As you hone your OBM skills, master new ones, and gain experience and confidence, there will come a time when you’ll need to raise our OBM rates… And hey, congrats! That’s an important milestone in your business! With new clients, this will be a breeze, as you’ve already nailed down your sales conversation and strategy. But what about increasing rates with existing clients? Maybe you don’t know how to broach the subject or you’re afraid that your client will back out. Read on to find out my tips for how to successfully raise your rates with existing OBM clients in a way that protects your client relationship and your dignity…
Pricing is usually one of the first things business owners think of when they’re setting up their new business. And, as a business evolves, price increases are a natural part of a growing business. There are a lot of reasons why you might want, or need to, increase your rates. Whether it’s because you’ve taken on more responsibilities, are offering new services in your packages or you’ve simply become more proficient in the services you currently provide. So, what’s the big secret to being able to successfully raise your prices with your clients, you ask? Simple! Have a conversation with your clients. Approach this conversation as an extension of your sales call.
You might be tempted to simply send an email to tell your clients that you’re going to be raising your rates. But by doing that, you’re missing out on the opportunity to address any concerns or questions they might have, not to mention that you would effectively be putting the ball in their court rather than having a candid conversation where both you and your client walk away happy and feeling like you both gained something valuable.
There are a lot of things you need to consider before having this conversation with your client, and other strategical things you’ll need to decide on such as whether you should increase your rates with all your clients, how much you should raise your rates to– should you do it all at once or over a course of a few months?
While it would be nice to have a template or a one size fits all answer, the hard truth is that there isn’t one. A lot of this depends on things like your relationship with your client, your scope of work, and a lot of other factors.
But don’t worry because I talk about all of that in my video! So, if you’re stressing out about how to raise your rates, watch my video now and discover:
- Tips and tricks to justifying your price increase to your clients
- Factors to consider about raising your rates
- The mindset you need to adopt about raising your rates
- How to gain the confidence you need to have a successful conversation with your client about your price increase
- My #1 tip for easing your client into your price increase
Click on the preview below to watch now:
Here’s a rundown of what I cover in this video:
00:47 – Tip #1
01:43 – Tip #2
03:16 – Tip #3
04:53 – Tip #4
06:56 – Tip #5
If you’d like to read the video transcripts click here +
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