I have an established service/business I have been running for years, and I am considered an expert in my field. I am rebuilding our very old site, which will have many new features and a membership aspect. Unfortunately, my pricing has remained the same over the last several years, and I have always given away more for free than I should have from a business standpoint. I want to make this a viable business model and compensate myself for the time I pour into it. The new site launch brings so much to the table, but it will also cost more to maintain. How do I raise my prices without losing my customers? How do I price our new products without pricing them out? There is no one else who provides this local service.
Here's three tips: 1. Increase the value you provide more than the price. If you want to lift prices by 10%, give 20% more value. 2. Rename you products. This will remove the association with the legacy pricing. 3. Craft an awesome pricing communications strategy. I've had clients that have done both 1 & 2 above, then finished the communication to customers about those changes with the line "we understand if you need to go elsewhere" and they have never lost clients. Good luck!
Answered 5 years ago
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