Be Aware That THIS Happens When You Raise Your Prices
Raising your rates in your business can feel SCARY. One way to minimize that fear is to prepare as much as you can before you take the big leap. Preparation is key, am.I.right?
I want to give you a heads-up of what can happen when you increase prices.
In this video, I shared about the fact you're probably at that place where you need to raise your prices, and we went through four ways to know when it’s time. This video was all about developing your client avatar.
Now I want to bring these videos together by sharing with you what happens when you raise your rates. Here it is....be ready to change your clientele.
1. Change Your Client Avatar
The fact is, when we increase our prices, some of our clients will stay with us and some won’t. And in the process of changing your pricing, you likely will need to target a new client avatar. I know it can be sad to switch your audience and not to serve the same people because right now it feels safe and familiar.
Though it’s hard at first, we must go through a releasing process where we trust that our current customers will find another guide who will take care of them and meet them where they’re at. Once we release our current client avatar, we can walk in a truth that says, “Hey, I get to serve a new person at a new level!”
I want to remind you that the world is abundant, our buyers are abundant, and we're just changing who's buying. Worrying about changing clientele is a natural hesitancy and a hard part of increasing your prices, but I want to bring to your attention that it can actually be really EXCITING to think through a new client avatar as you jump into new pricing strategies for your business.
Give yourself permission to create a new, up-leveled avatar and a new buyer! It’s okay...I promise!
2. Get Paid A Higher Rate For A Higher Level Of Service
Let me share with you a success story from my own business:
About seven years ago, my husband Brent and I entered into the wedding industry as photographers. We were shooting weddings and doing portraits at very low rates in the beginning stages of our company. After a while, I recognized a feeling that said: “Our pricing needs to change. I want a raise.”
So we went from shooting more of the budget-friendly outdoor barn weddings to photographing the downtown Indianapolis higher-end weddings with nicer details, fresh flowers and other beautiful things that I really wanted to photograph! Woo hoo! After making this change, we were able to sustain our business for the long-term without bitterness because we were able to work wayyyy less and make MORE! We are now in our 8th wedding season and still LOVING what we do!
But I will admit that the transition to new clientele was hard! It felt like, “Hey, we're leaving some people behind and a bit of our style and legacy.” In actuality, when we made that leap and realized we were getting new opportunities to work with clients in a different space, that reframed our perspective to one of only positivity! We were ONLY able to do this by significantly raising our rates. We more than doubled what we charged, and our books were FULL of clients who wanted to pay a higher rate for a higher-level service!
3. Higher Rates Equals A Higher Transformation
This same result happened in my coaching business. When I was very new in the coaching industry, I didn't know what I was doing when it came to my pricing strategy. I was having a lot of fun, but it was those triggers inside of me that were saying, “It's time to raise your prices. It's time to repackage.” And so, over the course of a year, I 6x my prices!!
Yep, you heard that right! (They say go big or go home!)
But the big jump in pricing meant more than just a bigger income. It meant that I was serving somebody who was at a different level within their company. They were more advanced and making more revenue, so I was able to work with them at a higher capacity and bring about bigger transformation! So while I had to grieve the loss of my previous clients, I was super excited for the transformation that was able to happen for my new clientele.
Know that as you recognize and decide it's time to for an increase in price, you're going to upgrade your client avatar as well -- embrace all the positive aspects of this change. It can be a really beautiful thing.
Go ahead and ask me any questions you have when it comes to up-leveling your avatar in the comments. I’d love to help!
I've created a resource that will get your wheels turning when it comes to pricing and sales. Download my FREE Savvy Sales Guide for five super simple strategies that you can implement RIGHT AWAY to increase your sales confidence and see the income growth results you’ve been dreaming about!