If you’re standing on the fence about increasing your prices, I have a few words of wisdom for you.
Keep it small and simple. Focus on building your muscles first before taking big, bold actions.
Let’s say you sell fixed-price design services (aka Productized Services).
- Your logos are $X.
- Your homepage redesign is $Y.
- Your ‘launch graphics package’ is $Z.
Pick one of your services. Raise the price on your website (and or in your marketing materials) by 10%. (If you used to charge $500, your price is now $550. If you used to charge $1,500, your price is now $1,650.)
What’s the trick?
These small increases are about building your muscles. You’re taking small actions at first to practice building your ‘price increase’ muscles. Then, as your muscles grow, you’ll start taking larger, bolder steps.
But for now, keep it small and simple.
Just nudge the price for one of your services up by a tiny amount (10%). The next time that service sells, I’m confident you’ll be surprised at how easily the client says, “Yes! Let’s do it.” (They won’t hesitate over the small price increase.)
Then do it again. Nudge another service up by ~10%. And then another until you’ve raised all your prices by 10% for new projects.
Keep exercising that ‘price increase’ muscle regularly. Soon, the act of (or idea of) raising your prices won’t feel uncomfortable. It might even start to feel good to say to yourself, “Hey, this service is really valuable. Clients love it and love the outcomes/deliverables. I’m going to charge more for this service.”
And heck, if you’re thinking to yourself, “Kai, I’m making some pretty good cash already. What do I need with 10% or 20% more?” let me plant a seed 🌱.
You can decide to raise your prices and donate any additional revenue from the increase to local organizations of your choice. This way, your increased prices will help support local organizations, causes, charities, or non-profits doing work you agree with inside your community.
To me, that’s one of the best ways to use ‘Charge More’ for good.