Raising your fee is one of the most challenging decisions you will have to make in your business. And, hopefully, it’s a decision you will face over and over! I constantly am asked about rolling out new fee schedules and decided it would make a good post.
Many take a look at their business at the end or beginning of the year and think about fees. I don’t think it’s a good idea. I don’t want prospects and clients to think any fee decision is made according to a calendar or arbitrary date. Raising your fee is a decision that should be made based on supply and demand. It’s an opportunity – a highly promotional one – to reach out to clients and remind them now how successful you are!
When you decide what your new fee schedule will look like pass on the news to everyone. I suggest you set it up in the following way. Indicate that your new fee will go in effect in four to six months (your decision) and that any business booked during the next months will be at fee in effect right now. By doing this you may be convincing some of your prospects and clients to get on board and make a decision so they can get you before your fee goes up. This can move a decision along!
Send out a separate email to clients and prospects. Word it appropriately. Make sure you sound like this is a celebration! (Because it is!) Put it in a press release. Note: I’ve written before that I think putting announcements about your business in press releases is a great idea. I don’t even care if the release is released to the media! Have a “Media” key on your website and put releases there. Not just about fee increases, but about new programs, awards, new products, anything promotional.
When it comes to raising your fees you always run the risk that there will be some clients you will lose in the transition because they will no longer be able to afford you. Note that you will also attract clients who would never have considered you at a lower fee! No kidding! This is how the market works.
There may be an organization or two that you want to “grandfather” in at your old fee for a longer period of time, say a year. Some speakers do this for clients who have been especially loyal for years. The point here is that there comes a time when they have to move up with you or move on. If they need to move on, offer an alternative.
Fees are always one of the toughest issues we deal with. Once you make the decision, you must stick with it. Celebrate a fee increase! You deserve it… And congratulations!
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Lois works with professional speakers who want to book more business, make more money and avoid costly mistakes! She can be reached in the following ways:
Lois@BookMoreBusiness.com
Phone: 314.822.8225
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