A conversation I have regularly is about pricing and the butt-clenching experience of putting your prices up.

  •                Do you or don’t you? 
  •                What will people think of you? 
  •                Is it the right time now? 
  •                Will clients leave in droves? 

It can send you into a bit of spin, so let’s look at some key indicators that the time has come! 

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If you’re not retaining clients, it’s a really good sign that clients are purely looking for cheap deals and the only way in which you’re competing, is on price.

Think of the voucher sites such as Groupon or Wowcher.  You go onto them with the mentality of hunting for a bargain.  Nothing more, nothing less.

The likelihood is, that you will enjoy your experience but never buy from the supplier again as you go in search of your next deal.

There is no loyalty, no investment. 

When you tell clients how much you charge, watch their faces or listen to their reaction. I

If you’re not charging enough for what they expect to pay you will definitely know about it, they just can’t help themselves.

I definitely don’t advocate pricing on what everyone else is charging, but let’s be honest if you’re charging under what everyone else is charging there is an issue and I bet it has everything to do with how you feel about charging your worth.

Explore what is going on inside your head.

What stories are you telling yourself about what you can or can’t charge, or how you feel about selling to people. Listen to the internal voices. 

 

How does it make you feel when you tell people how much you charge?  

Do you confidently give out your prices, or do you almost whisper it in the hope that no one will actually hear you because inside it makes you cringe and deep down you know you know you should be charging more?  

Does it make you feel resentful when you work like a Trojan and feel that your efforts are not rewarded?

You have to feel good about your worth.  If you’ve made the jump to working for yourself, why the heck would you make yourself feel shit about it. 

The biggest source of evidence that you absolutely have to put your prices up, is that you’re not making any money for your efforts.

Sounds simple, but you have to know your figures in the first place to know if you’re not making any money.  

Do you find yourself quick to offer discounts before you’ve even finished your sentence or are you offering your sisters, best mate, boss mate’s rates?

If you’re not making money, then you’re doing no one any favours, because you won’t be able to carry on practising because you can’t pay your bills. 

And with a flip of the coin…

A really good way to know that it is time for a price increase, is that if you are fully booked, maybe you have a waitlist for your services.  

If you have worked really hard to build up your client base and have a solid following with high quality services then why shouldn’t you raise your prices and reap the rewards of your efforts?

The hours of studying, marketing, practicing, perfecting all come at a price which often can’t even be valued on a session by session price. 

Do you have really good social proof about how awesome you are?!

Do clients rave about you to others and are more than willing to share reviews and testimonials about how you solve their problems and make their lives better?!

‘Birds of a feather, flock together’.  

If your crowd love what you’re doing, the likelihood is that they also know people who will equally have similar problems that you can solve and they’re willing to pay for solutions. 

This might sound really obvious, but if your costs go up then you need to charge more.

Perhaps you’ve changed your products and the cost per service has increased.  Your prices need to be adjusted accordingly.  

Maybe you’ve moved from your conservatory to a rented therapy space and your expenses have increased, then your income needs to increase otherwise your profits will go down.

Money in, minus money out, equals money earned. 

Ultimately, if you have nailed your ideal client, your marketing messages will be absolutely spot on.

You will have a loyal client base that absolutely values the difference you make to their life and when you put your prices up, they will have absolutely no quibble in paying it.

These are the people who always turn up for their appointments, follow all the home care advice you give them and tell all their friends and family about how they need you in their life too! 

So if you’re deliberating about that price increase and need the bum kick to get on with it, consider it delivered! 

Sally xx