With the New Year steadily approaching you might be thinking about your goals for the coming year, personally and professionally. A common business goal is of course around money – and how to make more of it. And hey, I’m all for freelancers and online entrepreneurs being wildly successful! But the why and how are key – and today I’m sharing my juicy nuggets of wisdom around one of my favorite topics: Pricing Strategy. So, grab your favorite cup of coffee and read on!
Now, a lot of business owners will say, “January is coming; time to raise my prices.” But I don’t feel this is the best pricing strategy. There are definitely good reasons to raise your prices, but the simple change from one calendar year to the next.
So what are these “good reasons” I speak of? While this will sound counterintuitive, the first big tip I have is that you may be serving too many clients.
Now, you might say, what??? Too many clients. That’s a good problem to have! But, from my own experience, there is such a thing as having too many clients. And for myself, having more than four clients at a time is sure to pull any freelancer, whether you’re a VA, OBM, Social Media Manager or another type of Online Service Professional, in too many directions. This not only leads to losing focus but also major burnout!
Raising your rates will help you to streamline your client base. Inevitably, some clients will decide that it’s time for them to move on, and while you may feel sorry at first to see them go, this is a good thing for you overall. You can start to build a client base that is a better fit for the services that you provide, as well as makes it an easy way for you to let go of high maintenance clients who choose the exit route when you tell them you’re raising your rates.
It’s also a great way to rebrand yourself as a premium service professional. If you were hesitant to adopt premium pricing and positioned yourself on the average side of the pricing spectrum, that would be one reason you’re not attracting more premium clients. Your average pricing is making service professionals who charge more than you do seem like they’re offering a more premium service.
So, when all that is said and done, how exactly do you tell your clients that you’re planning to raise your rates? Watch my video to find out! You’ll also discover:
- What to do when you have too many clients that are no longer a good fit for you and your business
- How to identify a high maintenance client
- Why you should consider working with premium clients
- Other benefits of increasing your pricing strategy
- Why you shouldn’t raise your rates over email
Click on the preview below to watch now:
Here’s a rundown of what I cover in this video:
00:00 – Time to Raise Your Rates
1:15 – Reason # 1
2:59 – Reason # 2
5:29 – Reason # 3
7:17 – Reason # 4
9:30 – How to Tell Your Clients You’re Raising Your Pricing
11:56 – Final Thoughts
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