The overall cost of living, services keep rising over a period directly in proportion to the rate of inflation and other factors. This gives rise to the need for increasing your fees at regular intervals just to cover the rising costs. However, it is essential to make sure that you do it in a manner your clients don´t feel pressured and you don’t end up losing them.
Here are some tips that can help you raise fees without losing clients!
Justify the raise through your services
First and foremost, you must justify the increase in your fee in a subtle way. Your clients will most likely accept the higher price if they feel it is worth the bargain. One way of doing this is to add some extra services and slight changes in timelines. Doing this can make your services look more appealing and also make your clients more satisfied.
Create packages and club your services together
Another right way is to club two or more services together and offer them a package. This way, you can also make slight increases in individual prices while making it look more alluring. Moreover, you can make bundle up varied services together ranging from a group of essential services to some complicated ones or sometimes one complicated one with a few basic ones. By adding creativity to these packages, you can make your clients happy and increase your fee without losing them.
Raise your fees at regular intervals and promptly
You can also try to fix periods for raising your price e.g annually or once in two years. However, it would help if you justified this increase so that your clients are not disappointed with the rise. This will make sure that the increase in fee does not come as a surprise to them, and they can get accustomed to such increases after certain intervals. Also, if your customers know exactly how and when you increase your fee, they might come to you right before the rise. That way, you can lock in a few more customers before the increase. Overall, it can be a win-win situation for both parties.
Plan it in advance
Planning these increases in advance is very important because that will help you justify it better. In addition to that, planning ahead will help you calculate the current costs and also anticipate any other additional costs that might arise in the near future. It will also give you an idea of the profits that you will make after increasing the fee. You don´t want to be in a situation where you justify the increase and go through all the ordeals to realise that it is not covering your extra costs. Hence, it should be done in a thoughtful and planned manner.
Justify the raise in a concrete manner
Basically, you must have specific justifications for increase because some of your clients may be upset with the rise. In order to ensure that you don´t lose them, you must be ready to explain to them how paying more would mean better services. If you succeed in doing so, you will ensure the loyalty of your regular clients.
To sum up, raising fees is not at all easy and definitely comes with a fear of losing some of your regular clients. But these tips and tricks can help you do it smoothly ensuring that your customers are happy and don´t switch to your competitors after seeing the increase in your fees.