline but don’t say anything about it, nobody will know. Anytime you cite the cost increase & discounted cost, you also ought to mention that the deadline and how long is left to pay off the reduced cost!
So who would you need to tell about your rate increase?
If you sell services, then touch base with each past client and let them know the cost is going up.
All of the typical places on your website.
Posts on all of the social media you use.
If it’s in the budget, then run some advertisements mentioning the rate increase & reduced rate people can get for a limited time.
Now it’s time to raise those rates!