How Do I Raise Prices Without Losing Clients?
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- Опубликовано: 7 июн 2024
- Why can't you negotiate well for yourself? How do I raise my prices as an artist? How can you change your mindset so you can charge more money? How do you respond when a client asks “how much?”
Business coach Joel Pilger and Chris Do coach creative entrepreneurs with their unique styles and point of view in our version of Spy Vs. Spy.
In this video, they coach Maryia through her challenge of raising her prices for her illustrations. Watch how her mindset shifts, once she starts negotiating on behalf of Chris.
Joel Pilger, Business Consultant
www.joelpilger.com/
Featuring Artist/Designer Maryia Bulka. See her work:
/ tintabybulka
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"Let each dollar bill be like a thank you note." WOW, everything on this was amazing but this struck hard. Never again I'll shy away from charging what I think I should charge.
Good for you, Gabriel!
Gabriel Barbosa ❤️✌️✌️👍✌️
Ikr. I'm new to design and have recently found this channel. What I've learned so far is priceless. Thank you Chris and team 🔥❤
So... one year later.. how did it go?
my whole thing with it though is that if you live in a small town or people are broke to begin with raising your prices doesn't actually help you get any clients
You know, every client I've lost because of price, was a client I was happy to lose.
#perfect
💜
same here
Step 1: Identify your price buyers. Step 2: make a list of the sku they buy. Step 3: raise prices on all of those. Bang! You just increased your margins across the board and got rid of customers that only care about the price and care nothing about you.
Agreed 100%
80/20 rule: you may lose 80% of your clients, but you'll keep the 20% that are willing to pay your worth, and still keep 80% of the revenue while removing the underpaid part that made you stressed and feel bad about yourself.
I love this
It's the Pareto Principle.
Makes me feel better.
very interesting!
I am not following your math. With how much do you intend to raise your prices to compensate for 80% of your clients gone.
Things I learnt:
- Raise prices over a period of time (daily,weekly,monthly over a numerous amount of new clients)
- Be an expert not a service provider
- Experts are busy
- Play hard to get for better results in the long run (delay response times etc)
2 things that drive price:
- supply and demand (control it)
- Dont supress your own values for clients
- Imagine youre fighting on someone elses behalf
The supply and demand thing is so wrong I would need 2 hours to list all the things that are wrong with it. The supply is the sum all other professionals with similar skillset. The way they present it sounds like you can restrict the supply so much that you can get million dollar deals. But your supply is negligible compared to the aggregate supply.
The actual reason you can increase prices and find new clients cannot be explained by supply and demand. One possible explanation could be that the potential client has a cost of finding a good designer. The higher that cost is, the higher the mark up can be.
Think of it this way. If the person on the other line makes $12/h an hour, they could spend a couple days looking for deals from other great designers, instead of paying you $1000 more. If the person on the phone make $30/h and has to consult the manager after every call, who makes $50/h, then you can see that the cost is higher. High value clients are those who make a lot of money and are satisfied with your work. Those will stick around. Low value customers could help you build your portfolio for those high values to discover your.
Raising the price for every new client it's brilliant. Eventually you would get a foothold to raise the price for older clients because you will be busy working on better commissions
Genius idea!
Can you do this when there is an industry standard? Like they know say 20 an hour us normal but I charge 40?
I for real started to cry when Chris said "You're worth way more than that." 😭❤
Thanks for sharing
@The Futur Thank you for what you do. You inspire and change lives for the better. 🙏
Fascinating, Chris's therapist helps the whole world without even knowing.
Im shocked no one's asking for the therapist's name
@@lilcrisjan That would cost money
Actually therapists help the world by helping you become the person you want, and by being that person, you’ll bring goodness around you
My guess is that he was talking about Dr. Peterson as he has also explained a similar concept in one of his psychotherapy videos.
