As we approach the new year, it’s the perfect time to take a closer look at your pricing. Are you charging what you’re worth? Are your prices reflective of the value you deliver?
Raising your prices shouldn’t just be an automatic, year-on-year decision. Instead, it should be a deliberate move based on the value you provide and the growth you’ve achieved in your expertise and offerings.
Here’s how to strategically evaluate your pricing and overcome the fear of making changes.
The Big Question: What Should You Charge?
Determining the right price can feel like the hardest question in business. Here’s how to approach it:
Assess the Value You Provide
What are your clients currently paying, and what do they get in return?
Consider the long-term impact. For example, if someone pays £100 and gains the potential to increase their business tenfold, could your service actually be worth £200 or more?
Look at the Outcome
If you’re offering a service that provides a year’s worth of results, is a one-time fee of £100 enough for something that supports them for 365 days?
By focusing on the value your clients gain, not just the service itself, you’ll have a clearer picture of whether your pricing reflects what you offer.
Evaluate Your Offering
When reviewing your pricing, consider the type of product or service you provide:
One-Off Products or Services: If clients only pay once and there’s no follow-up, you may need to set a higher price to ensure it’s worth your time.
Introductory Offers with Upsell Potential: If your product or service is designed to bring clients into a longer journey with you, the initial price may be lower to encourage them to buy, with future upsells planned.
If your business relies on follow-ups or upsells, make sure you have a strong process in place to guide clients towards those additional offerings. Timing is everything—offer the right product or service at the right moment.
Overcoming the Fear of Raising Prices
The biggest concern many business owners face is: Will I lose clients if I put my prices up?
Here’s the truth: If your clients already trust you and see value in what you offer, a price increase is unlikely to scare them off.
Higher Investment Equals Higher Commitment: Clients who pay more are often more invested in the results. They’re more likely to engage deeply with your service because they see it as a serious investment.
Perceived Value: Higher prices can position you as a premium option. When comparing two options, people don’t always choose the cheapest—they choose the one that feels most reliable, trustworthy, and valuable.
Think about the choices we make every day. On Amazon, you might see a book for £4 with next-day delivery, or the same book for 20p but with a 4-week wait. Most people will pay the extra for speed, reliability, and convenience.
Your pricing reflects your brand and your expertise. If you’re charging less than you’re worth, you could be undervaluing your work in the eyes of potential clients.
Practical Steps to Raise Your Prices
Evaluate Your Costs and Value
Does your current pricing cover the time, effort, and expertise you’re putting in?
Are your clients getting more value than they’re paying for?
Test Small Increases
If you’re nervous about a big jump, start with a modest increase. For example, moving from £500 to £700 may feel significant, but that extra £200 reflects the value you’re delivering without creating a barrier for clients.
Add Perceived Value
Introduce small, high-value additions like a workbook, guide, or extra resource. This can make the price increase feel justified while adding tangible benefits for your clients.
Be Transparent
Communicate the reasons behind your price increase. Let clients know it’s based on the added value, expertise, and results you’ve worked hard to deliver.
Final Thoughts
Raising your prices is never easy—it can feel risky and even uncomfortable. But staying stagnant isn’t the answer if your current pricing doesn’t reflect the value you’re offering or where you want your business to go.
Take a strategic approach:
Look at the value you provide.
Evaluate what your clients gain from working with you.
Assess whether your current pricing aligns with your goals.
If the answer is no, it’s time to make a change. You’ve worked hard to deliver results—your pricing should reflect that.
2025 is the year to charge what you’re truly worth. Are you ready?
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