Deciding what rates to offer your products & services at can be a frustrating experience, especially when we add all sorts of energetic judgement about ourselves and others into the reasoning process.
But what if as magical entrepreneurs there was another way?
What if the rates you charged could be an exchange of JOY units?
What rate would be JOYFUL for you, your body & your business to receive?
What rate would be JOYFUL for a future client to pay?
Raising your rates is never just about asking for more money or hiking a fee.
It’s all about…
- Moving to the next level of your business with ease, joy & flow.
- Understanding what energy you need to be to receive those rates.
- Exploring what space of possibility you need to be for your clients to happily invest in the experience with you.
- Knowing what consciousness is required to receive these joyful rates with total ease.
Here are twenty-one ways to help you embody more of this energy, space & consciousness (ESC) with total ease.
Stop Believing the Lie of ‘Worth’ and Start Focusing on ‘Joyful’
What rate would be joyful for you to charge and joyful for someone to pay for the outcomes you’ll co-create together? This is how I created my first $100,000 client which you can watch more about here. Another strategy for shifting from an hourly rate model to something more joyful might mean playing with Transformational Programs. If you find yourself really charged by ideas like ‘worthy’, ‘deserving’ & ‘value’ check out our How to Expand Your Impact & Income by Understanding Your Value free training here. Once I stopped believing I was or wasn’t worthy and just started choosing what I really wanted and working through my discomforts and judgements about charging higher rates, clients who happily paid higher rates started showing up.
Ask with Confidence
You owe nobody an explanation for your rates; nor do you have to apologize. In fact, if you feel like you want to apologize, you haven’t done all the homework in tip number one. Confidence comes from a place of knowledge. Check out this post, “Say It With Confidence” for 4 More Tips.
What happens to most intuitive or empathatic entrepreneurs is that we pick up on ‘possible’ thoughts our prospects have and let entire conversations run through our heads about the persons ability to pay or not while we talk about rates. If we play with the idea that 99% of our thoughts, feelings and beliefs are NOT ours, then it makes it easier to step into simply asking for what we’d like and allowing the prospect to choose or communicate what they want.
That communication often is MUCH easier, when we destroy & uncreate all our own points of view of lack & limitation that are dancing in our heads while we have these conversations.
This quiet mind during money conversations takes practice. That’s why our EYI Insider’s meet twice a week to stay aligned with profitable possibilities and clear those thoughts of lack and limitation.
I studied with multiple high-ticket mentors for more than 5 years to learn how to embody this confidence myself.
Always Add Value When You Raise Your Rates
If you want clients and new prospects to accept your rates without quibbling, show them the increased value, and focus on how this will move them closer to their big results.
Again, do the research to find out exactly what would be the most value-enhancing addition in your ideal client’s eyes.
In our $10K Magic Bullet program we go into detail about different types of things that ‘add value’.
Most of the time, we see people already providing value but not acknowledging it or being able to explain WHY this or that is important.
For example, when Ken came to me he was charging $75/hour for a session to help people after they went through rehab to prevent them for relapsing. He was trained in a bunch of different modalities and would whatever tools he needed to help the person based on what issues they were dealing with. Here’s the program we put together for him.
Now this isn’t a big leap in Ken’s hourly rate…but it was a big shift in his mindset about the ‘value’ of his rates. We had him tell people that his new hourly rate was $100/hour if they just paid session by session and he was able to articulate the drawbacks to just getting a single or few sessions with him. In this method the client could always play victim and drive the process. Ken knew that it was going to take work that the client doesn’t know they are going to need to do to get to where they want to be so a 6-month program would save them money and help them really get the change they desired.
If people didn’t want to pay the $100/hour, he could introduce them to a way they could save money and get more VALUE. See win/win!
Ken started selling more packages after seeing more possibilities that were possible and has gradually allowed himself to raise his rates even higher over the years.
Another point to note here with Ken, we priced the ‘Emergency Sessions’ at a higher rate to start to honor his time and help the client see how valuable it was to be able to get in touch of Ken if they were stuck in a jam. Sometimes those 4 emergency sessions were exactly the reason someone bought a package instead of just signing up for a session or two.
What to Say When Clients Return to Higher Prices after an Absence
If a client comes back to you after being away for a while, don’t lead off with the rate hike that happened in the interim. First, reaffirm that you would love to work with them again; then announce your rate hike as a matter of course. (“By the way, my rates have gone up since we last worked together, to $XXX an hour.”)
Don’t start explaining why. Treat it as a casual fact. Stop speaking and wait for your client’s reaction. If they protest, let them know you understand if they need time to think about it. Put the ball in their court.
Count Your Successes
If you’re having trouble justifying a price hike to yourself, first think of your successes. Write down who you’ve helped, how you helped them and what you helped them do. Then write down their ‘Before’ and ‘After’ results.
