I Raised My Prices ... Now What?

You made the leap and raised your prices. Like, really raised them.

Can I just say, YES!!! Congratulations. When you raise your prices to a respectable rate, you'll be amazed how much respect you get not only from your peers, but clients and potential clients as well.

                       Insider tip: Add a new piece/product or two to your line when you raise your prices. It gives clients something to be excited about (and you too) and can take some of the sting out of the adjusted prices.

So now what?

First, throw away EVERY piece of anything that had your old pricing on it.

 Everything. Really. Don't just toss it. Shred it, burn it, just destroy it.

      ... Ok, you can keep one thing. Keep one copy of the price list, but write in big letters across the front of it "Retired on ____________ (the date)". Heck, you can even frame it.

Why am I telling to you to toss it all? Because you will, inevitably start to second guess yourself. You will think "Oh no, no one is going to book with me now because I raised my prices." You will think these things. I will be surprised if you don't.

Guess what? That's not true at all.

UNLESS you do some horrible thing like making it seem like a negative for your customers.

I am amazed how many times I see a photographer post something (on their Facebook wall even!!) like "We're so sorry, but we've raised our prices." or "Good news, we have new products. Bad news? Our prices are higher." Or, "We're undergoing changes, like our prices." ACK!!

Tell me this: when Macys, Nordstrom or Dillards raise prices do they post a huge note on their wall announcing it? And not only announcing it, but making it negative.

It is NOT a negative. Not for you, not for your clients. When you don't believe you're worth the prices you charge, that is when you won't be able to sell your work at that price. Why are you apologizing about what your skill, art, talent and time is worth?

When you present a negative feeling about your prices or changes, your clients and prospects will feed off of that negativity. They will gain perceptions about your business based on the way you're communicating your own belief in your personal value.

Am I saying you're damaging your ability to get clients? In a way, yes.

A basic rule in marketing and selling anything is to Point Out Benefits. :) Ok, so you have new prices. Big deal. You don't want people to get a "price" feeling from your business, you're not in the market of prices. You're in the market of memories, creativity, moments that they can't get back. You're in the business of THEM.

Of course, you still want to give your clients a heads up.

Before you send anyone anything (or post anything anywhere), ask yourself who needs to know the info, what info they need to know, is it relevant right this moment, and why they need to know it. 

Then do this:

1. Send an email out to current clients (new ones and prospects won't know any better anyways, so why tell them. It will only make them worry that maybe you do this sort of thing all the time.). Tell them that the pieces and options have been expanded, and you'd love to tell them all the cool changes when they call to book their next session. You're so excited to share this with them, so you hope they'll call soon. (Excitement, positive, and call to action - woot!!)

2. If you feel like you have to make an announcement on your page (which I don't recommend), talk about your new products/pieces ONLY. Maybe make a one-liner about loving the "exciting changes to our offerings". Glaze over it.

Facebook is the image of your business in a social setting -- don't be the "over-share".

Next, present your new prices with confidence and act like they've always just been this way.

I cannot say it enough, don't apologize for what you charge, and don't feel that you need to justify it to anyone. If someone asks about the value of a print (rude or not), state facts that make it worth it. Use your knowledge. Explain longevity, quality, papers, processes (but not in too much detail) and don't over-simplify it.

And last, CELEBRATE.

 You're about to be amazed at where your business can grow to.