"Whenever in doubt remember you're negotiating for Me" i love that perspective :)
Good for you, Samuel. Keep on pushing forward. - Joel at RevThink
Just what I needed to hear! I've been selling myself short for far too long. I am worth every penny! I am a problem solving machine!
Nice, Aaron. I like that "problem solving machine" idea. Unleash it. - Joel at RevThink
so how did it go its been 1 year
@@MrLiquidxIce she tried that, it worked! now she's making triple the rates!
“ I can’t even draw.” 😂😂😂 That has me rolling. I just raised my prices by 15%. Sitting home during the Rona left me a lot of time to think. Those clients want a deal, but who was cutting me a deal when it was time to pay the mortgage? No sir ree Bob. Pay me. Thank you.
The idea that you're negotiating for Chris instead of yourself is so powerful!
Make that money... for me ;)
Konrad, this is why I believe so strongly that sales and creative roles should be separated. - Joel at RevThink
This video was invaluable! We designers really need to band together and support each other to raise the general perceived value of our trade.
Why not raise the value, instead of the perceived value?
@@chrisreichert3904 The value of what I create IS $1000. That people PERCEIVE the value as $500 just means that they aren't knowledgeable about what I'm creating.
@@thebluerook6972 value=cash paid! Percieved value is a bs term when it comes to real life. Knowledge about a particular product may increase their chances of paying more, but that's still how it really works. People tell you what it's worth. You can have a "percieved value" that's not in accordance with the consumer's pocket book. If you can get 1k for what you view as a 1k product then it's "value" percieved or not id 1k, if you're not getting 1k it isn't worth 1k.
I repeatedly come back to hear Chris say "Spend some of that energy on yourself. You're worth it" .
Chris, thank you! Your channel is pure gold. I have been in a depression and anxiety disorders for a while. Because I'm a creative worker/artist, people would usually take advantage of me for doing quality work for free or almost free. At first, it was okay but the more it went on it became a drag. And over a long period of time, people think this is my worth and they start to run over me and make demands that are impossible. And when these ridiculous demands weren't met, they threatened to tarnish my reputation. But now, I'm cutting them all, and spending all my times and hours learning from your videos. Thank you, I'm feel very greatful for your work. Hope you are well and keep releasing more quality contents!
Thank you
This is such crucial information. The first time I turned down a client that couldn't afford me was the most liberating experience. The side of this that isn't discussed is that it's such a huge confidence boost as a designer. Saying NO shows we value ourself and our work and that in itself attracts the better clients.
The customer always complains. It’s your job to know your value and let the losers walk out the door.
Her work is fantastic. If dummies are willing to walk away from a great product, let them go. You have more clients
My wife is TREMENDOUSLY talented but has such an issue with pricing herself accordingly. These are some seriously invaluable insights!
I need to employ that mindset of thinking of myself as my child and advocating for that child. Not just because I actually have a kid that needs me to do it, but also because it leverages my empathy in my favor. Normally, I feel like my empathy is working against me since I empathize with the client to the point where I don’t clearly understand or remember my own interests. I have a feeling that if I preoccupy that part of my brain with caring parental protection, it will be easier for me to not slide so quickly and completely into my prospective client’s shoes during negotiations.
That's an interesting bit of self psychoanalysis. I think you are correct. Empathizing with your client makes you a better creative. But empathizing with yourself makes you a better salesperson. Don't try to wear both hats at once! - Joel at RevThink
Well said. Thank you for this. I do the same thing, but you articulated it so well.
damn this is very profound. thank you
"We do not have to feel guilty for charging for our work" THIS struck me so hard!
When Chris said, 'Then fight like that for yourself too', I almost cried! That look was so deep.
When Chris said "You are worth way more than that, do you believe me" that shit felt so genuine. He made me believe in me.
This is the best business tutorial course on youtube... I'm always scared to ask for money from clients because I don't feel like my work is valuable enough. Though when I see how happy clients are with my work afterwards it gives me more confidence. watching this really helps as well, thanks!
