So maybe you came in at a price too low, or maybe you’ve out grown your current business model! Whatever the reason, you need to increase your prices without upsetting your clients. Raising your prices can be a nervous moment, however you need to do it in order to ensure success and sustainability!
Step 1 – Make sure there’s a reason!
Putting your prices up because you feel like it, or because Bob over the road has increased his price is simply not going to cut it. Make sure that your excuse to put your prices up, is one that clients can benefit from! For example, your prices are going up because your moving location, sell your clients the positive aspects of the new location! Is it easier to access? Does it have better parking facilities? Ultimately, your price increase has to offer them an increase perception of training with you.
Step 2 – Manage your clients
Increasing your prices isn’t something which can be decided over night! You need to give them fair warning and discuss this increase with each of them. The majority of clients will understand if the price is going up for a certain reason, however you may get a client who can be a struggle and suddenly a friendly relationship turns into a business conversation. The best way to combat this is to give them as much notice as possible!
Step 3 – Offer your clients loyalty bonuses
For example, you may be raising your prices from £25 p/h to £35 p/h, however meet your current clients at a price in the middle! For example charge current clients £32 p/h instead, that way they are getting a better deal than a new client and this may inspire loyalty.
Step 4 – Download a price increase template sheet!
These are readily available online for you to use! This makes an awkward conversation easier as you can use it as a script.
Step 5 – Raise your prices!
You’ve done it! You’ve measured your clients happiness and you’ve kept everyone on board! Remember that all of your clients direct debits will not come out on the same day, so it’s likely it shall take a full calendar month for everyones payments to change to ensure you stay on top of this!