If you've been contemplating a fee hike, now is the perfect time to take action and send out that price increase notice to your clients. Generally speaking, a 3-month heads-up hits the sweet spot for prepping clients for your new rates. Sending those notices now sets you up nicely for a New Year price adjustment. Even though the topic of price increases may have taken a backseat as you increasingly (or reluctantly) focus on project-based work, it's important to make sure that margins aren't being eroded for clients on retainer.
I don’t have a retail business. I’m a consultant and haven’t increased most fees in years. As new and young competitors come on board, many brands connect with them based on price. Too often though, they are disappointed with the outcome. Experience and insights really do matter. I recently increased my speaker fee yet included a number of my new Black insights book with the increase..
Most professional services businesses are like yours and don’t raise prices regularly. In our line of work, we shouldn’t raise prices every year like retail businesses, but we should raise prices when our internal costs increase.
And kudos on raising your speaker fee. I’ve been in the audience for one of your sessions. Your insights are gold.
I don’t have a retail business. I’m a consultant and haven’t increased most fees in years. As new and young competitors come on board, many brands connect with them based on price. Too often though, they are disappointed with the outcome. Experience and insights really do matter. I recently increased my speaker fee yet included a number of my new Black insights book with the increase..
Most professional services businesses are like yours and don’t raise prices regularly. In our line of work, we shouldn’t raise prices every year like retail businesses, but we should raise prices when our internal costs increase.
And kudos on raising your speaker fee. I’ve been in the audience for one of your sessions. Your insights are gold.