#332: Yes, You Should Still Raise Your Fees (Even in This Economy)
Nov 7, 2023
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Learn strategies for raising fees in a challenging economy and how to offer a separate engagement to clients. Discover alternative methods to increase value for business writers and copywriters. Avoid the stress of telling existing clients their fees are going up across the board. Get specific recommendations for raising fees in a more effective way.
The podcast suggests increasing fees by 10% to 20% when presenting pricing to prospective clients, which has resulted in over 60% of clients accepting the fee without questioning it, allowing writers to raise their fees without risking the loss of existing clients.
An effective way for writers to raise their fees is by offering bundled services, combining commonly worked on projects with related deliverables, creating profitable add-ons while increasing perceived value and clients' willingness to pay.
Deep dives
Raise Your Fees to Prospective Clients
In challenging economic times, many writers are hesitant to raise their fees. However, the podcast suggests a different approach. The host recommends increasing fees by 10% to 20% when presenting pricing to prospective clients. Surprisingly, in over 60% of cases, the clients accept the fee without questioning it. The host explains that if clients perceive the fee as too high, even the original non-discounted fee would have been too much. By taking this indirect approach, writers can raise their fees without risking the loss of existing clients.
Utilize Bundles to Increase Fees
Another way writers can raise their fees is by offering bundled services rather than itemizing deliverables. The host suggests thinking about the top two or three projects commonly worked on for clients and then brainstorming related deliverables that can be added to these projects. By presenting clients with bundled packages rather than separate items, writers can create profitable add-ons while increasing their fees. This approach allows writers to leverage their familiarity with the content to create additional pieces easily. Clients perceive value in these extras and are more willing to pay for the bundled package.
Offer Advisory or Strategy Engagements
To further increase fees, the podcast proposes offering advisory or strategy engagements to clients. For clients who are uncertain about their content or copy needs, writers can provide brainstorming or project road mapping sessions. In these sessions, writers offer smart recommendations, prioritize action plans, and provide clarity for clients overwhelmed with ideas. By charging a project fee for these advisory engagements, writers can offer valuable clarity to clients while charging a higher fee for their expertise and the outcomes they deliver.
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Strategies for Raising Fees in a Challenging Economy
When we’re in a challenging economy, most of us operate from a place of fear. And fear causes us to either keep our fees the same or to lower them. But I have a different recommendation for you today. I’m going to challenge you to RAISE your fees—starting today! Now, before you start thinking I’m crazy and out of touch, hear me out. Because there are many ways to do this wrong ... and only a few ways to do it right. The way most writers attempt to raise their fees is by going to existing clients and telling them that their fees are about to go up across the board. And yes, if you do it that way, you probably won’t get very far. I’m not suggesting you completely avoid this approach. But I’m suggesting that this method has the most risk and the most limited upside. You may get a few clients to agree to the increase. But it’s a very stressful process to go through. And frankly, there are much better ways. What do I recommend instead? I’ll share my specific recommendations in today’s short episode below.
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