Last week I talked about WHY you need to increase your prices but, less talked about is HOW you go about doing it.
It’s a lot easier to talk about in theory than it is to do in practice.
- Work out what your prices should be. If you need to provide quotes then work out what your method of calculations will be.
- Recalculate up to date prices for all your clients.
- Consider using pricing software which provides confidence to both buyer and seller that this is the right price.
- Start by increasing prices for new clients
- Email/write to all clients with the new price. If you have not done regular price increases before then you may need to explain that this is due to catching up an several years and reassure them that you will not leave it so long in future. Keep your explanations brief.
- Telephone any clients who need extra TLC or if a change in scope means that the increase needs further explanation
- Resist discounting. You worked out your prices in (1) above.
- Practice telling client your new prices. If you’re an introvert who hates role play then just rehearse in front of a mirror:
“Our new prices are …”
“We do not offer discounts”
Also prepare responses to any other potential objections so that you don’t need to think on your feet quite so much.