3 REASONS POTENTIAL CLIENTS WANT YOU TO INCREASE YOUR PRICES
A myth amongst new or unconfident social media managers is that the cheaper they are, the more clients will want to work with them.
So they charge low prices, often looking at what their competitors are charging, in the hopes that they’ll hear more yeses and earn more money. The problem is, when you charge lower prices, you then need more clients to hit your income goal.
One of my first clients as a Confidence & Pricing Coach came to me charging £50 a month for social media management. She had 37 clients and absolutely zero time for herself. She was understandably overwhelmed but felt scared that if she increased her prices, she wouldn’t sign any more clients.
After working together multiple times over the past 18 months, she’s now confidently charging £600 per platform, per month. And here’s the important thing: she’s still attracting and signing new clients.
When I myself increased my prices from £37.50 per platform to £115 and then to £400 per platform, I still attracted and signed clients. Not only was I earning more and needing to work less but I was also working with a better quality of client. A type of client who respected me, valued me and appreciated the work I was doing for them.
The jump from £50 to £600 per platform wasn’t immediate. Likewise, my jump from £37.50 to £400 per platform wasn’t overnight. It takes time, incremental increases and lots of work on increasing your confidence. But it’s possible for you to be charging what you deserve and achieving your income goals without needing to hustle or living in constant overwhelm.
Not only that, potential clients want you to increase your prices. Here are 3 reasons why:
1: They want an expert
When someone chooses to invest their hard earned money into a service that’s going to help them earn more money, they want to invest in an expert. They want someone they can trust, someone who does a good job and someone who believes in themselves.
Low prices don’t scream ‘confident expert’.
2: You get what you pay for
There’s a common saying ‘pay cheap, buy twice’. When a (smart) business owner is investing in your support, they don’t want to have to spend more money further down the line fixing mistakes. If your prices are too low, they won’t sign up with you for fear that you might cut corners or not be as committed to getting results as someone who’s charging a higher price.
From your perspective too, often (not always), the people who want the cheapest price possible are the clients who’re gonna give you a headache. They want Louboutins but are only willing to pay Linzi prices. Do yourself a favour and repel the cheap clients with prices that reflect your value.
3: You get better results
Believe it or not, the more you get paid, the better the results you’ll get. Why? Because when you feel appreciated and valued by the clients you’re working with, you form a stronger relationship. That relationship makes you want to get the best results for your client and naturally, you put in more effort (without overdelivering, I hope). This extra effort gets your clients better results.
And your clients want the best results possible, don’t they?
So how do you work out what to charge for social media management services? Click the button below to take my free pricing quiz that’ll tell you exactly how much YOU need to charge.
To recap:
Increasing your prices doesn’t mean you won’t sign new clients
Potential clients want to increase your prices because:
They want an expert who believes in what they’re doing
They want someone who’s committed to getting results
They want the best results possible
If this was helpful, I’d love for you to leave me a comment below, committing to increasing your prices.