{"id":2727,"date":"2024-11-11T14:50:23","date_gmt":"2024-11-11T12:50:23","guid":{"rendered":"https:\/\/www.persuasion.co.il\/en\/?p=2727"},"modified":"2024-11-11T14:50:23","modified_gmt":"2024-11-11T12:50:23","slug":"handle-price-increase-existing-clients","status":"publish","type":"post","link":"https:\/\/www.persuasion.co.il\/en\/handle-price-increase-existing-clients\/","title":{"rendered":"How to Handle Price Increases with Clients"},"content":{"rendered":"

Understanding how to handle price increases with clients<\/strong> is essential for any business.<\/p>\n

But to begin with, most people and businesses around the world price themselves too low.<\/p>\n

That\u2019s a fact.<\/p>\n

A series of studies and statistics over the years prove it.<\/p>\n

People would be willing to pay you much more for your products and services (yes, even during times of “recession,” “summer,” “holidays,” “COVID,” “inflation,” “elections,” and so on) if you would only ask them, if you knew how to explain the true value of your products and services for them, and most importantly, if you believed they\u2019d pay you higher prices.<\/p>\n

This is true for employees as well, who are afraid to price themselves higher in job interviews or salary raise discussions and end up settling for lower wages than they could earn for their good work and the great value they bring to the organization.<\/p>\n

One approach to learning how to handle price increases with clients<\/strong> is by building a clear, structured price list.<\/p>\n

The first things I do in my workshops and coaching programs with clients \u2013 individuals, businesses, and companies \u2013 who want to increase their revenue is to help them create a structured price list (you\u2019d be surprised how many businesses still work without a price list (!) and set prices based on what feels right at the moment).<\/p>\n

A price list they stick to (you\u2019d be surprised how many businesses still give huge discounts to clients, hurting their cash flow, sometimes losing money on clients, and turning every sales conversation into a price-cutting negotiation \u2013 instead of a conversation about increasing value), and usually \u2013 a new price list with higher prices than what they\u2019ve charged until now.<\/p>\n

What\u2019s the biggest dilemma for a business or service provider who raises prices? What do you do with existing clients who have been paying the previous prices and are accustomed to them over time? The biggest fear of people and businesses who raise prices \u2013 and I hear this all the time \u2013 is that \u201cno one will want to pay me those prices\u201d and that \u201cexisting clients will leave me.\u201d<\/p>\n

There\u2019s a lot of mental work to do with people and businesses who raise prices \u2013 they need to believe in themselves more, understand the true value they provide to clients, look at their market positively and optimistically (and not operate with assumptions like \u201cduring this time, people won\u2019t pay more,\u201d \u201cpeople don\u2019t have money,\u201d \u201cin my market\/area, people don\u2019t pay such sums,\u201d and so on), and also know how to explain the price increase effectively, especially how to handle the \u201cit\u2019s too expensive\u201d objections (which will come, but not to the extent or intensity they think.<\/p>\n

If all the above conditions are met, most existing clients will simply \u201cfall in line\u201d and pay the new prices without saying a word).<\/p>\n

One of the tools I teach regarding price increases comes from labor law, called \u201cdeterioration of terms.\u201d This concept describes a situation where an employer worsens an employee\u2019s work conditions \u2013 it could be a lower salary than before, canceling salary benefits, changing hours, workdays, location, etc.<\/p>\n

The employee can claim this is an intentional \u201cdeterioration of terms\u201d and resign \u2013 still being considered \u201cdismissed\u201d in terms of eligibility for severance pay.<\/p>\n

Let\u2019s get back to your clients. When you raise prices and feel confident in the increase, all your new clients will immediately pay the new prices (they also won\u2019t know how much it cost before and will accept the current rate as it is).<\/p>\n

As for your existing clients, who have paid lower prices so far \u2013 many will simply start paying you more (proving how much they value you and your services\/products, and how much you underpriced yourself so far, leaving \u201cmoney on the table\u201d\u2026), and some will complain about the price increase and feel like they\u2019ve experienced a \u201cdeterioration of terms\u201d (a few may even threaten to leave you at the new prices). Don\u2019t panic.<\/p>\n

There\u2019s something you can do.<\/p>\n

You don\u2019t need to keep all the existing clients, and usually, the few who leave (or threaten to leave) are those you\u2019d be happy to see go (just as \u201cdeterioration of terms\u201d at work is sometimes directed at employees you\u2019d like to show the door without firing them and paying severance).<\/p>\n

To convince some of them, explain that it\u2019s not a \u201cdeterioration of terms\u201d but rather a benefit they received for a certain period.<\/p>\n

That is, they didn\u2019t pay you a fair price until now and are now required to pay a higher, unjustified price. On the contrary \u2013 they are now beginning to pay a fair price (the new prices), and until now, they enjoyed significantly lower prices than they should have paid you.<\/p>\n

This was just a brief overview.<\/p>\n

Raising prices is a complex matter that stirs a lot of emotions and requires your mental work alongside emotional and logical skills to explain the new price list.<\/p>\n

But by mastering how to handle price increases with clients<\/strong>, you can build stronger relationships and a more successful business<\/p>\n

Want to raise prices?<\/p>\n

Want to price yourself correctly?<\/p>\n

Want to reach better, wealthier, and more appreciative clients?<\/p>\n

Want to build a personal brand and professional authority that clearly commands high prices?<\/p>\n

 <\/p>\n

Get in touch now here. <\/a><\/p>\n

Looking forward to hearing from you!<\/p>\n

With love,
\nDr. Yaniv Zaid<\/p>\n","protected":false},"excerpt":{"rendered":"

Understanding how to handle price increases with clients is essential for any business. But to begin with, most people and businesses around the world price themselves too low. That\u2019s a fact. A series of studies and statistics over the years prove it. People would be willing to pay you much more for your products and […]<\/p>\n","protected":false},"author":3,"featured_media":2728,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"footnotes":""},"categories":[1],"tags":[],"class_list":{"0":"post-2727","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-general","8":"entry","9":"one-half"},"yoast_head":"\nHow to Handle Price Increases with Clients - Dr Persuasion<\/title>\n<meta name=\"description\" content=\"Learn how to handle price increases with existing clients, maintain loyalty, and boost your business's value.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.persuasion.co.il\/en\/handle-price-increase-existing-clients\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How to Handle Price Increases with Clients - 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