When you’ve done that, raise your rates to reflect the value you now realize you habitually provide.
DO NOT go into stories about ‘well this client didn’t get that result’ or any other form of distraction from what you want. You want to provide this service for this rate with total ease & joy. It’s possible, so keep hanging around people who are up to magical things like you are instead of people who arent’ on the same journey.
Make Sure You Know Your Own Unique Difference
If you can identify what you do that sets you apart from your peers – why no one else does what you do in quite the way you do it – you will find yourself informing your clients about raised prices with much more confidence.
In this example, this yoga teacher/wellness coach was able to receive $6,000 for 6 months of work with her clients.
Take the ‘Personal’ Out of Price Hikes
Your rates are not about your clients. Their reactions to your prices are NOT your concern. Keep focused on what you want and in a question like “what would it take to find clients who would love to pay $X to receive Y support from me with total ease?”.
One of my former employers and local colleague recently called to ask for advice about a digital training program he was offering. It was tempting to feel like he was a ‘friend’ and that I should just give away all my knowledge & advice for free but I put on my business owner hat and invited him into the opportunity to hire me as a consultant on the project and then I’d be happy to provide advice on whatever it was he was working on.
He asked what my fee would be for that and I shared.
He responded “Well you have always had a healthy sense of your own self worth, haven’t you?”.
And because I’ve been practicing the work I teach you here, I was able to just receive his judgement of me and my prices and had an entirely new awareness of his unwillingness to acknowledge his own greatness and ask others to pay him for his knowledge.
After reflecting on that experience, I realized how many energetic judgements that I was able to get clear of by having that conversation. I also had a new awareness and peace about WHO I wanted to work with. Someone who valued the ability to ‘pick my brain’ and found their own ROI on that felt so yummy and expansive and was quite different than the clients who didn’t really want to be told what to do and just used paying me as a way to do it their own way and stay stuck.
I don’t know about you, but I enjoy co-creative relationships and not co-dependent, passive aggressive ones 🙂
Give Advance Notice
Don’t just spring a rate increase on your clients. Set a deadline – one that is neither too short nor too long (the end of the month is a good one, if you tell them after the first session of the month – psychologically and budget-wise for clients). And send out reminders to your client list.
With this EYI Insider, we spent her VIP Day together and crafted this letter to go out to her clients letting them know of her rate increase but offering them a solution to keep working with her in a group format if they wanted to have access to her at the lower rate. After sending this letter to her current clients she completely filled her new group coaching program ($10K+) and allowed space for higher paying clients who appreciated the personal access to here. Check out the EYI Raise Prices Letter Here.
Point Out Your Increased Value Prior to Your Price Hike
I take a lot of notes when clients acknowledge the results they have gotten – especially those more intangible ones like an increase in confidence or clarity or lack of overwhelm or anxiety and share them with other clients to see if they have gotten those benefits too but just not acknowledged them.
This process allows me to more deeply connect with the energy I’m being in relationship with my clients and the value that energy provides.
I used to think my value was completely tied up in my ‘doing’ things for my clients but after years of incorporating the tool “what energy, space & consciousness must me, my body and my business and I be to _____?” has allowed me to really acknowlege that it’s my BEING that is valued NOT my doing!
That shift finally allowed me to be congruent with the statement “I am well-paid to be me!”
Ask for Feedback
When it’s time to update your testimonials prior to a rebrand and/or price hike, don’t mention the word “testimonial” and don’t turn it into a chore by making your client work.
Instead, send her a link to your “Feedback Form” and ask a few short, guided questions.
- “What were you stuck at when you first met me?”
- “What reservations did you have about investing in coaching?”
- “What made you decide to take this step?”
- “What (1-3) specific results have you gained since we started?”
- “What makes me different from other coaches and approaches?”
- “What would you say to others thinking about taking my coaching?”
(TIP: Use the WP Forms plugin and choose their “Suggestions” template.)
Don’t Automatically ‘Grandfather’ an Existing Client
If you’re suffering from an overwhelming compulsion to keep your existing clients at a rate you can’t afford to keep them at, there’s an alternative. Don’t grandfather them at the old rate: Instead, give them a “special price” for current clients that is higher than their old rate, but not as much as the rest of the world will have to pay.
And remember: Position this as a privilege and a favor (which it is!)
Kathy’s letter in Tip #8 is a great example to follow.
Consider Your Client’s Progress
If you’re feeling guilty for raising your fee, first consider carefully where each client was when you started – and where each one is now, after working with you.
If for some reason some of your clients didn’t get the results they wanted, take a look at why and what was required for them to really get the change they desired. I learn so much from these experiences because it shows me all those tiny shifts in energy, space & consciousness that someone must be willing to be in order to get the result they desire and where others keep themselves stuck. Learning to articulate those helps me further explain the value. These 15 “Willingness” energies have been key to helping me identify WHO will be a good client to co-create with and who isn’t really ready to invest in changing their lives.