I like the Chris's idea. Don't worry Chris, next time I will negotiate on your behalf for myself. Thankyou.
cool. then send me 10% of your increased budget. ;)
I'm also an artist and the things that skyrocketed my progress were: slowing down my work process, raising prices, saying no.
People that bargain don't care about you or your work. They only care about getting cheap work. Any work as long as it's cheap
I really love the role plays, it's more educative than anything!
Ikr Just so relatable and relaxing to watch
Where is the follow up video on this creative woman?! I remember she implemented Chris's recommendations and she turned her business around in such a positive way! I want to review it again as a reminder that execution is EVERYTHING. Ideas only work if you put action behind them.
If all went well she won't have time...
@@disklamer or maybe she will. Maybe the reason to raise prices is to be able to buy back some of your time for better work life balance. If you are making 100k a year working on 50 projects and you double your price per project and you make the same 100k but now you only work on 25 projects in a year you may actually have more free time since your rate per project or rate per hour has gone up.
Yet another excellent session. A timely reminder to what I’ve subconsciously done when I started out: control the “supply and demand” and increase price for each new client.
Along the way, as the studio physically grew, the pressure of the growing expenses made us defensive and started to act like Maria, afraid to “scare off” our existing and new clients.
Thank God for this timely video, and the insights from Joe and Chris, reminds me of how we even got where we are. Keep pushing quality conversations Chris and team!
“Imagine that there’s an inner child..that you would take better care of than what you’re allowing others to do.” I immediately thought of a younger me and how under appreciated my work was and how I felt at the time and I just want to protect this young me and help him get what he deserves. Great advice. Great video.
Thanks alot chris and all The Futur team, we appreciate the effort you make to bring us a quality content.
this is everything I've been looking for as a creative. I shoot wedding videos and its hard not to be empathetic to my clients but after a year of taking some serious losses, I'm ready to stand my ground. plese keep posting content like this!!
This is a goldworth argument!!! i love this! Im so busy, im gonna have bring some different people,artist in, work on weekend, after hours….thats why. I never heard this. Thank u!!!!!
This was unbelievably helpful!
Keep Productive love your channel. Keep it up!
This piece of content, is immeasurable in terms of money. The value I got watching this video is tremendous!!! Thank you so soo sooo much. ❤️
That was an amazing lesson. Love the way Chris made Maryia realize her worth. It was beautiful. The problem with increasing the price even with new customers goes beyond your talent and what other designers/artists can deliver in the same or lesser budget. Until and unless you have like not less than 10k followers on your insta and facebook, the customer/client won't take you seriously. I do an online business and random freelance work as well.. and most of the people don't care about the hard work you put into each design, as long as its cheaper in price. A gradual increase in the price might become unnoticed in the long run, if the cards are played tactically
I like taking big steps-quantum leap. You can’t jump the curve by taking iterative steps.
I'm in agreement with Chris / The Futur here. I advise my clients to reach into new markets, build trust, offer expertise... and double their prices. "Nothing ventured, nothing gained." - Joel at RevThink
Wow, this one hit me big time. The last few sentences of advice just pulled the whole idea all together. Thank You.
Thank you for these lessons. Seriously. It's a huge help Chris. Love and respect.
Just coming across this video. Very well said and great advice. Also in my experience the lower-paying the client the harder it is to make them happy because they don't value your work or time. It's often the lower-paying projects that have the most revisions and the clients changing their minds and are never happy. It's not about how much time you are putting in, it's about the value your provide.
I love the way Chris show us the mindset of things. I don't like to think about a "trick" to negotiate, it's almost like "fake it 'till you make it". I don't wanna be fake, I wanna be real!
Those words,
"Spend some of that energy on yourself. You're worth way more than that."
Thank you Chris ❤️
Man, you guys are the best! A blessing for the design community, I can't being to understand some of the hate online, even though you decide to put this content out on your own time and for free, and just to help educate and make everyone more money and have a happier life.
