'Tis the season to raise prices. Are you ready?
If you are having trouble, here are some tips to get you started.
First, do the research.
- What is the industry standard?
- Who is charging to do What?
- Why are you raising your fees? Jot these reasons down.
- How can you be a better choice for your customers even after the price-hike?
Communicate:
- Prepare a letter that informs your customers of the rate increase and effective dates.
- 2-3 months is sufficient notice.
- Raising fees can be tricky...you can expect some grumbling from your customers.
Head off the grumbling:
Head off the grumbling:
- Launch new offerings. Make a big deal about how your company is best in serving your customers.
- Offer existing clients a chance to head off the increase by purchasing packages that are pre-paid and for several months of service.
- Package current offerings at the old rate.
How to handle your letter?
- Before you mail it, have someone you trust review the letter for tone and accuracy.
- Can you personally sign each letter?
- If a mass mailing restricts you from personally handing this letter to each client than make sure the tone of the letter comes across, 'clear and sincere'.
- This effort shows that you appreciate your customer's business.
- Update all your rate information (including your website copy, flyers, auto-generated responses)
Comments