e137 How To Raise Your Prices In The New Year
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[00:00:00] Welcome, welcome to the Heads Together podcast. I'm your host, Gill Moakes. And as always, I am thrilled that you're here with me. Today's episode is really a follow on from last week's episode. So last week was all about how to start 2025 with a whole new and improved money mindset. So if you haven't listened to that episode, you might want to just pop back and And take a listen to that one.
So that's episode 136 and maybe take a listen to that one first, because this episode, how to raise your prices in the new year is really a follow on from that. Okay. So this is one that I know a lot of you've been waiting for, because it's something I get asked about a lot, something that can feel very scary, but it's also something that is really essential if you want to grow your coaching business sustainably.
And that is raising your prices [00:01:00] and importantly, how to do it in a way that doesn't send your clients running for the hills. Okay. So if this is something that you are interested in learning about, let's dive in.
So if you're someone who's been thinking about raising your rates in the new year, and that can be for a couple of reasons, it could be that. Deep down, you know, you're undercharging, you know, as coaches, this is not an uncommon situation to be undercharging in relation to the value of the transformation we offer our clients, but it can also just be that, you know, you're getting really at capacity for one to one, so you want to bring in maybe a group program, and therefore you want to increase the price of your one to one coaching because you're now bringing in this mid tier offer that is going to serve the people that are not ready for your higher [00:02:00] ticket one to one coaching, you know? So there's a few reasons that it might be time for you to think about raising your rates.
Can I suggest that for this episode, you grab a pen and a notebook because Going to really share some actionable strategies that you can implement that are going to help you with the confidence you need to raise your prices while retaining your fabulous clients, of course. Okay. Let's get into it. So first of all, Let's talk about why raising your prices is not only okay to do, it's actually really necessary.
Because as a coach, you are constantly learning, you're growing, you're evolving, you're honing your practice. Or at least you should be. And if you're not, that's the first question to ask yourself. But I know that year on year, I'm a better coach at the end of every year than I was at the start of every year.
And that's how it should be. We should be [00:03:00] continuously investing in our personal growth. We should be working on. Every challenge, overcoming challenges, getting better at what we do. And that means that the value that we bring to our clients grows as well. And yet so many coaches that I speak to had really stuck charging rates that they have been charging for years.
Sometimes, you know, rates that reflect where they were a few years ago. And realistically, if you're a great coach who takes their personal growth and development seriously, then you're not the same coach that you were back then. So why are your prices the same? Think about hairdressers, right? If you're happy to have the junior apprentice stylist, who's still kind of going to college once a week and, you know, is just learning the craft, then you're going to pay a much, much cheaper price than someone who wants the salon owner, [00:04:00] who doesn't work with that many clients, who has a Spent years becoming better and better at what they do.
You would expect to pay more for that person. I talked about this in last week's episode. Your prices need to reflect the transformation and the expertise you provide, not just the time you spend. Okay. And I think it's worth remembering too, that raising your prices isn't just about making more money.
It's about honoring the value you bring. And the results your clients are achieving because of your work together, it's important that you position your pricing to really reflect that. So I know some of you right now are thinking, but the thing is Jill, if I raise my prices, my clients will leave me and I get it, right?
This is a huge fear for so many coaches, especially if you're not working with high ticket clients yet. [00:05:00] Right. Then this can be viscerally, is that even a word viscerally uncomfortable? I don't know if that's the word or not, but you know what? I'm going to own it and go with it. If it's not a word, we are creating it right now.
But here's what I want you to remember. The clients who truly value what you do, they won't be scared away by higher prices. In fact, many of them are going to see it as a reflection of the higher level service that you're providing. If you communicate it, right. And we're going to come on to that. So raising your prices actually often helps you to attract clients who are much more committed, more serious, more invested in the results that they want.
Because when someone pays a premium price, they're way more likely to show up. They're going to do the work. They're going to get the transformation that they're seeking. Right. So instead of thinking about losing clients, think about [00:06:00] the quality of clients that you're going to be attracting at that higher price point.
And for your existing clients, we're going to talk about how to communicate pricing increases. In just a moment. Okay. So I want to go in now about how to really confidently communicate your price increase. The first thing you need to do is prepare your messaging. The reason for that is that the way you communicate a price increase just makes all the difference.
The first thing I want you to do is I always want you to give advance notice. Raising prices isn't something that you do quickly without much thought on a whim. You need to always give your clients plenty of notice before your new prices go into effect. And that gives them time to process the change and decide what works best for them.
So a 30 to 60 days notice period is typical, but to be honest with you, if you [00:07:00] feel like you want to give more notice than that to some of your existing clients, then, you know, adjust it based on what feels right for you, based on, Your relationship with your clients and make sure you're framing it as an upgrade in value.
So when you're going to announce your price increase, don't just say, hi, my rates are going up instead. I want you to really highlight the additional value they'll be receiving. So if you've added more support into the offer, perhaps maybe you're giving a more personalized experience if it's a group program.
