How You Can Raise Your Prices Without Losing Your Best Client

Hey coach, it's Ben Neighbors. Welcome back to my YouTube channel. In today's video, I'm going to answer this question from a coach who just asked me, how do I raise my prices without losing my best clients? This is such a good question. And this was a huge struggle for me in my business back in the day. And once I figured this out, it was a game changer for my business. And I know this is going to be a game changer for you too, because this is a huge fear. Many coaches have, when they try to raise their pricing, they want to try to hold on to their best clients and they don't want them to leave. They don't believe that their best clients are going to start paying more. Hopefully, in the next five minutes, I can help you resolve this for your business. I'm going to break this into a couple of pieces because I'm a very systems type of person when I think about this type of question and how I want to deliver this answer. The first Most coaches that I've come across, when they raise their prices, the way they do it is extremely disorganized. So they're like sending out a mass text or a mass email. They're like, hey, in two weeks from now, we're raising our prices. This is what it is. This is where it was. If you want to stay in our program, you have to pay the new price. I would say 95% of this industry, whenever they raise their pricing, that's what they do. And I've even seen coaches Which is go make like an Instagram post about. Like we're raising our prices on this day. And I think that's a really bad method of doing this because you're not actually talking to your customers one-on-one. You're not doing anything to tell them about why it's more. You're just telling them that it's more money. And imagine if you were them. It's like, would you want to pay more money for... In your mind, the same thing? Probably not, right? So before we ever raise the pricing and before we ever communicate with any clients, what we need to do is figure out what is the price right now? Where do we want to move the price and what is different about the new program compared to what people were paying before? Because if you don't make it better, it's going to be hard to get current clients to pay more money, right? So we need to improve the quality of your program and make the product better, right? For you to have the self-belief that it's worth that much. And then that's also going to match your client's self-belief that, yeah, they should pay more for Right. So. That's the first part is we got to figure out why is it better? What's the new price? What is different about what we're going to be doing coming up versus right now? And that's the beginning. All right. So once that is nailed down, then we figure out how am I going to actually communicate this to my customer? Because if you fall into the trap of just being lazy and you're just like going to send a mass email or mass text, or you're going to just make one you know social media post about what the new price is you're not going to convert a lot of your current clients and just staying in your model. They're going to just be like, most of them won't even see it, especially if it's a mass email. 50% of the people won't even read it. And the ones who do read it are probably going to have questions. And if you send out a mass text, it's just very, it's not personal at all. So my method, it's very different. And my method has worked really well for coaches. And this is why I want you to pay really close What I'm about to tell you, the way I would tell you. If I was coaching you on your business, the way I would be telling you how to do this is one by one, we speak with your customers. Now, you have to figure out what your strength is. Is that going to be over the phone? Is that going to be on a video call? Or is that going to be in person? I don't know what your strength is if you're watching this, but out of those three, you need to pick one and go all in with that. Because some coaches would rather just stop their session five minutes short, have a little bit of time to talk to the parents and explain to them one-on-one. And if you're that type of coach, that's great. If you'd rather do it over the phone and explain it that way, great. If you'd rather do it on a video call and have a little presentation. about what's going to be different and it's visual and they can see that. In my opinion, I think that's the best possible way. That's going to take the longest, but at the end of the day, most times in life, the things that are hard that take longer are... You get the best results with, right? That's why I recommend you have to figure out how you want to communicate it. And then lastly, you want to be able to have enough buffer time between when you communicate it and when it actually starts. And this is a huge problem that a lot of coaches have is they give the update like two days before the update is live. And that's not going to work, right? Because you got to remember, if you put yourself in a position Of being the customer, you wouldn't want that. You wouldn't want to get on a call with someone and then find out in a day from now, like the pricing is different or it's automatically going to be different on their account. You don't want to do that. This is why I recommend at this point, 30 to 60 days before it even happens, you've already had that conversation with a client. They know when this is going to be happening. And the beauty about... Raising your prices with clients is if they object and they say no, you can move them into a program that's even more affordable than what they're currently doing. And odds are it's probably going to be group training for you. And if you can slide them into group training, now that customer's probably not doing one-on-one anymore. They're doing group training. So now you're more profitable per hour. This is why a lot of coaches that I work with, when they raise their prices and they end up telling their customers about it, the way they communicate it is spot on. The way they present it is spot on. And if someone objects to the price, we just slide them into something different that's more affordable. So they're even happier getting even the same or better results. And now. That customer is not taking more time for the coach. They're just coming into a group, right? So for you, you have to really nail this down, right? And again, it's going to come down to everything I talked about in this video, understanding where you're at right now with price, where you want to go. Why is it better, right? Then how to present it, right? Is that on Google Meet? Is that on a phone call? Is that in person? So you need to give your customer enough time to be able to. understand everything. So when you make the change, it's made. And that is how you get your current customers to pay more money and be on your new program. Hope this helps. If you have any questions, if you want to actually get one-on-one help from me, go below here, go book a call, and I'd love to chat with you one-on-one. See you later.