As you will know, if you’ve been keeping up, I will be increasing my prices significantly in January. But why would I (or anyone) raise my prices when it’s fairly obvious I’m also open to taking on new clients?
Why don’t I cut my prices instead? Surely that would appeal to more potential customers?Not necessarily, actually, but pay attention if you’re thinking of getting into a price war yourself.
I’m raising my prices for three reasons.
Firstly, I don’t want clients who are merely price buyers. It doesn’t say much for their judgement if the only way they can assess the value of something is by price.
Secondly, I don’t want clients who are strapped for cash. It’s fine that they know they need or want to do better. But if they’re broke now they won’t be able to make the investments I’ll be advising them to make.
Frankly, if you can’t follow my advice (or if you just won’t), it will be worthless to you. And that would be horrible for both of us, so don’t waste your time or mine.
If you’re looking for success at no cost at all I’ll wish you good luck with that and say goodbye.
Thirdly, I don’t need as many high-paying clients as I would low-payers, meaning you get more of my time, energy and inspired ideas.
And there’s a fourth reason that’s purely selfish – price buyers are, without fail, the worst clients to work with. The less people are prepared to pay the more they expect for their money. The more they pay the easier they are – always. Our worst client was a Moaning Minnie who still owes us for work we did two years ago…
If you have a business of your own you’ll know all about that.
So I’m raising my prices to deter price buyers, because I don’t want to work with them, and to attract more of the kind of clients I do want to work with.
Those are the ones with some money to invest and who can see the value of what I can do for them and their businesses.
If that sounds like you, get in touch. And, at the risk of sounding contradictory, you can actually save by doing that before I raise my prices again, sometime in January.