As a service-based business owner, setting the right price for your expertise might seem like an impossible task. While many freelancers might undervalue their services, it's important to periodically assess and adjust pricing to align with your growing expertise and business goals. Let’s explore how you can strategically raise your rates with existing clients without losing them, ensuring that your business not only survives but thrives.
Topics Covered In This Episode:
- Raising rates can align your pricing with the value and results you deliver to your clients, particularly in ad management where value is easily quantifiable.
- Evaluating your existing client contracts is crucial before raising rates, focusing on how long they have been with you and the results they’ve achieved.
- Approaching price increases should involve a structured communication plan, possibly including a good, better, best pricing approach.
- Price increases should be viewed as a benefit to both the freelancer and the client, allowing for more focused service with fewer clients.
- Price anchoring is an effective strategy in communicating new rates, helping clients perceive the value difference.
- Facing pushback from clients requires standing firm on your value and being prepared with alternative options or downsells.
- Raising rates can prevent burnout for freelancers, aligning your client workload with your financial and business goals.
- Incremental rate increases or new contracts with existing clients are ways to achieve better financial stability without completely disrupting your current client relationships.
Find the full show notes at: https://brandimowles.com/248
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CLICK HERE TO LEARN HOW TO PRICE YOUR AD MANAGEMENT SERVICES
Additional Resources:
Are you ready to step into your Strategist Era?! Apply to our Strategist Society HERE, where you can have more personalized plans, one-on-one support in raising your rate with your current clients, and a close community of other business owners.
DM me on Instagram @brandimowles and tell me how raising your rates is going OR tell me what’s holding you back!
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