Maybe you have deepened your expertise in a particular area. It's all about framing this upgrade in value by telling your clients about those things and showing them that this is about delivering a higher level of transformation to them. And you know what, thinking about your existing clients for loyal, long term clients.[00:08:00]
You might want to offer like a grandfathered rate for a time, just to show appreciation of them. So this is something that I do. In fact, in my practice, I have clients whose rates haven't changed for a long time, but that is because they are very loyal, high ticket clients who I want to show my gratitude and appreciation to, but I make sure they know that that's what I'm doing and make sure they know that my prices are going up for other clients or for new clients.
Rather, this is about. Doing what feels right to you, and I think often keeping a price for existing clients makes sense to you and it feels comfortable, but what we need to be doing then is making sure that any new client that comes on board is paying the full new price. Right? But that [00:09:00] doesn't mean that you can't increase your price for existing clients, particularly on lower ticket offers.
So if you've got a group program, if you've got, if you sell digital courses, that kind of thing, then I absolutely believe you can increase your price on those for existing clients. What you might want to do is offer them a special offer. That allows them to stay at their current rate for a few more months, or you might decide to meet them halfway and give them a special discount that allows them to, you know, stay at their current rate for a bit longer.
And often we do that as a thank you to them for continuing to work with us, for committing to renewing with us. Right. So again, the key is really to make that client feel valued, but while still honoring your worth, you will know you'll have a gut feel whether you want to increase prices for your [00:10:00] existing clients or not.
And how you want to do that, whether you want to do it straight away, whether you want to stage the increase, whether you want to phase in something, whether you want to meet them halfway, you know, you're going to feel what's right for you. And it's going to be based on the relationship you have with your clients.
I also want you to be really mindful of the way you communicate the pricing increase, because when you're raising your prices, you really need to own it. Okay. Your own confidence will set the tone. So if you're going to come across as apologetic or uncertain. Clients are really going to sense that it's going to make them feel very uncomfortable, but if you clearly communicate that this is a natural part of your growth as a coach, you know, they're going to respect your decision, you'll be much more likely to renew their commitment to working with you.
So a lot of the work that we did last week, when we were thinking about your money mindset, this is so [00:11:00] important, right? Because raising your prices, it isn't just about strategy. It also is really is a mindset game. If you're not feeling solid about your value as a coach, you're going to struggle with this.
One thing that can be really helpful is to sit down and write out all the reasons why your coaching is worth this new price. So list the transformations that your clients experience, list out the expertise that you bring, the results you help them get, you know, and doing this is going to boost your own confidence, but it's also going to give you really good talking points when you're explaining your price increase to your clients.
I want you to remember that money really is energy. And if you raise your prices from a place of alignment, from a place of excitement and service, then your clients are going to tap into that. They're going to feel that too. And it's going to make your job [00:12:00] much easier. A quick recap then, first of all, raising your prices is necessary as you grow as a coach and as the value you deliver increases, then certainly increasing prices for your new clients as and when it feels right to do so.
Is absolutely essential. And then thinking about existing clients and whether you want to increase your prices for them by how much and when is really about tapping into that relationship you have with them and what feels right to you. And then communicating your price increase really clearly, really confidently.
Talking about the value and that will make your clients feel grateful for the change in terms of the value they're receiving and less focused and anxious about the change in the price. Okay, and remember your mindset is everything. So if you believe in your value, your clients will too. Raising your prices can be very [00:13:00] empowering.
It's a very empowering move to make in your business and you know what? The new year is a perfect time, isn't it? You know, to step into a new level. If you, at the end of last week's episode, took me up on the challenge to set those really bold financial goals for 2025, then one of the ways to hit those goals is to increase your prices.
And let's face it. You really do deserve to be compensated for the incredible work you do as a coach. You deserve to be generously compensated for that. Okay. I hope that has inspired you or helped you to feel more confident about raising your prices. As always, I love to hear from you. So if you've had any kind of aha moments or you want any more help.
With actually implementing this in your business. Then there's a couple of things here. There's the money mindset workbook, which again, I'll put in the show notes this week, it's in last week's [00:14:00] show notes as well. Reach out to me, info at jillmokes. com. If you've got any feedback you'd like to give me or any questions that you'd like to ask, do do that.
We do get back to Anyone who emails into us. And then of course, if you are a coach who is looking to grow their coaching practice in 2025, do check out the coaching business academy, because that's what we're all about. That is jewelmokes. com forward slash academy. And again, I'll pop all of those things in the show notes in the meantime, have a really good week.
Not long till the end of the year now, you've got this. Enjoy your week and I'll see you back here, same time, same place. Bye for now.
I hope you enjoyed this episode and that getting our heads together this week has filled your mind with what's possible. If you love the show, would you do me a massive favour please? [00:15:00] Would you leave a 5 star rating on Apple Podcasts? It would really help me put more heads together, reach more ears and expand more minds.
Until next week, bye for now.
