Let’s talk about one of my favorite topics. MONEY! I shared in a podcast episode wayback that one the ways that I am changing my money mindset is by talking about money more and having these open conversations about it. Over the past few months I have had a lot of opinions and ah-ha moments about money that I can’t wait to share and also get your feedback on as well.
But for this week I wanted to talk about when to increase your prices!
listen to this episode
watch this episode
As a coach or a service provider, it’s not expected for your rates to stay the same. Not only are you changing but more than likely your income goals are getting bigger with each milestone you hit. And as you help more clients to achieve incredible results, the more credibility and value you continue to provide and add on to your offer.But the issue with pricing is it’s uncomfortable. The price you’re currently charging probably felt big and scary when you set them. Or they still feel big and scary. So the thought of raising your prices probably has you shaking a little bit. But let me tell you, if you want to move past the income cap that you’ve hit without doing more work and taking on more clients, then it’s time to raise your rates!Let’s dig into the first sign that it is time.
#1 YOU’RE BOOKEDOUT. If you can’t keep your calendar open or you’re finding that you have more clients than you can manage with a waitlist FULL then that means you’re on to something and it’s time to raise those rates. It’s great that you are accessible to everyone but if you’re too accessible, meaning you never have a moment to breathe, then you need to go ahead and raise those rates.
#2 YOUR PROCESS IS GETTING YOUR CLIENTS INCREDIBLE RESULTS. You are amazing at what you do and it shows through your client testimonials. If your clients are consistently hitting $10k months when you only charged them $1500, then its time to raise your rates. Your clients are getting incredible results and what you get in return should also be worth your wild.
#3 YOUR CURRENT CLIENT LOAD WON’T HELP YOU TO HIT YOUR INCOME GOALS. At the beginning of this year like most people you probably set big new income goals. The issue with a lot of the income goals that many of us set is that we don’t consider how we’re going to hit those goals and how that relates to how we’re pricing ourselves. are you able to hit your income goal at your current rate without burning yourself out. Meaning you’re not taking on anymore clients than what you can handle. If you’re finding yourself having to double your client load, you need to raise your rates.
#4 YOU’VE ADDED MORE VALUE TO YOUR OFFER. I mentioned before that as we evolve our offers often evolve as well. You add more lessons, more access to you, more tools and resources. You’ve added all of these amazing elements that’s making your process super easy for your clients to follow and get even more incredible results from but you’re still pricing based on the first version of your offer. Your price needs to match the value that you’re offering. This is one of the reasons why I recently increased the price for The Purpose To Service Academy. We switched from a membership model to a group coaching model which means more access to me through coaching and feedback on assignments. More monthly events and more plug-n-play tools to help guide them through the program as easy as possible. Not to mention they get all of this for the 12 months they are in the program. So my prices needed to match my value. I know you love what you do and you may even find joy in adding all of this awesomeness to your program but don’t forget to make sure your price also matches that value.
SO HOW DO YOU ACTUALLY RAISE YOUR PRICES?There are a couple of ways that you can go about making a price increase.
#1 JUST DO IT. If you’re anything like me and the more you think about something the more likely you are to talk yourself out of it, then maybe just pulling the trigger and updating your website is going to be the best way to go. You don’t need permission at all. I recently ready Get Rich Lucky Bitch by Denise Duffield-Thomas and she mentioned raising your prices every quarter. You don’t have to go to that extreme but it just serves as a reminder that this is your business and you can do what you want.
#2 MAKE IT APART OF YOUR MARKETING PLAN. Right before I increased the price of The Purpose To Service Academy, I I started to share more about it on social media. So letting people know when the price was set to increase and why. I also sent my regular email list (those who had not already joined) through a 5 day sales sequence that talked more about the benefits of the program and served as regular reminders of the price increasing. That’s definitely not a marketing strategy that I would suggest doing every month or even every quarter but it is a great way to get people into your program who may have been on the fence before.Alright so as always I want to know what you’re thinking about this episode and when you’ll be raising your rates!
If you’re listening on your favorite podcast app take a screenshot and share it with me over on instagram over at thealishanicole and if you’re watching this on youtube, leave me a comment below! I’ll see you next week!
Rate the show and leave a review!
Keep in touch with Alisha
Share your favorite episode and tag her on Instagram
Follow Alisha on Twitter
Sign up for The Weekly Three newsletter