5 Steps to Increase PRICES without losing clients
Apr 09, 2024
Here are five practical steps to increase prices without losing clients, pissing people off, or sabotaging your whole damn business.
There is a powerful way to do it where your clients will actually thank you for it.
5 steps to a price increase without losing clients
1. Communicate and Connect with your Clients
Your clients are your biggest asset, and open communication is key. Open communication with current clients in a way where they feel valued and also see your value is very important when implementing a price increase.
How to Do It:
- Reach out to your clients and express the value you provide.
- Offer them options, making them feel empowered in the decision-making process.
- Provide a 30-day notice before implementing the price increase.
- Offer loyalty discounts to long-term clients as a token of appreciation.
While some clients may leave, it's important to understand that it's not your responsibility to hold them captive. It’s all about creating space for aligned clients to stay and come in. Focus on offering value!
2. Promote the Price Increase
If you're dealing with a one-time purchase item, create a promotional push around the upcoming price increase. Transparency is key here. Be transparent by openly announcing upcoming changes to attract potential clients. Establish trust and integrity by highlighting the value they'll receive and encouraging them to act before the price adjustment takes effect. Let your audience know that prices will be going up on a specific date.
3. Shift in Messaging to Emphasise Value
Often, objections to price increases stem from a lack of perceived value. Shift your messaging to clearly communicate the benefits and outcomes your clients can expect. Focus on problem-solving rather than offering generic tips. Position yourself as an authority in your field by showcasing your expertise, credibility, and client success stories.
4. Highlight Your Unique Brilliance
What sets you apart from your competitors? Highlight your unique strengths and offers and the exceptional value and client experience you provide that justifies your pricing. When clients see the genuine care and effort you put into your work, they'll be less likely to compare you solely on price and that will position yourself as a premium choice in the market.
5. Stay Firm and Consistent
After implementing a price increase, it's natural to experience a temporary dip in new clients. Stay rock solid and consistent in communicating your value proposition. Avoid the temptation to lower your prices in response to initial resistance. Hold firm and trust in the value you provide. In time, you'll attract new clients who recognise and appreciate what you offer, leading to increased revenue and business growth.
Remember, implementing a price increase is not just about scaling your income; it's about recognsing and honouring the value you bring to the table. Stay true to your worth, and success will follow.
HIGH TICKET LEADER
There's a lot more that goes behind this in terms of positioning, marketing, messaging, deep mindset shifts. If you want to DEEP DIVE and master high ticket sales, offers & your authority, I invite you to join my course High Ticket Leader!
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