As a freelancer you are looking to increase your prices, but are you afraid of losing your customers? In this article, we will introduce you to 4 ways you can increase your freelance salary without risk and fear.
As a freelancer, you have the freedom and independence to set your own prices. Determine. However, this freedom of action is not cheap: financial instability is a price to pay! It is unlikely that you will always have freelance projects. However, asking your employer to increase your salary is one thing, and announcing a new, higher rate to the entire market is another. In this article we will see How you can increase your prices as a freelancer and at the same time minimize the possibility of losing your current customers. To avoid further explanation, we assume that you are not a complete beginner and that you are somewhat knowledgeable about your freelance career.
Write down your reasons for increasing your freelance salary
First And the most logical thing to do before raising wages and prices is to make a list of your possible reasons for doing so. In this list you have to state what made the price increase necessary and you must apply them. In fact, you explain why your business needs these new tariffs.
Some possible reasons might include the following:
- to upgrade your work environment
- to upgrade their skill set
- to balance increasing market demand
- to meet complex customer needs
- to increase availability Being
- to compensate for the price of minor improvements
- to buy software to improve the automation of work and improve the quality
- and the most important option in our country, to compensate for worthless Make money and reduce the effects of inflation. In an environment of inflation, prices are always rising.
Be sure to note that this list is for you only and you should never send it to customers. You really need to know why you want to increase your freelance salary and choose this amount correctly. There may not really be a need for this, and there is no justification for this price increase. They can explain their actions and decisions to the customer and justify them. But the more you try to justify them, the harder it will be for customers to believe that this freelance wage increase is reasonable. In other words, you are trying to make this tariff increase a sensible move in the mind of the customer, but they will be more likely to feel that your work is wrong and unreasonable. The reason for this is a psychological term called "cognitive dissonance". According to this theory, people seek to reconcile their expectations with their reality. The more important the cognitions and the greater the differences, the greater the inconsistency.
Change your pricing model
Pricing on paper sounds really interesting and fun, and it really is sometimes. But unlike many other businesses, freelance pricing cannot be automated. If you are thinking of increasing your freelance salary, instead of telling the customer that you want more pay, it is better to change your pricing model a little.
Maybe the model you are currently using is very profitable for you And it is time to use a new model. There are several pricing models in the world of freelancers. These include hourly pricing, project-based pricing, value-based pricing, special pricing, performance-based pricing, and some other methods.
All of these models have their strengths and weaknesses, and different freelancers. Depending on their area of operation, they may find it more useful to use each. For example, in the world of translation, projects are usually priced based on the number of words. There are other factors to consider when choosing these models. For example, it may be difficult to pinpoint the hourly rate of hourly pricing, and you may be held accountable by other freelancers or project owners for being too fast or too slow.
Turn negative news into positive news Never change your
prices quickly and abruptly. This is a very unprofessional job. If
you plan to increase your freelance paycheck,
be sure to let customers know in advance. This way, they will have
ample opportunity to decide or make the necessary changes to their
budgets and plans, and to adapt to your new prices.
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You also have to be very careful when announcing this news. Announcing a freelance wage increase should not be bad news. You should do your best so that your customers do not see this price increase as a threat and damage to their financial system. Instead, think of these as actions that you must take on a regular basis to promote your business. In other words, your customers need to feel that even though they are paying more, they will receive better or more services. How you are notified can be something like this:
(Customer) Hello, Hello
This email/message is to announce my price updates. But do not worry, this wage change will not apply to you immediately. Since you are one of my old and valuable customers, these new prices will be applied to you from (date). This means that you can use the current low prices up to (date). I want to help you make this change in the process smoothly and without any problems. To assure you, I need to announce that these new prices will be fixed and unchanged for the whole of next year. So there will be no surprises or unintended changes and your investment will be predictable.
If you have any questions or concerns, please contact me. Glad to be able to help you.
In this way, you announce your bad news to customers in the form of good news. By using templates and phrases like this, your customers will feel that the new prices will be fixed for a long time and on the other hand they will have the opportunity to take advantage of the discount. Another advantage of using this strategy is that your customers will likely send you more orders during this time to get the most out of your offer (pre-ordering up to a limited date). They know they have to pay more for the same amount of services later, so they try to register most of their orders until tariffs increase.
Make alternative offers
Probably not all customers will agree with your new prices, and this is okay. If your customer is not able to pay for your new rates but you still want to keep them, you can offer special and alternative offers. For example, you can ask them to introduce you to a new customer, but instead continue to receive services at the previous price.
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You can also ask them to allow you to use their services or products at a discount or for free. Of course, this part depends on whether you really need their services or products. If that's not the case,. You can ask them to write a referral for you and use it to attract new customers.
The point is, money is not the only thing there is to negotiate. You can still make more money from a customer without forcing them to pay you more. It all depends on the situation, the type of service, your customer and many other factors. However, try to be creative and offer a variety of alternatives that both you and your customer will be satisfied with.
increase your freelance salary with complete confidence
It 's hard to be a freelancer. Financial instability, uneven distribution of workload, the responsibility to balance everything, and many other things can be overwhelming. your prices need to change and increase so that your business stays competitive and has the opportunity to grow.
The last item on our list may seem a little strange and easier said than done. Is. But be prepared to lose your customers when you announce your pay rise. We mean, you have to have enough alternatives available so that the loss of one or more customers does not put you in a vulnerable position. Learn to value your work and show your customers How they too can benefit from the price increase. Speak these words with complete confidence to be more effective. When you do not believe in new words and rates, the customer will certainly not accept them. But if you do it with enough confidence and with the right reasons, you can be sure that the customer will be much more likely to accept new prices.