Someone asked for suggestions about how to increase prices with an existing client. In this case, she had given this client a low price when they started out, because the work was new to her. Now she has a full client load and wants to raise her rates. Here's a sample script she can tweak and use.
How to Increase Prices – Step by Step Script
“I've increased my rates to XXX per month. I realize that's an increase for you. (pause, wait for response).
If your client says OK, you're good. If she says “I can't afford that” you then say, “We could cut the scope of work that I do for you, taking out X and Y and keeping in the things that seem to have the most value, A and B. If you would like to do that, the cost to you will remain the same, but the work will be decreased.” (pause, wait for response).
If your client says yes, you're set. If no, you then say, “Of course, it's your choice whether to continue working together. If this doesn't work for you right now, I completely understand. Why don't we touch base in a few months and see how it's going for you on your own.” Pause…..basically, you're stepping down the options and getting her decisions as you step it down. You may lose her, but at that point you've made the decision you'd rather lose her than not raise your prices.
It's always up to the client to chose whether to continue with you when your rates increase. You get to set your rates, the client gets to decide whether to continue on. 🙂
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