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How to Raise Your Rate and Stop your Client from Walking Away?

22-01-2019   |   by EDITORIAL TEAM   |   Productivity

Amar was thinking about raising the present rate offered by his company for the services provided. After all, the company added value to client expectations and was garnering fruitful outcomes. However, when he spoke to his existing clients about a raise in rates, his clients countered saying that they were used to paying the previously going rate. Some others were willing to continue business only if the prices were the same. They promised work in huge volumes in return to make up for the raise in rate. 

Does this scenario seem all too similar in your case too? Do you want to succumb to your clients and go ahead with their way or do you want to be adamant in a manner where you can raise your rate and even prevent your clients from walking away? If the latter scenario appeals to you, here are a few ways to raise your rate without losing your best clients.

First forge a steady cash flow
Prior to a rise in fees, establish a good, dependable and steady cash flow. The chances that some of the clients may not agree to a higher fee is always lurking, you need to make sure it doesn’t affect your finances should such a situation arise. Understand the probabilities that come with changing your rates. This helps you form a safety net should negative outcomes arise.

Rationalize a rise in rate with value
If the final product lacks quality, naturally, it lacks the nuances that bring value and you can bid adieu to that raise in your rate. At the end of the day, a client needs to know they are getting their money’s worth when you talk about a raise in rate. Rationalizing with the client about the quality of services you offer, how it sets you apart from the rest, and how it justifies the new rate is a good way to about with this dilemma.

Make intelligent concessions
Think about offering elements customers hold in high regard but come at a low incremental cost to you and your business. Maybe you can adjust timelines to make workflow more efficient or maybe you can offer an added service that benefits the client in terms of value and long term commitment. When your customer is in the mood of negotiation, these concessions can come handy when attempting for a higher price.

Be wise in the barter system approach
Customers, who have a competitive streak in them, need to witness a return on their negotiated investment. When you are aware that the customer is looking to form some kind of barter system, begin with an aspect you don’t have a problem losing to. The trick lies in getting something in exchange for the concession offered. Make sure you decide on aspects that are valuable to clients without burning a big hole in your pocket.

Have faith that you are worthy of an increase
You need to believe that you are worth the rise or no one else will. Take note of how much your services cost and how much your clients are willing to pay you without any issues. Following this, sell your product or service through an emotional and personal level. Have a genuine connect with your clients by presenting your services in a natural and fuss-free manner. This can convince clients to pay more.

Following these tips is sure to help you raise the rate of you co-working space without spooking your clients.

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