How to write the perfect letter to your clients to tell them about a fee increase
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 fee 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
Before we tell you how to write the perfect fee increase letter to clients, it’s important to mention that there is no master template that can be sent to every client; there is no quick and easy fix that results in a bump up in fees 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 bear in mind when it comes to a price increase letter is that you need to make it is as personal to the client as possible. Address them and their individual financial needs and they will be much more willing to listen and be understanding about the change.
Write a perfect fee increase letter to clients in 6 steps
Crafting a letter in just the right way can make a world of difference, especially when it comes to your client deciding to stay with you and you helping them transition to your new pricing.(Discover the essentials for a price increase letter!)
Here is how to write the perfect one (in 6 steps):
- Grab attention quickly – the first paragraph should be attention-grabbing and it should outline that things are changing and how it will benefit the client.
- Quickly establish your credibility – it’s better to mention an example of how you have added value for them or the best results that you have achieved together. If you don’t have one, you can talk about the value you have brought to your whole range of clients or use a testimonial.
- Set yourself apart from the rest – you need to remind the client why they should pay more to stay with you rather than moving to a cheaper competitor, so outline what makes you unique. Perhaps you offer an unmatched service and results or increased availability that improve your client experience?
- Announce the fee increase – once you have the value that you bring and why you are unique front of mind for your client, you now need to tell them that you are increasing your prices. You will need to mention what package and price they are currently paying, what the price and potentially the package will be changing to as well as the date of when this change will begin.
- Reward your client’s loyalty – clients love to feel valued so 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! Close it by reminding 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 just to make 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.
When you write the perfect fee increase letter to clients that is personal and addresses their specific desires and goals for their business, if you demonstrate the value that you have given them and will continue to give them with additional benefits, 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!