Re: OFFICE HOURS ARE OPEN! Let's TIIME TO RAISE YOUR PRICES... Elegantly!
Wonderful question @CMA! You asked:
How can I keep my clients confident in our services, while helping them understand that raising prices is crucial to keeping our doors open?
Yes, when materials are involved it feels easier to justify rate increases, but whether the cost of materials goes up or not, the COST OF LIVING goes up regardless. With that said, if you are CONSISTENT with raising rates for existing clients by 3% or so every year, you will train them to expect it and pay it because they love working with you. Which brings me to a few other points:
1) Do you have a special/unique service that you can provide/add that would command a higher price? If you can't think of anything immediately - consulting is an excellent way to add revenue with a very high-profit margin to boost your profits. The added value is that when you ZAG when everyone else ZIGS, you can carve out your own unique space and those who passionatly want it will happily pay more for it. It's when we are doing things in the same way as our "competitors" that we become a commodity making it very difficult to rise above. BOTTOM LINE: Be unique! Redesign at least one of your services to be different, amazing, and premium!
2) If you still don't feel comfortable raising prices with existing customers, raise them for new customers!
3) Improve your sales conversations. Often the difference between a customer selecting your company over a competitor is your presentation. This is a BIG conversation, but the two critical aspects are a) did you uncover their BURNING PROBLEM and speak to how you can solve it and b) did you ASK FOR THE BUSINESS and make it easy for them to say yes, with payment term, financing, etc.
Jacky, what are your reflections on the above? Where can you take one small step forward on this today? Standing by! J.