I've got goosebumps for real!!
Robert Kiyosaki has a saying, "Entrepreneurship is Personal Development".
I think all creatives suffer for the "Suffering Artist" romanticism. It's not always easy to to separate yourself from the work. So, it's like, "I doubt my value as human being, (and maybe I feel guilty about art as a living i.e not a real job) so I don't deserve to be paid/live well"...
What if that's not true. That's hard.
Kagiso, so true. Many creatives love what they do so much, they allow themselves to be taken advantage of. This is why Chris and I feel so passionate about helping creative entrepreneurs break free of these limiting beliefs. - Joel at RevThink
@@RevThink I'll tell you, you guys are helping me a lot. It's humbling how generous you all are with your wisdom. Thank you. 🌸
I need this type of energy and mindset in my life, I love hearing Chris Do talk, so wise.
Thank you
100%
This is amazing! One of my biggest struggle as a creative is pricing. It's a lot harder also to price when you are really passionate about the project and you are emotionally attached to it. I had this experience working on a vfx project where I like the project a lot and I like the people who asked me to do it but later on I bumped in to some unforeseen issues that made me realize that I should have priced it a lot higher.
Chris is amazing, so underappreciated, OR just appreciated by the right people! Mindset.
YAY! I get tired of hearing that my work is "too expensive". I'm doubling my prices tomorrow, not looking back, and will continue searching for my clients. I know they are out there. Thanks for this. XO
Villa Park Hearts - Any updates? I would like to know if it worked... because I wanna do the same too as well.
How did it go?
Ivan Nierez - You’re asking me or Villa?
News?
Man I suffered from this just glad to get the work. Great come back lines.
Glad you enjoyed it - Joel
I just needed advice on raising the price from my clients and It's helped me a lot to create a new mindset. Thanks a lot, The Futur team.
Learnt so much in a day by just watching 3 the Futur videos. Thank you!
Exactly!!! Guy calls me the other day from a Craigslist ad I put out. He's like, I was hoping to have a logo designed for $100.00 I'm like sir I need at least $700.00 to even consider. Bye bye sale, hello more time to practice, more time to study and get better, more time to advertise and Market myself while waiting on a better client.
Yes Jarmelo, this is exactly how you can use margin (not merely profits) to create the space needed to grow your expertise and value creation. - Joel
@@RevThink Thank you brother.
@J HoopI would not take the job for $100.00 because it's not worth my time.
@J Hoop I'm not a desperate Designer. And I will not act like one either. It's just not worth it. Trust me I practice quite often.
jarmelo2006 way to go! Having an abundance mindset changes everything doesn’t it!? 🤜💣🤛
Gosh…I love this guy! Every video is literally inspiring and packed with some lesson we need to learn as designers and entrepreneurs.
Wow, thank you!
I'm an accountant and found this very useful. Thank you Joel Pilger and Chris Do for sharing your wisdom.
When Chris said "You're worth it" I almost cried! THANK YOU
I took your advice and advocated for myself as if I was advocating for a child. YOU WILL BE AMAZED. INSTANT 180 in the feelings I'm feeling as an artist today.
Amazing
Awesome awesome role play!!! She did a great job! Way to go Joel for going there. Way to go Chris for going in on the mindset side of things!!! Beautiful. Love this video. Great timing too!!!
Thanks Henry! See you on the next call.
Thanks for the feedback, Henry. I was happy to add my 2¢ to the conversation. - Joel at RevThink
RevThink loved it dude! I get so much value out of those role play scenarios. Great job!
Increase you fee for every new client. Leverage how busy and desirable you are when increasing cost for existing clients. Actually used both of these tactics this week. Great stuff as always Chris ✌
Your channel is giving me more education in several minutes than I ever had in my entire schooling years put together.... thank you
Glad to hear
That was freaking amazing. I thought Chris would have a hard time keeping the pace because the first guy smashed the concepts. But Chris not only kept the pace but elevated the bar. It was powerful lessons and I appreciate for you let me access it. Thanks.
