Two simple strategies for raising your fees for current clients

I’m not a big fan of raising fees for existing clients. In my own practice, for the most part, I tend to raise fees as new clients come on board. But sometimes, your rates are too low and you need to adjust them up to where they belong.

Given this situation, I have two recommendations that can help your clients adjust to the new fee structure.

1.      Educate Your Clients. You’ll want to share what is changing about your practice beyond just the fee. Find a way to differentiate your services going forward so your clients can see the value.

The way to educate them is with the warm letter campaign. Start mailing a series of warm letters to everyone in your practice to let them know about the changes and educate them about how things will be different and better for them. Do this slowly, introducing a few things at a time so you don’t overwhelm them. Maybe send one letter a month for a few months in advance of the change.

2.      Announce the Date for Your Rate Increase. Pick a date in the future when you will be officially increasing your rates. This allows clients to get used to the idea and know what is coming. Help clients feel okay about the upcoming increase by letting them know the new services that will be available.

Another option is to let them purchase your services in advance before the rate increase on a one-time basis. Or you might plan to bundle services to add more value and soften the fee hike. If there is something you can share with your clients in return for the upcoming price increase, this can also help lessen the impact.

Your Client Attraction Assignment:
If you are considering a rate increase for current clients, plan ahead. Think about what you will be offering if the services will be more comprehensive. Maybe you’ll add additional services or have become certified in a new methodology. Look for the way to add value to the services you already offer.

As long as clients feel they are still getting a good value, they will not be as likely to look for a cheaper resource. This is why building and maintaining a strong relationship with your clients is crucial to keeping them in your practice as time goes by.