You’ve finally decided that it’s time to raise your prices. Yay! I’m so proud of you!
But you already have existing customers paying your current prices. So what do you do?
Not everything you change your prices for will affect your current customers.
When you have 1 on 1 services that may or may not affect your current customers. You get to choose.
When you have products and courses, it shouldn’t really affect your current customers because they already own the products and shouldn’t need to purchase again.
The way I see it you have 2 options:
Option #1: Grandfather your Existing Customers in at Their Current Prices
If you really don’t want to raise the prices for your existing customers, you can just grandfather them in to keep their current prices.
Make sure you send them an email that your prices are changing, but because they are current loyal customers, their prices are not changing at all.
You should also consider that if one of your current customers leaves at the grandfathered price, then later decides to come back, they are paying the new prices.
Option #2: Give Your Existing Notice of When Your Prices are Increasing
You can raise your prices for your current customers. How often do businesses that you purchase from change their prices?
Your prices are never set in stone and are always subject to change.
But how do you change your prices for your existing customers?
Give your current customers at least a 30-60 day notice that you will be raising your prices and in that notice, tell them what their current prices are and what their new prices will be.
Neither Option is Better or Worse
You own your business, so you get to choose who your price changes affect. There is no right or wrong choice here.
It’s just a decision that you have to make.
You are the CEO.
At the end of the day, the decision for whether or not you raise your prices for existing clients is up to you, as the owner of your business.
Maybe you want to raise them for current clients.
Maybe the value of your time has finally increased and you need to increase your prices.
Or maybe you want to keep your prices the same for current clients.
It’s always your choice as the CEO of your business.
Will current clients be upset or leave?
Some may. Some may not.
But honestly if they do leave, then they are opening space for someone else to enter your business who you can support even better and will pay your prices.
Your soul mate clients will always pay your prices and be happy to hand over their hard earned cash to work with you.
If someone isn’t willing to pay your prices, then they just aren’t meant to work with you.
You do have to make money in your business as well and that is why you charge what you charge.
With 7 billion people on this planet, there are people who are going to be willing to pay your prices and work with you. You just may not have them in your orbit just yet.
Your clients don’t decide how you run your business.
At the end of the day, it’s always your decision whether to raise your prices and whether those new prices will affect your current clients.
Make the decision and then go out there and make it happen.