How To Let Your Social Media Management Client Know Your Prices Increased

Feb 13

Pricing your services is a complex process, so the last thing we want to do sometimes is change that! However, we need to put our business first and make sure we are doing all that we can to turn a profit. Part of that can include increasing your prices.

Inflation is a topic on everyone's mind in recent months in the U.S. When the economy experiences changes, businesses need to be able to adapt in order to rise with the tide, but there are a lot of other reasons you might need a price increase as well, such as:

Improvement in your skillset
Increase operating costs (tools, education, systems, equipment, etc.)
Length of time worked with the client
Increase in workload

Regardless of your reason, you need to inform the client of price increases. Check out these five tips for letting your client know that your prices increased:

1. ) Be confident!

You can be not very happy about your prices increasing, you can feel a bit bad, your client doesn't need to know that. Show up confident in your new pricing structure to eliminate any question about them. If you are unsure, your client will be unsure. There's no need to apologize about the business decisions you need to make to do what's best for your business.

2.) Reassure them of your value.

We aren't selling our services, we are selling our value to them and their business. It's the same with a price increase, we want to remind them of the value you bring to the table, and why it's still worth their increase in investment.

3.) Be transparent.

Honesty really is the best policy! There's no need for excuses and apologies when you are just being real about the situation!

4.) Tell them early.

To all our procrastinating queens, don't! Let them know in a reasonable amount of time, so they can restructure their finances and budget if needed. If they can't make it work, it will be helpful for you to know earlier, too, so you can start searching for another client to replace them.

5.) Be prepared for all reactions.

When it comes to pricing, it's one of those times when people show their true colors! Make sure to prepare yourself for all different kinds of reactions in this situation, to remain confident in your new pricing structure and firm in your decision.

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