Raising your fees can be one of the most difficult (and scariest) actions any business owner can take, especially if you’re a digital marketer.
Let’s face it, telling your clients you are raising your fees and that they will need to pay more probably ranks up there with going to the dentist on the list of things you would most not like to do (no offense to all you dentists out there, I appreciate the work you do). Will they leave you for your competitor? If they stay with you, will they become frustrated or bitter?
So if raising your fees seems so risky or painful, why even consider it? Here are 4 of the many benefits of raising your fees as a digital marketer…
4 Benefits of Raising Your Fees
1. Increases Profit Margins-this might seem obvious, but the most simple and direct way to increase your income is to raise your fees. Ex. If you want to increase your income by 15%, simply raise your fees by 15%.
2. Improves Client Commitment-in my opinion, this is the most powerful benefit to raising your fees. If you have two clients and one pays you $50 per hour and the another pays you $500 per hour, who do you think will be most likely to follow-through and take action? $500 per hour client all the way. Fees Amount = Level of Commitment.
3. Weeds out Uncommitted Clients-do you have clients who never follow through or take action, but continue to pay for your services month after month? I can’t think of anything more life and energy sucking for a digital marketer. While taking their money might sounds good in the short term, the reality is that your services are not helping them in the long term (and could be enabling them to stay where they’re at). Either way it’s a lose-lose situation and raising your fees will force your clients to make a choice, commit or quit.
4. Raises Your Level of Commitment-I remember the first time I offered a service that cost $2500 per person. Initially, I was borderline scared of the reactions I would receive from those I talk to about it. But after a short time, I got over it. But do you know what happened next? A switch went off in my head…”if I am charging $2500, I need to be ‘all in’ and make this service the best thing I’ve ever created.” The end result of boldly raising my fees…raising my own level of commitment 10 fold and giving my clients the best experience possible.
If NOW is the time to raise your fees with boldness and integrity, my 6-Figure Freedom program may be just the thing for you. It’s the signature program that I created to help smart, successful digital marketers get to 6-figures, fast, and spend more time with their family.
Chris Rudolph is a husband, father of 3, and a Freedom Business Coach for Digital Marketers. He specializes in working with those who are underpaid, hustling around the clock or missing out on valuable family time build their own Freedom Agency. He helps them grow their income, scale with a team and enjoy more time with their family.