It’s the beginning of the year, a perfect time to review your fees. When was the last time you raised them? It doesn’t really matter how long it has been (unless it has been too long). As long as you are getting great results for your clients it’s time to review (and raise) your fees.
I know what you’re thinking. You don’t want to lose any clients. That’s what stops most Solopreneurs from raising their fees. And yet, raising your fees is the fastest way to improve your bottom line. And if done right it can actually draw more of the right clients to you.
Let’s face it if clients leave you because of a reasonable fee rise, weren’t they on their way out anyway?
Let me give you the three steps you can do right now to set you up for raising your fees today. Making that happen smoothly with your clients accepting the change and the potential for drawing even more clients to you.
1. Add specific new testimonials to your marketing that show results
Testimonials are THE most powerful tool in establishing the value you provide. It’s much better to have your clients raving about you than you doing it yourself. You must have strong results based testimonials. Make sure your clients clearly say where they were when they started working with you and where they are now as a result of working with you. Make sure you ask for these testimonials every time and coach your clients on how you want them written. Then display them on your website, brochure and everywhere else.
If you want to raise your fees now, make a point of asking a handful of your past clients for a testimonial now. Coach them through the writing process, make it easy for them. Most clients don’t know how to write the kind of testimonial you want but are eager to do it once you show them how.
2. Give your sales and marketing language an overhaul
How clearly do you articulate to your clients what their results from working with you are going to be? Check how specific you are. Put yourself into your client’s shoes and ask, would I sign up for this?
You want to create a package that is irresistible. If you want to raise your fees, make sure your client sees the value they are getting from the package as far greater than the fee you are charging. It should be an easy ‘yes’ decision for them.
3. Create an additional program so there’s choice
Create another program and give your clients choice. Make sure your premium offer is significantly different in outcome and fee so there is a clear choice. As long as there is a choice your clients are in control, so if they don’t want to pay premium dollar, they can opt for a different program. Once give your clients the choice of a higher and lower price point its easier to raise your fees because your clients won’t need to decide whether to work with you or not, just about the program they can afford and want to invest in. This is the way to keep them with you and happy about what they get.
Finally, remember it’s not the end of the world when a client leaves, especially when they leave you just because you have adjusted your fees (as long as they are appropriate for the value you create).
There is a certain group of potential clients waiting in the wings that won’t even look at your offers unless you are charging a certain level of fees. Think about that for a moment!