One of the more common questions I get is, “How do I raise prices on existing clients?”

You have a number of options, coming to you in a 7-part series over the next few days.

I’ll give you my favorite first:
Create new packages whose prices straddle the old price your client had been paying.

This gives your client the choice to upgrade to a higher-value, more expensive offering, or they can downgrade to a less expensive, lower-value offering.

For example, if your client had been paying $600/mo for monthly accounting + P/L + Balance Sheet, your new options could be:

Silver: $750/mo for monthly accounting + P/L + Balance Sheet + 10-minute video/screen share walk-through to highlight any areas of concern + financials delivered by the 20th + guaranteed 3-day response time for questions via email.

Bronze: $500/mo for monthly accounting. P/L + Balance Sheet, now delivered quarterly.*

The $600/mo option goes away completely.

Your client can self-select into upgrading, if they see value and ROI in the new, more expensive service line. Should they choose to downgrade into the less expensive service line, that’s ok – you have designed to still be profitable for you.

…

When you give your client a choice between monthly packages that are both nicely profitable for you, you give them the opportunity to make a great choice for themselves, and whatever they choose for themselves is fine with you.

When you’re in this position, it becomes so much easier to hit the ‘Send’ button on the price-increase email.