How to ethically raise your prices
Monday Money Missive
My dear Kindred Spirit,
Like you and me, my clients are feeling the pinch at the grocery store, and elsewhere. They want to bring in more money, but they are also aware that their clients are feeling the same pressures. So is it wrong for them to raise their rates at this challenging financial time?
My answer is no. It is not. But there are thoughtful, ethical ways to do so that can benefit you, as the provider of the service, while going easy on the customer.
Here are some options to consider (choose from these; do not try to implement all of them):
1. Raise your rates on new clients only.
2. Raise your rates in increments; 10% now and an additional 10% in 3 months, for example.
3. Give plenty of warning that a rate increase is coming, and allow clients to purchase services for future use at today’s rates.
4. If you know a particular client is struggling or has difficult circumstances, let them know that while your rates are going up, you will hold theirs at the current price until their situation improves.
5. Create smaller packages at lower price points for those who can’t afford your price hike.
6. Consider offering some kind of one-to-many offer for those who can’t afford one-on-one premium rates.
I have done all of these at different times in my 12 years of coaching, and I have yet to have anyone complain about my price increases.
Recently, one of the coaches I am working with (I am the client) encouraged me to raise the price of my Voxer VIP Day (aka Voxer Profit Accelerator: A VIP Day for Business Breakthroughs) to $1000. It’s currently priced at $457.
I will admit this gave me pause.
Yes, clients get a lot of value from this time with me. They get 6 hours of my attention, during which they can ask me anything. They get my eyes and my brain on their business, their life, their struggles. Most of them walk away with strategies to make more money that they can implement immediately. Some prefer to focus elsewhere, and leave the day with inspiration to make big shifts in another area of life. I follow up with them two weeks later to see how things are going and, invariably, they are feeling great about what they’ve accomplished.
But, still! Doubling the price?!?
My coach gave some compelling reasons, not the least of which was “Walk your talk, Laura.” (She was smiling when she said this- that exasperating smile she has when she knows she’s about to say something I can’t argue with.)
The end result? I am raising the price to $999. BUT, not until March 1st. Right now, the price is $457. And if you buy before 3/1/25, you can use your day (or days- you can buy more than one) any time in the next 6 months.
Read more about the Voxer Profit Accelerator VIP Day here (including what to do if you want to book later in the year). Book your day here.
with love,
Laura
P.S. Please join me for any or all of these free events in February:
1. Finding the Colors that Resonate with You with Nan Krueger
Tuesday, February 4th at 6pm Eastern on Zoom
You know the time is right for a color update, but making this decision feels overwhelming because there are so many colors to choose from! How do you even begin to narrow them down and make the right choices? Join us for this workshop and learn how to find new colors for your home by exploring the connection between Color and Emotion. (Spaces are limited.) Sign up here.
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2. Virtual Coworking: Ditch Solopreneur Slump
Tuesday, February 11th at 2pm Eastern on Zoom
Surrounding yourself with productive people can be a game-changer.
Join our structured co-working sessions!
No long discussions, no distractions - just pure, focused productivity.
The best part? Everyone's always amazed by how much they accomplish!
Ready to supercharge your productivity? Give coworking a try and watch your to-do list shrink! Sign up here.
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3. Networking without Schmooze with Laura and Suze
Wednesday, February 26th at 3pm Eastern on Zoom
Join me, the fabulous Suzanne Culberg, and a group of lovely people in business, for networking and brainstorming for highly sensitive people!
Register here to get the Zoom link and reminders:
