Two simple strategies for raising your fees for currentclients
I’m not a big fan of raising fees for existing clients.
Inmy own practice, for the most part, I tend to raise feesas new clients come on board. But sometimes, yourrates are too low and you need to adjust them up towhere they belong.
Given this situation, I have two recommendationsthat can help your clients adjust to the new feestructure.1. Educate Your Clients.
You’ll want to share what is changing about your practice beyond justthe fee. Find a way to differentiate your services going forward so your clients can see thevalue.
The way to educate them is with the warm letter campaign.
Start mailing a series of warmletters to everyone in your practice to let them know about the changes and educate themabout how things will be different and better for them. Do this slowly, introducing a few thingsat a time so you don’t overwhelm them. Maybe send one letter a month for a few months inadvance of the change.
2. Announce the Date for Your Rate Increase.
Pick a date in the future when you will beofficially increasing your rates. This allows clients to get used to the idea and know what iscoming. Help clients feel okay about the upcoming increase by letting them know the newservices that will be available.
Another option is to let them purchase your services in advance before the rate increase on aone-time basis.
Or you might plan to bundle services to add more value and soften the feehike. If there is something you can share with your clients in return for the upcoming priceincrease, this can also help lessen the impact.