Stop Hesitating Today And Increase Your Fees With These Three Simple Strategies
Figuring out how to increase your fees is the single biggest source of stress for women consultants, coaches and other experts.
And yet, it has the biggest impact on your total business income. It is almost always easier to increase your fees by 50% than it is to increase the number of clients you work with by 50%.
Sometimes You Should Take The Plunge and Just Increase Your Fees
For some consultants, and you’ll know if this is you, you should take your fees up immediately.
Just like that.
If you already know that your fees are lower than you’d like, and that your fees are lower than your competitors, and your fees haven’t been taken up for some years, it really is time.
And the way to increase your fees is really simple.
You write down your current fees, and then you write down what you want your new fees to be. Now, whenever anyone asks, you give them your new fees.
Most Times Though, To Increase Your Fees, You Need A Plan
In most every other case, it’s not quite as easy.
There are legitimate concerns that you might have:
- If your clients are making the decision to work with you based on price, then increasing your fees might impact your relationship
- If your service is very generic (ie, there is no difference in the process or outcome of what you do versus your 10 nearest competitors), then you might not want to randomly increase your fees
Here are Three Strategies To Increase Your Fees
- Find better clients. There are potential clients who are more concerned with the quality of the outcome than with having the lowest cost provider. When you work with these clients, you can design your work to provide the best outcome, and not the lowest cost. Whether you’re looking at hairdressers or HR consultants, there are always some at the top offering their services at a multiple of 5-10 times that of the bottom.
- Create better outcomes for your current clients. You might have a client who is happy with your work now, but who would be greatly advantaged by having a higher level of service and end result. If you step up as an expert, you’ll be able to recommend a roadmap to achieve their true goals. This might take more work on your side, but it will also help you take up your fees.
- Package your services and charge value-based fees. This helps you move away from the apples to apples price comparison. And by focusing on the outcome, you’ll be able to sell a standard solution to a group of clients who value the outcome. You’ll reduce your own costs as you set up repeatable processes and systems to move your clients to their ideal result.
The magic really happens when you combine these three strategies. If you are working with better clients, and you are outcome focused, and your services are packaged up and your fees based on the value you create, then you are in the sweet spot.
If you’re looking to increase your fees, take some time out, and give yourself a deadline to take your fees up.
All my best,
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