If You Have Difficult Clients, Raise Your Rates
Having clients who won’t take action, endlessly repeat the same old story, don’t do the homework or give you excuse after excuse is not only tiring and disheartening, it’s often a sign you’re charging too little – and attracting the needy and the cheap, who want you to do everything for them.
Raising your rates will shake loose the ankle-weight clients, and free you up to genuinely help the gems just waiting for your door to open.
I promise there are better clients out there for you! Ones who LOVE your crazy combination of awesomeness! Keep believing and taking action in alignment with that possibility. Don’t allow yourself to get distracted by doubt!
Offer Three Choices
If you really can’t afford to lose clients, offer three package choices. Reduce services or coaching time in the smallest package so that their sessions are actually less work for you (e.g. 30 minutes instead of one hour).
Charge what you would be happy with, using existing added-value benefits for your “mid-range” option, and charge your maximum VIP price with extra benefits in your most expensive package.
That way, you keep the value fair for you, as well as for your client … on not just your rate, but the amount of work involved for you.
For the longest time we offered 3 different service levels for EYI Insiders and after our latest rate increase we added a 4th option to continue serving those clients who needed an option for playing in the energy of EYI but needing one-on-one support or guidance. Check out the EYI Insider options on page 6 of our EYI Insider’s Brochure.
Sell the Experience; Not the Price
When introducing VIP packages and programs to your coaching, remember it is all about perceived value. Sell the experience—what is going to make them feel special as clients—before you talk price-point.
Learning how to have these conversations is what we talk about in our Conscious Conversion training because it shifts the conversation from needing to get a client to seeing if this client is a fit for how you want to work with someone and whether they will do what’s required to change. There are plenty of service providers out there but if we focus on why we are unique and how we want to support people then the people who like our unique combination of crazy will flock to us!
Study Your Competitors’ High-end Offers
If you’re having trouble identifying the ‘experience’ you need to sell, study each one of your competitors’ high-end offers, and jot down what they are offering that appeals to YOU.
This will give you a better feel for the sort of ‘luxury’ options that appeals to your ideal client.
This exercise often triggers all kinds of feelings that can distract you with doubt but if you can keep focused on what you want and in question with what energy are they being that allows this, then you’ll be able to gain the insights you need to create your own attractive offerings with total ease.
Start with Swag
We humans are funny creatures: The word ‘swag’ makes most of us get a happy little warm feeling, no matter how rich, sophisticated or successful we are. Use it when putting on high-end VIP events, giving actual gift bags with high-end items in, like Wacom digital pens, Patagonia jackets or an Amazon Tap wireless speaker and personal digital assistant.
And consider increasing the perceived value of your new coaching packages by adding bonuses such as access to your Archives or existing, on-demand courses too.
As you saw in Tip #14 with our EYI Insider’s we offer access to our Insider’s Vault which includes any/all of the programs I’ve created over the last 10 years. This provides more than $10K in value that isn’t attached to any one-on-one time with me or Ron. It allows me to get paid on my creations passively and allows my creations to continue contributing to those who play with that content.
Use Direct Language, When Talking Price Hikes
Perception is everything when it comes to language too. When telling a client verbally about prices about to go up, resist the urge to pussy-foot and hedge. Don’t use tentative words or unclear phrases like “I’ll be charging a little more”. Instead, present it in a straightforward, direct manner. “It’s time for me to raise my rates, and effective July 30th, they’ll be set at $___ per hour.”
Resist the Urge to Justify Your New Prices
Just announce them cheerfully and directly. Don’t start answering objections until your client actually makes some!
Consider Your Unique Client When Deciding How to Present a Price Raise
Many coaches simply send out an email announcing upcoming price hikes – and this is often a successful strategy.
But consider your particular client. YOU may be more comfortable sending out an email first … but high-end clients sometimes take offence with this approach. They expect privileged personal service, and that includes discussing anything that might affect them in person, rather than receiving what they perceive as a ‘form letter’.
If you’re nervous about announcing a price hike directly, face-to-face, reflect on the fact that, on the other hand, high-end clients are more likely to accept a price hike announcement without a blink – particularly if you reaffirm the results they’ve been getting first.
Remember the Principle of Repetition
People really do respond better to things that are consistent and repeat at regular intervals (just look at toddler picture books!)
Do this with your prices too: Raise them at the same time every year, at the same intervals.
Raising your price is like anything else: It gets easier, the more often you do it. Start charging what your services are truly worth today.
Excited about the possibilities? Ready to get going but need some help getting everything planned out? Check out the FREE Resource Below.