That was fun to do.
Such an amazing video! I love how you deal with the “problems” we as a community might have and explain how to do better. To really value ourselves because we are worth it
Yes, Ikenna, we are worth it. Thanks for the feedback. - Joel at RevThink
Uzo Design , hahaha thank you Uzo! I really needed to hear that! I’m already making some changes :)
I liked this very much, especially the part "if you have to eat go with it, if you don't raise the price" and "double it for no reason"
It took 3mins before I heard Chris Do's voice on a "The Futur" video. A new record! Great video though with valuable information too.
Love this! I'm going to separate myself from the work and negotiate on behalf of my company.
Chris I wish I had as much confidence as you I guess I need to really believe in myself and create more art to become more confident in my own work in order to raise the price it’s really a confidence that I need to gain.
Guys, you bring incredible value with your content! Thank you very much.
So glad I found this channel. Reminds me of being in business school 🤍
I Love this Channel So So much, this has been such a timely video.
Thanks, Chris. I'm glad you found it helpful. - Joel at RevThink
😭 OMG! I'm so going to think about Chris Do... I see myself in her.
I am a creative in the field of book writing and publishing and this is so helpful. I have struggled with these issues too. Since I found this channel, things are much clearer.
The quality of your work will speak for itself. People will see it and word will spread. That goes for both high and low-quality work. I am not in the digital space. I am a craftsman who works with wood and leather. The biggest misconception among creators is "nobody will pay me what my work is actually worth". The truth is people overpay every day for the things they just cannot live without. I made a belt for a client. It was a simple, elegant piece that for some reason caught the eye of my client's father who had to have one of his own. There was no haggling, I gave him a price, and he paid me for my work.
I read this book called "You are a badass at making money" and what I discovered was that I have this thought in me that says "If I charge too much money, it means I am a greedy person." I realize the thought is there and it comes from my upbringing. I am not sure how to undue this unconscious belief so I can be confident about my prices. I think a lot of "us" get price objections and we immediately agree because we go in with the wrong mindset.
Marcos, I've heard it said, "Money is the currency of respect" which means money is simply a way to measure the impact you are making on other people's businesses. When your clients agree to pay you higher prices, they are showing their respect and appreciation for your awesomeness. Hope that helps. - Joel at RevThink
Yep, In my experience, if the first question I get is "how much?", it is a bad sign of a client that sees me as an expense. Thanks Joel.
@@MarcosRochaTV Wow that's a great way of thinking about it. I'll have to go get that book. Thanks for sharing!
I so feel that way Everytime I type in the price on an invoice lol. Trying to get over the hourly wage mindset, even after 2 yrs 🤦
I also read something that said if you are TRULY GOOD at your work, people will be giving you more money to get that top notch job and you won't need lowball offers.
And bear in mind that companies always make WAY more money compared to what you charge them off the service you provide. You charge $10k, they may make $100k directly or indirectly off of that.
Thanks for the video as always! Positioning as an expert and an authority by reducing who you work with and choosing your clients is great advice.
Chris is awesome. I love the emotional approach he takes in this discussion. Very empowering.
Really hope this Dynamic Duel event could become a traveling one! Looks like the value everyone got from it was incredible.
We hope so too.
Yes, I hope we can continue to expand this format. I really enjoyed it and all the positive feedback has been great. - Joel
this is really great stuff here... I love the guest host, and Master Chris bringing that FIRE, as always. You guys are going to help me hit my 6 figure goal, I can see it in my future so clearly!!
Don’t forget the ten percent.
Why i found you so late? (2020) every single video from you guys is pure gold
Why haven't I watched this like 2 years ago? Why now?
.
Thank you, The Futur. I learned so much from this channel about different mindset, value of oneself, and many more.
