There will be several times during the course of a freelancer’s career where they will need to raise their rates.
However, it’s easy to put it off because you don’t want to upset any of your current clients and/or run your business into the ground.
Can you truly raise your rates and keep your clients happy? Absolutely, but it’s important to take it one step at a time.
“Step 2: Test the waters
Next, you want to make sure people will pay your new rates – and that your sales process will support them too. Run your marketing and client-getting processes and try to get sales at your new price point.
You may find that:
- A) People happily pay your new rates. If so, you can likely increase them a bit and try again.
- B) It’s a struggle for people to accept them.
- C) You’re flat out rejected.
If you face B or C, it doesn’t necessarily mean you’ve priced yourself too high. It means your sales process needs to be updated, or perhaps you need to update your brand to reflect higher quality and higher prices. When you charge more, you have to communicate your value better too.
However, if you make improvements to your process and branding and still get rejected – it doesn’t necessarily mean your prices are too high. It might be the quality of leads you’re attracting, which means the targeting of your marketing needs refinement. But if you’re sure your leads are high caliber, and your sales process is on point, and you’re still facing B or C, then you’ve likely aimed a bit too high.
At least for now.”
See the full article at Graphic Design Blender.