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3 steps to increase your prices without losing customers
Why should you increase your prices?
There are several reasons for increasing your rates.
Here are a few of them:
- To keep up with inflation: It is reasonable to increase your prices annually by about 3-4%
- Because you add value: for example, by acquiring Hexfit software, you increase the perceived value of your customers: you can increase your prices by about 30%.
- Because you specialize: with time, it is normal to intervene with a more specific profile of customers - a targeted persona -. At the beginning, you take a little bit of every kind of person, and with time, you specialize. And who says "specialist" says more focused accompaniment. It's logical to make your price evolve accordingly.
- Because you have more experience than when you started.
- Because the demand for your services increases.
3 steps
Increasing your prices may seem difficult. Follow these steps to make the transition easier on you and your customers.
1. Modify your price list
Choose your new pricing model and make the change for every new customer.
You should have no problem with new customers who are not familiar with your old rates.
2. Announce the modification to your clients
At the same time, it is important to announce to your customers that you will be increasing your rates. You can do this with a simple email, don't make a big deal out of it. The more importance you give it, the more it will stick!
When you talk about your increase, it's important to focus on why you're doing it:
Because you have increased the value of your services. Indeed, it is important to always reflect your increase back to the benefit of the client.
For example, when purchasing Hexfit software or a bio impedance scale, keep your speech around the improved quality of service and follow-up.
3. Set a deadline!
These are your old customers, give them a period of time before you upgrade them to the new price. This delay should be announced as an acknowledgement of their loyalty! A delay between 6 - 12 months is normal.
" To thank you for being with me for so long, this new pricing will apply in 6 months only in your case. Thank you for your trust! "
Keep your speech
The important thing is to keep the pitch and stick to it. If the first time a client questions your increase, you keep him on the old one, you lose your credibility.
If you charge $50 now, a 30% increase is $15. Discuss the difference only, it shouldn't make much difference to your customer.
In short
"They will leave me", "They are not able to pay the difference", etc.
These excuses are only in your head! Everyone expects prices to rise at least once a year. You just have to try it and see!
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