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Level 7

Member Question: How Often Do You Adjust Your Prices?

Do you regularly adjust your pricing to account for market changes, inflation or other factors specific to your client base? Tell us about when and why you change your prices and how it's worked out for you!

4 Comments
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Level 2

Member Question: How Often Do You Adjust Your Prices?

Annually, depending on the change in economic interest rates and cost of living changes. That's on the macro-scale. 

On the micro-scale or per-client basis, I tend not to adjust prices - and recommend the same to clients. I call it "price negotiation". That becomes your reputation over time and everyone will come to you because "you give good deals". It's essentially the slippery slope that leads to decreased efficiency and time loss, because now you're spending revenue-generating time on "price negotiations" instead of productive client support or business development, with clients who value and invest in your existing rates without question. 

This is not everyone's cup of tea, but speak to business owners who've gone out of business (or almost did) and you'll understand why it's crucial. Hope this helps someone! :)

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Level 7

Member Question: How Often Do You Adjust Your Prices?

@Crystal-Marie-Sealy Thank you for sharing your personal recommendation and story! It certainly helped me see things in another light. :smileyhappy: I think for self-employed people, one of the biggest struggles is the ability to trust one's self worth it and to not settle for less. 

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Level 7

Member Question: How Often Do You Adjust Your Prices?

Initially, it was annually. Now it's every couple of years depending on the economy.

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Level 3

Member Question: How Often Do You Adjust Your Prices?

I know some service-based entrepreneurs who adjust their prices every 6 months, and inform existing clients accordingly. They say that their clients comply with the new prices and that this is an easy way to drive more revenue.

 

For me, I try to price based on what I see in the market. I work in software, particularly Software-as-a-Service (SaaS), and have a good idea of what businesses are paying for high quality content writing. 

 

One of my biggest recommendations I have is to use value-based pricing, rather than pricing by the hour. Rather than counting the time you're working, you should price based on the final product you create, and how much value that adds to the business or individual you're working with. For example, that means I charge $3000 for an eBook, rather than an hourly writing rate. 

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