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Old 06-30-2017, 01:54 AM
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Smile Will you raise your price

My question is pretty simple. Suppose, you have a client and he has been paying you for more than an year.

Will you raise your price after an Year or not?

Please share your views.
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Old 06-30-2017, 07:13 AM
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It depends on the services contracted in terms of how much time I spend with a client and what I'm performing as an actual service.

If I need software to perform my services and I need to upgrade my software every year, then yes, a small increase might be in order.

Personally though, I like to grandfather pricing for clients that decide to stay on (I have about a half dozen that have been clients for nearly 20 years).

At some point, however, it may be necessary to increase pricing, and just to assume after one year every client will understand and go along with a price increase, is an assumption that can lead to a declining client base - unless you are taking on more clients than you lose every year.

That said, if you really have to increase pricing, most loyal clients will understand, as long as you can justify the increase and have been doing a good to outstanding job for them - and it's just a modest increase.

But, to increase pricing just because you want more money, or gave them a below-market price for the first year just to snag them - you had better have let them know in the very beginning that the special pricing was specifically just for one year.
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Old 06-30-2017, 08:09 AM
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I agree with LMD. It depends of many different factors. And mainly of your contract and relationship with this client.
 
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Old 06-30-2017, 08:45 PM
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I think it depends on how consistent and frequent you get business from this client vs other clients. If you are making a decent long term profit margin from them, its not a good idea to increase the price. If you do you will be exposing your loyal client to your competition and risk losing them.
 
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Old 07-01-2017, 06:00 PM
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Yes, it really depends.

Raising your price, for me, is about two things:

1. Valid reasons
2. Timing

You must have a clear and valid reason to raise your price. It should not only be because you want to earn more. It should be also about the value of your product and your relationship with your clients. Be honest with your clients. The more honest you are with them, the more that they will understand and accept changes.

And yes, it is also all about timing. Why now? Why after a year? Find the right time to talk about raising prices. You have to also know what your client's situation is.
 
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Old 07-05-2017, 11:51 PM
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I have had clients in my company for 5+ years... Never raised any price on them but I have made more money because they are happy... This same exact client will now be opening up a new business with me that will generate $500k next year.

Think how business really works before you get greedy. Business is not always about money! Sometimes it is about creating a relationship that will last for many years to come.


Quote:
Originally Posted by eric_wahlberg View Post
My question is pretty simple. Suppose, you have a client and he has been paying you for more than an year.

Will you raise your price after an Year or not?

Please share your views.
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Old 08-19-2017, 02:35 PM
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It depends on the client to client. If you have a good relation with a client and he is giving you work continuously then you don't have to raise the price. Sometime relations are more important than the money.
 
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Old 08-20-2017, 04:37 AM
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I call that the cell phone / cable company reasoning. Anything to get a new customer and nothing to keep a loyal one.

PITA clients might get a price increase to bring the charges in line with the work.

Loyal low demand customers should be grandfathered and prices only raised when absolutely necessary.

My hosting rates have not increased over 7 years and 3 owners. So there are some smart people still doing business.
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Old 08-20-2017, 09:04 PM
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If I've helped them expand their business then definitely yes. I've broadened the pie for them & they won't mind sharing a small bit of it. But of course I'm in a B2B line of business. Raising prices is never easy for B2C. Customer resentment is always an issue.
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Old 08-20-2017, 09:49 PM
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depends on his/her working efficiency. working capabilities.
 
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Old 09-20-2017, 05:53 AM
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Thank you so much for clearing doubt in my mind. I will focus more on building long term relationship with client rather than raising prices here and there.
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Old 09-25-2017, 04:19 PM
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Quote:
Originally Posted by eric_wahlberg View Post
Thank you so much for clearing doubt in my mind. I will focus more on building long term relationship with client rather than raising prices here and there.
This will certainly pay off the most in time. The referral power and relationship built is more important.
 
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Old 10-08-2017, 10:53 AM
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Depends on the service.

Is it a product based business where you are delivering the same product year over year.... probably not.

If it is a service based (writing, others) etc and you have more clients than you can handle I would do it in a heartbeat
 
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Old 10-08-2017, 11:24 PM
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Although you may keep prices stable, a lot also depends on what's happening in your industry in general. If other people in your industry are raising prices then your customers will have fewer qualms about paying them so it should be ok for you to raise them.
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Old 10-09-2017, 05:09 PM
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Quote:
Originally Posted by vaguar View Post
Although you may keep prices stable, a lot also depends on what's happening in your industry in general. If other people in your industry are raising prices then your customers will have fewer qualms about paying them so it should be ok for you to raise them.
Yeah I agree with this. If your competitors are few you can probably raise them. If your competition is aggressive and can easily switch I would watch about raising them.
 
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Old 10-23-2017, 01:52 AM
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Yes of course. As everyone knows because of Inflation, the pricing would keep on changing for every commodity. It is best advised to revise the price annually as we need to revise the salary of our team members too.
 
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