Pricing · Lesson 4
Raising prices with confidence
Regular, explained, well-timed increases rarely lose good clients.
With inflation and rising costs, not raising prices is a price cut. Many firms delay increases out of fear of losing clients. In practice, clients who value your work usually accept a reasonable, well-explained rise.
Plan increases at a fixed time each year, so they feel normal. Give notice — 30 to 60 days is common — and explain briefly: rising costs, added value, or increased demand. Do not apologise or over-explain. Apply new prices to new clients first, then existing clients at renewal.
If some clients leave, ask whether they were profitable. Losing your lowest-margin clients can increase both profit and capacity for better work. Track win rates after the rise: if you win nearly every proposal, your prices are probably still too low.
Example — Hypothetical: the notice email
'From 1 January, our monthly retainer will move from ₦1.5m to ₦1.75m, reflecting increased costs and the added site reporting we introduced this year. Thank you for your continued trust — I'm happy to talk it through.' Short, clear, calm.
Try this
Check when you last raised your prices. Draft a three-sentence notice for your next increase.
Reflect
If you raised prices by 10% and lost one client, would you be better or worse off?