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AudreyPratt
AudreyPratt
August 22, 2017

Member Question: How Often Do You Adjust Your Prices?

  • August 22, 2017
  • 1 reply
  • 0 views

Do you regularly adjust your pricing to account for market changes, inflation or other factors specific to your client base? Tell us about when and why you change your prices and how it's worked out for you!

      1 reply

      Crystal-Marie-Sealy
      Crystal-Marie-Sealy
      August 22, 2017

      Annually, depending on the change in economic interest rates and cost of living changes. That's on the macro-scale. 

      On the micro-scale or per-client basis, I tend not to adjust prices - and recommend the same to clients. I call it "price negotiation". That becomes your reputation over time and everyone will come to you because "you give good deals". It's essentially the slippery slope that leads to decreased efficiency and time loss, because now you're spending revenue-generating time on "price negotiations" instead of productive client support or business development, with clients who value and invest in your existing rates without question. 

      This is not everyone's cup of tea, but speak to business owners who've gone out of business (or almost did) and you'll understand why it's crucial. Hope this helps someone! :)

        AudreyPratt
        AudreyPrattAuthor
        August 23, 2017

        @Crystal-Marie-Sealy Thank you for sharing your personal recommendation and story! It certainly helped me see things in another light. :smileyhappy: I think for self-employed people, one of the biggest struggles is the ability to trust one's self worth it and to not settle for less. 

        Raywhite28
        Raywhite28
        September 2, 2017

        Initially, it was annually. Now it's every couple of years depending on the economy.

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