The price increase conversation is never easy. Working with money is one thing – talking about it is different. In accounting especially, it can be difficult to explain to your customers why price increases are necessary without risking losing your clients. With that in mind, we’ve got some tips for you to make the conversation as pain-free as possible.
Talk to your clients
In order to remind your clients of what a good relationship you have with them, it’s good for price increase conversations to happen face-to-face. While it might be simple to send out a very standard email to all your clients, that’s pretty… impersonal. Plus, it makes it difficult for clients to get answers to their immediate questions. By being there in person, you can give your clients the information they need AND peace of mind. Just make sure to prepare answers to common questions ahead of time and schedule this conversation well in advance of the price increase. You want to give your clients time to plan ahead for this extra expense.
Explain the price increase
It is important that your clients understand why you’re increasing the price of your services. You might be hesitant to disclose the vulnerabilities of your firm, but honesty is the best policy. If your firm is growing or costs are increasing, just say that. After all, price increases are inevitable as your firm grows and becomes more competitive. Sometimes, clients just forget how valuable your services are and what a wide range of services you provide. Remind your clients of your worth and assure them that the increased cost will be reflected in what they receive.
Provide additions and alternatives
Your client is mainly going to be concerned with WHAT they’re getting for what price. Adding value is a fantastic way to make your clients feel like they’re really getting the best bang for their buck, even though they might have to pay a bit more. You can do this by making small, easy additions to your packages that bump up their value, such as offering some type of advisory service. At the same time, you should offer alternatives to your clients in case the new price is outside of your budget and you don’t want to lose their business. If you think a client might say no, suggest a different package at a lower price point.
Know your worth
We know it can be difficult to talk about money… and difficult to ask for more. Our last tip is this: know your worth! Confidence is essential when it comes to having price increase conversations. When you bring this news to your clients, stand confidently behind your words. The services you provide your clients are valuable, and we’re sure they realize that too. At the end of the day, your most loyal clients won’t be deterred by a price change and will understand that you are worth the extra expense.