How to Raise Your Rates without Losing Any Clients

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Many businesses and freelancers started by giving their clients a possible affordable rate that they can offer to attract more customers and let them consider to try the service or product you are offering in the market. But after some time your expertise on your skill and experience in the field will rise and you will feel that you are already getting too little financial compensation with your work, and for these reasons, it is the perfect time for you to get a higher yield. But announcing a price increase on your service won’t be easy, for you have to consider some factors like; Will I lose my current clients?

Is there really a need for the increase and how much it would be? How will you convince your client that there is a need for a price increase? What additional services can you extend to your client prior to the increase?

If you are currently facing this kind of situation, you’re on the right page because below are some suggestions that can help you make up your mind on answering this important question: How to acquire a raise on your writing rate without compromising your client at the same time?  

  1. Offer More Specific Services

 Be more precise with what you are about to offer to your client and clearly define your strength and expertise on the field. Highlight your work experience, service you rendered and your ability to work even under pressure. Name the most difficult task you did and your ability working on deadlines.

 Speak to your Clients Before You Raise your Prices

You can make a letter addressed to your client courteously stating that you are about to ask for an increase on your service rate. State the quality service you rendered for them, your participation to make their business more successful that result to a fast increase in their yield. You can also mention that your pay is quite low compared to the existing market rate and the price of materials you use and bills on service providers also increase. As what we have mentioned, compromise with your client, ask for an appointment to discuss your intention with them in person. This is also helpful in knowing and considering their perspectives about it and settle the matter in a way that is beneficial to both parties.

  Incorporate Rate Increases into your Business Model

It is inevitable to lose clients during the process of the price increase but always remembers that quantity is just a number. Just focus on the clients who are open-minded to this change realizing that such increase in rate would also be beneficial to them for you will be more productive, will be able to work faster and more efficient and most of all inspired in performing even the most difficult task. Why? Because you are well-paid off!

raise your rates and keep your clients

  1. Flattery Goes a Long Way

Tell your clients how important they are to you and your work experience with them is extremely remarkable. Don’t forget to mention how exceptional they are and you are really outrageously delighted to continue your working relationship with them. Be sure to inform them that they are free to discuss options with you in order to maintain the good working relationship that you have.

  1. Offer an Additional Service

The moment you increase your rate, you should be sure that it is worth it. Aside from the usual tasks you are handling with your client think, offer an additional service you can incorporate with your existing ones like assistance on the processing, delivery service, duplicating copies or promoting the content for them to reach larger volume audience.

  1. Give your Clients the Opportunity to Pay More

How will you expect a raise if you are only doing your task just for the sake of making money to pay your bills on time? You must remember that in every task, we must put our heart and our mind on it to make your client realize how valuable and indispensable you are in their business. How productive and efficient you are in every task that you were given.

From all of these tips, we must bear in mind that work is not all about the money we can get from it but it should be something we love and we are passionate of. We must always enjoy what we are doing and the payment for our task is just a compensation of what we have enjoyed for. It is a fact that we must always maintain a good relationship with our clients but increasing your rate will open a new opportunity in meeting bigger and greater milestones in your respective field.