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How to Raise Your Prices Without Losing Clients
104 Plays11 days ago
Episode Summary:
In this short and powerful episode, Elena breaks down the exact pricing strategy she uses to grow her photography business while keeping her loyal clients. You'll learn how to raise your rates with confidence, maintain client trust, and move toward profitability, without overthinking it.
What You’ll Learn in This Episode:
- Why incremental pricing increases are more effective
- A simple email strategy to retain loyal clients during price changes
- How to create pricing goals based on your business, not someone else’s
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Transcript
Introduction and Pricing Strategy
00:00:01
Speaker
What is up, empowered photographer? Elena here, and I am going to come in with a strategy to raise your prices and maintain or retain retain your clients in the process. So this is exactly how I have raised my prices over the years to maximize client retention.
00:00:21
Speaker
So I recommend raising prices incrementally. So even though you could probably come out the gate charging that high price that you want, you have to prove to yourself that you're
Mindset and Incremental Pricing
00:00:31
Speaker
worthy. You have to show your subconscious that you can command that price.
00:00:35
Speaker
And I know that's a little mindset stuff that I'm inserting here into pricing, but it's the truth. So this is what I recommend. I recommend raising your prices every two to three months until you get to a place of profitability.
00:00:48
Speaker
So when you're booked two to three months out, it's time to raise them again. And what booked look like looks like will be different for every single one of you.
Client Communication and Offers
00:00:56
Speaker
When I'm going to raise my prices, I will send an email to past clients online offering them a chance to get on my calendar at the old price, but I will give them a deadline. Now you don't have to do this part, but I like to do it as a little thank you to my clients. So I'll say, hey everybody, Elena S. Blair Photography is growing. I'm about to raise my prices.
00:01:16
Speaker
If you book by the end of May, you can get last year's price. Here's a link to book. That's it.
Luxury Service and Profit Goals
00:01:22
Speaker
Now, when you send that email, the cool thing is is that you will get a handful of clients that will sign up simply because you're popping into their inbox and they forgot about you.
00:01:30
Speaker
um But really, i want you to just remember that you're not running a charity. You are providing a luxury service. I coach my mastermind students to get to their place of profitability fast, usually usually within about six months to a year.
00:01:44
Speaker
So I want you to think about that. I want you to know what you need to make and get there incrementally and make yourself a goal to get there within a year. It is your job to know what you need to make in order to be profitable.
00:01:57
Speaker
No two businesses are the same. It is also your job to raise your prices so that you are actually profitable.
Client Loyalty and Business Growth
00:02:04
Speaker
If you are providing a high value service with professionalism and top-notch artistry, your clients appreciate the gesture that you are allowing them to hop on your schedule at last year's price.
00:02:16
Speaker
I promise when they value you, they will stay. And growing a business is about raising your prices incrementally. That's normal. We all have to grow our businesses and raise our prices.
00:02:28
Speaker
So that is exactly how I would recommend doing it Don't overthink it. Time to get your pricing up and running. I will put a pricing guide link in the and show notes or at least underneath this if you are listening and teachable.