Worrying about writing your price increase letter? You can’t keep doing more for less so you’ve decided to raise your prices. Not only that, but you have figured out why and when you’ll raise your prices as well as what they will be, so now all that is left to do is to tell your clients. This is where you need to write a price increase letter to clients to start the conversations that will positively impact your cash flow. Here is how to write the perfect one.
There is no one-size-fits-all solution
We're going to talk about how to write the perfect price increase letter to clients! Remember that there is no master price increase template that can be sent to every client. There's no quick and easy fix that results in a fee-increase for you and happy clients. Put simply, you can’t send out a generic message to help you avoid the fee increase conversations.
We wish there was but c’est la vie!
The most important point to remember is that you need to make your price increase letter as personal as possible. Address the client and their individual financial needs first. Then they will be much more willing to listen and be understanding about the change.
Write a perfect price increase letter to clients in 6 steps
Crafting a letter in just the right way can make a world of difference when it comes to your client deciding to stay with you and accepting the new price.
(Discover the essentials for a price increase letter!)
Here is how to write the perfect price increase letter (in 6 steps):
- Grab attention quickly - the first paragraph should be attention-grabbing and outline that things are changing and how it will benefit the client.
- Quickly establish your credibility - Mention an example of how you have added value or the best results that you have achieved together. If you can't do this, talk about the value you have brought to a whole range of clients or use a testimonial.
- Set yourself apart - remind the client why they should pay more to stay with you rather than moving to a cheaper competitor. Outline what makes you unique. Perhaps you offer an unmatched service and results? Perhaps you offer increased availability that improves your client experience?
- Announce the fee increase - You have the value that you bring and why you are unique in front of mind for your client. Now tell them that you are increasing your prices. Mention what package and price they are currently paying and then the new price and potentially the package. Don't forget to add the date that the new fees will start!
- Reward your client’s loyalty - clients love to feel valued. Offer them some sort of reward to help them transition to the new pricing. Perhaps you can give them a few months at the current rate before the increase takes effect?
- Remind them of your value - don’t end the fee increase letter talking about money! Instead, remind them of your value or by referring to a specific goal or desired outcome that you can now help them achieve. Help them see the bigger picture of what this change will make to them.
Follow up and stay strong
Always make sure to follow up your letter with a phone call to your client after a few days. This makes sure that they understand the changes and how it will impact them. Stay strong and don’t let them talk you down to their current rate. Know your value and justify your prices.
The perfect fee increase letter to clients is personal and addresses their specific desires and goals for their business. If you can demonstrate the value that you have given them and will continue to give them, they can’t afford to lose you!
Need more help with your price increase letter? Download our letter template to implement a fee increase successfully and keep the clients that you want!