How to Get Clients to Pay More? The Secret Strategies Successful Consultants Use
Getting clients to pay more for your services is the dream for many consultants and service providers. After all, who doesn’t want to earn higher fees and boost their income?
However, asking clients for a fee increase can be daunting. You may worry about upsetting your clients or losing their business altogether.
The good news is, with the right approach, you can absolutely persuade clients to pay you more. Successful consultants use subtle, psychologically savvy techniques to incrementally raise their fees over time.
Follow these 10 secret strategies to get your clients happily paying you higher prices.
1. Slowly Increase Your Fees for New Clients
When bringing on new clients, start by charging your desired higher rate right from the beginning. This avoids having to ask existing clients for fee hikes.
For instance, if your current client rate is $100 per hour, charge new clients $120 or $150 per hour. Many will happily pay your increased rates, especially if you position yourself as an expert who delivers outstanding results.
Gradually edging up your fees for new business is the easiest approach to earning more over time without rocking the boat with existing clients.
2. Communicate the Value You Provide
Clients are more willing to pay higher fees when they understand and appreciate the value of your services. Take time to educate clients on the benefits you provide.
For example, show how your expertise solves expensive problems and saves them time and money in the long run. Demonstrate how other clients have grown their business thanks to your work. Use metrics, case studies, and testimonials to quantify your impact.
When clients see concrete proof of the value you deliver, they will be more open to paying you more.
3. Invest in Yourself
Want to command higher consulting rates? Invest time and money to grow your skills, credentials, and reputation.
Consider getting certified in new specialty areas or techniques that fewer competitors offer. For example, acquire a prestigious coaching certification or master a new technology stack.
You can also invest in things like a professional website, ongoing education, networking events, and boosting your social proof.
The more you level up your expertise and credibility, the more qualified you become to charge premium consulting rates.
4. Boost Your Perceived Value
Sometimes it’s not just what you know – it’s how you package yourself. Work on elevating your perceived value in the eyes of clients.
Small tweaks like using a premium business card, updating your title to “Principal Consultant”, or listing prestigious company names as former clients can subconsciously make you appear more qualified and get clients to view your time as more valuable.
Spark their curiosity and intrigue by selectively revealing interesting aspects of your background, unique experiences, or high-level connections.
5. Utilize Anchoring
Here’s a fascinating psychological tactic: introduce an “anchor” price higher than your current rate when first discussing engagements with new clients.
Mention things like:
“Normally my hourly fee for this is around $200, but…”
“A one-day strategy session like this typically costs $2,000, however…”
The anchor price frames expectations so that when you quote your actual (lower) fee, it seems much more reasonable and clients are less likely to negotiate. By contrast, lacking any anchor makes your price seem arbitrary.
6. Bundle Your Services
Rather than billing piecemeal, bundle your offerings into fixed-fee packages with a premium price tag. This makes the value of your full service seem higher.
For example, bundle meetings, strategic planning, and implementation execution into a single “Strategic Account Management” package for $5,000/month rather than billing those a la carte.
Tier your packages from “Good” to “Better” to “Best” with the highest tier having the most services, the highest price tag, and premium branding. The contrast will make your base services seem like a relative steal.
7. Increase Your Project Minimums
Over time, gradually increase the minimum project size or monthly retainer required to work with you. For example, raise your minimum from $500 per project to $1,000.
This frames you as more exclusive and ensures you earn higher revenue per client. Those who can’t meet the new minimum get referred to your junior staff or affiliates.
Just be sure to provide fair warning before implementing any minimum change to existing clients.
8. Shorten Your Availability
The law of supply and demand holds true, even for consultants. Create the perception of being more in-demand and exclusive by limiting your availability.
Shortening your “runway” of open booking times or days will make your time appear more scarce and valuable. This lets you justify higher rates.
You can block your calendar further out or limit slots to a half-day. Temporarily pause taking new clients to create exclusivity.
9. Offer Payment Plans
Sometimes the full cost of your premium services may be too big of an upfront investment for clients. Offer payment plans to break costs into smaller, more palatable chunks.
For example, accept 50% upfront and 50% when the project is completed. Or collect 25% at the start of each project quarter. Add a small financing fee to boost your profit.
Not only does this facilitate higher-priced sales, but it also improves cash flow for your business.
10. Communicate Confidently and Stand Firm
When asking for fee increases, avoid tentative language that hints you expect resistance. Be confident expressing the value you provide and why the higher rate is appropriate.
Stand firm if clients initially push back or ask for discounts. Be ready to clarify the added benefits they’ll receive or walk away from clients unwilling to pay fairly.
Remember, confidence conveys competence. The more confidently you explain and stand behind your increased rates, the more clients will respect your worth.
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Conclusion
Getting consulting clients to agree to fee hikes or premium pricing takes strategy and finesse. Avoid putting existing relationships at risk by initially charging higher rates to new clients. Invest in boosting your credentials, elevating your exclusivity, and confidently communicating your value.
Small incremental rate increases add up over time. Before you know it, you’ll have grown your consulting rates significantly without clients blinking an eye.
Just remember, if you don’t value your own time, clients won’t either. Have confidence asking to be paid what you’re worth – then keep wowing clients to make them glad they agreed.