.
Woow...
i learned how to appreciate the value of my skills through this channel
Mission accomplished.
you can't imagine how this conversation just changed my mind
this is amazing. thank you. I recently just raised my prices and have been feeling some anxiety. THis is a good reminder to not sell ourselves short and remember our own value :)
Best video ive seen in a long time covered all bases *chefs kiss
I think more videos like this would be absolutely phenomenal
We have 2 more.
So so sooo helpful. I will try to raise my prices! I do believe in myself and I do think that I am worth more.
But one problem I have is that past a certain budget my clients simply can’t afford the work, even if they really want to work with me. If I raise my prices it gets more and more rare that a client can afford me, and so the commissions get less frequent. Most of the clients who are interested in working with me have passion projects where they have no desire to make profit from it, so I cannot justify the high price from a business point of view.
In short: two problems -
I exceed majority of clients maximum budget
Passion projects are fun but always low budget and hard to justify high price
Any thoughts? Or can you think of any videos you have made about passion projects?
Love your videos! Been your fan since the channel was very young
Switch your target audience.
Find ppl who spend millions on their passions
Love the replies - "Just sack them off" - lol thanks...helpful.
Raise the price gradually. Some of us rely on that cheap client to grow.
Rethink the concept of passion projects. In life there can only be a few and you should not treat them in a business or pricing context. Completely separate them.
Chris, your approach was by far my favorite! It was arrogant or salesy. It was thoughtful, kind, & firm.
Thanks
Sweet! Love this video. I believe most of creative people struggle with this kind problems, included me.
Powerful analogy. Very beneficial advice. Thank you for sharing this great video. 😀👍💚
You're welcome.
Thanks for that feedback - Joel at RevThink
“you’re selling yourself short” damn this hit home for me. time to put into practice
I think this is the video all of us creatives need to hear! Thank you for this!
this was the best video about pricing and negotiation that I watched in my entire live, no doubt. Thank you for the advices
This one?
This is a crazy video.. Double my rates is something that has been in my mind for months. Now, to have the courage of asking and likely loosing your clients is a hard thing. This is something I am afraid to even try
Jose, you can do it. But remember, double your rate with NEW clients. Your old clients are very hard to retrain. This is why every year 20-30% of your business should come from new clients... who are paying your new, higher rate. - Joel at RevThink
You may lose clients but you may also gain clients who did not consider you previously because they thought you were the "cheap" option vs the "good" option. There are still some people who equate low prices with low quality so to those people you are not on their radar to become your client until you raise your prices.
Damn I love the music when this starts it has that epic suspense.... Ohhh
Chris! OMG! This was awesome! Trust me I'll adopt this. I'll assume I'm negotiating for you anytime I'm negotiating with a client. Thank you for this Insight.
such an amazing video. Oh gosh..so good. Thank you, Chris and the team for sharing this. Very grateful for giving a drop of more confidence in artists heart.
Kris you nail this one !!!
Thank you.
Lmao “I can’t even draw” killed me
This was such an eye opener. Truly, thank you for this video!
Chris exudes confidence in his delivery which he can back up with knowledge. I dare say he doesn’t have a problem asking for any price.
I generally don’t.
“I bet you wanna do business for Harley-Davidson?”
Except I’m not doing work for Harley. This is for your dealership. And I’ve never heard of you until now, and you’re knocking on my door.
People actually do that thing, they imply/attempt to persuade that you would be working for that brand when they are only a dealer, this sort of "bargaining" exist. Usually a person would try to be nice and respectful so the first thing would not be to say I never heard of you, even if that would probably the best thing to say or think.
Touche!
That was a brilliant episode, thanks!
You're welcome!
Thanks Andrey - Joel at RevThink
Thank you for this. Everything I needed to hear today.
Chris you're an angle guarding artists and so inspiring and such a great guy. Thank you!!
Thank you. Carlos.