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Business Advice

When Do You Raise Your Rates?1931

jycmba private msg quote post Address this user
I have some regular students that are in non-first world countries. My rates are really low right now. (Initially, this was to encourage sign-up's) Both students are in tech, so I know that they are paid well relative to their countrymen.

We've been working together for over a year now. I know that they've gotten results. It's clear in their confidence since we started.

Here's my dilemma - 1) raising my rates won't make much difference - I'm 99% sure that they will stay with me (short of an excessive amount 2) I don't want to send the message that I'm doing this just because I can

At the same time I'm pretty sure that they feel that they've gotten over and above value, and even with the higher rates they will still feel this way.

How do you decide when to raise rates with regular clients?
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Belew private msg quote post Address this user
That's a great question and one I have never had to deal with.

But I have had it happen to me...can you say Netflix?

Perhaps give notification that on such and such a dare, prices are going up.

And let it go at that.
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Rev private msg quote post Address this user
@Belew

Is that like in, "I dare you to raise my rates!" (Freud)
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jycmba private msg quote post Address this user
I just finished today's session with one of my students, and basically introduced this idea.

Not only did he say that he understood, but the student talked about how he's had clients (he's a programmer) who asked he same thing "why are your rates so low?"

We both laughed that there's something wrong when your customers ask this!

So, here are a couple of realizations I also had -

1) when we value ourselves more with outward signs like price, so do other people (that was probably subconsciously why this has been nagging at me - I didn't NEED to raise prices, but it just felt like time)

2) I explained to the student how this was a journey we took together (I often reference the hero's journey for our growth as creatives) - not only has the student grown, but I've grown as a teacher and THAT was only possible with my students

As I said, I knew that the amount wasn't that significant. It just sounds like a lot (17%).

I explained that I won't make the change until the end of the month, and that I wanted to give everyone a chance to buy more sessions at the current rate.

But, most of all, I wanted them to understand that it's not some marketing gimmick - that it just felt like time to make changes.
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Belew private msg quote post Address this user
@jycmba

Thanks for giving us an insider's view here!
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Belew private msg quote post Address this user
Coach John Wooden, was fond of saying, “Success is never final; failure is never fatal . It’s courage that counts.”
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jycmba private msg quote post Address this user
It's funny how something small can appear so big..




But it does go back to why I talk about the hero's journey so much. This captures the essence of anything you want to achieve..

Refusal of the call.. facing dark moments.. symbolic death of old self / old ways.. returning to ordinary world changed.




They say the best way to teach children is to show them vs. telling them.. I'd be a hypocrite and not walking the talk, if I didn't push up against my own comfort zone, when I talk about it all the time with my students!
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Rev private msg quote post Address this user
Larson has no equal!

...are you having one of those days, @Belew?


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jycmba private msg quote post Address this user
@Rev - oh, man! "Artists use lies to tell the truth!"
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