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Today’s episode is all on how to raise your prices with your current clients. With the new year around the corner, you might be considering raising the prices of your offers and that is exactly why I created this episode. I have actually been thinking about raising the prices of my offers so I thought it was a great time to take you behind the scenes of what that process looks like!

In this episode, How to raise prices with your current clients, I’ll share my thoughts and tips on:  

• What factors can determine when it’s time to raise prices
• Your price point should never be above the value of your offer
• How do you logistically raise the pricing on your offers
• How to tell and/or show your clients your prices are increasing and why

with the new year around the corner you might be considering raising the prices of your offers

But first, how to know when to raise your prices?

Ultimately if you feel like it’s time then DO ITTTTT trust your intuition. I will say though, don’t do it just because someone else said to do it

Here’s a general list of when it’s good to raise your prices:

• Supply and demand
• You’ve invested in your education and knowledge
• You’ve been in the industry for a while
• You’ve had experiences that have improved your skills
• Your costs have increased or the costs are still outweighing your revenue
• You’re attracting the wrong audience
• You’ve improved the offer
• You feel resentful selling the offer because the value far outweighs the price
• Adjust for inflation 

then question I get hit with is HOW? How do you logistically raise the prices of your offers?

The first thing I’ll say is it depends on the type of offer — I’ll give a breakdown down in two categories

Category 1: evergreen offers like course, eproducts, templates, etc

Category 2: offers like 1:1, DFY services, etc

Let’s dive into category 1–

When it comes to raising the prices of evergreen offers unless you’re adjusting for inflation I personally feel like there needs to be valued added to the offer for it make sense for there it be a price increase UNLESS you very underpriced it when launching and are adjusting the price to match the value

Reel talk example

Alright now for category 2–

When it comes to raising your prices for 1:1 or DFY Im a big believer that you don’t need to explain to others in words the WHY behind the price increase but I do think it’s important to showcase the WHY in your day to day life 

What do I mean by showcasing it in your day to day life? __________

That being said, if you want to give an explanation to a price increase you 100% can, it’s totally up to you and what you feel is best

If you’re going to implement a price increase for current clients I’d give them at least a 2-3 months heads up. You don’t have to announce the price increase for new incoming clients though

Here’s how I’d navigate that price increase via email:

Hi ____,

I hope you’re having a great week!

I wanted to let you know that my prices will be increasing from ___ to ___ as of ____ date. You can include an explanation here if you feel it’s applicable like saying “I’ve already implemented several improvements to ____ –like ______–and I want my pricing structure to reflect that.

Because I’ve loved working with you these past _____, I want to make the transition as easy as possible. If you decide to stay on (which I really hope you do!), here’s how the price increase will take place:

Explain price increase

If you have any questions about the new pricing, the improvements I’ve made in my business, or the above timeline, I’d love to chat via ___. Just let me know!

And in the meantime, have an amazing week!

Sincerely,

Mya

Resources & Links:

• IG University
• Kajabi 30 day free trial + 20 free story templates
• Around the Clock Masterclass
• List Building 101
• 100 Hook Ideas – FREE GUIDE

Connect with Mya:

• Follow on Instagram @myanichol 
• Join my email list

• Check out my website
• Now on YouTube

Related Episodes:

• Episode 22: 10 Simple ways to improve customer experience
• Episode 36: Breakdown of my $100K 2022 black Friday

Some of the links mentioned are affiliate links, which helps to support this podcast at no additional cost to you.

More about the Radical Disruption podcast: 

Are you wanting to make waves in your industry, push the envelope, and change the Bu way things are done in a radical way? Are you looking for tangible, tactical, and actionable steps that will help you build a sustainable business that stands out? You’re in the right place!

Radical Disruption is home to the disrupters. Here you’ll learn how to take your business to the next level, break the status quo, and build a disruptive business.

Nursing student turned business and social media expert, host Mya Nichol (hey that’s me!) shares the real and raw of the crazy journey of entrepreneurship and building a multi-six figure business.

Through solo episodes and special guest interviews, you can expect honest conversations around throwing out the traditional way of business, scaling in a sustainable way, and becoming the go to expert in your industry. It’s time to build a disruptive business. See you on Tuesdays!

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