How do you tell your old clients that you are revising your prices without losing their business? Or is it better to give your old clients the prices they are used to and only apply the new rates to new buyers? Thanks in advance for the help!
I was thinking the same thing a few days back when a regular buyer contacted after a few months. I thought about going ahead with the old price, but in the end I decided to increase the price a bit and I still got an order. I will say, go ahead and do it if you think is for the best. If the buyer really loves your work, I’m sure that wouldn’t deter him. Good luck!
Of course some of your old clients will leave due to the increase but its best to try it.
You are a returning customer every time you go to a supermarket. Have they ever given you anything at last months prices? Every time anyone raises their prices for anything there will always be people who will shop elsewhere, that’s the nature of supply and demand.
Don’t fall into the trap of keeping your prices lower because you want to be seen as the nice guy. If you are good, people will have no hesitation paying. If they don’t want to pay, then they don’t value the service and will go elsewhere.
I’m going to say no. If your old buyers aren’t willing to pay your new prices, take the hit and let them go.
I allowed 2 old regular buyers to continue paying $5 for articles a year after I increased my prices to $10. They became a nightmare to work for. Both continually placed bulk orders despite me asking them to contact me for a custom quote. Both also routinely asked for further discounts on the basis that ‘I have been a loyal customer’ etc etc.
I lost one buyer when I insisted that they pay $10 per article and closed down my cheap gig altogether. The second hung around for a little longer but in the end I told him to find another seller. By that time I was spending hours on orders for what was essentially a cup of coffee while having to turn away regular paying clients due to my workload.
It is a nice gesture but often one which is exploited and not really necessary. It actually makes buyers think that you do what you do for fun or exposure and that money doesn’t matter to you.
Wow. Thanks guys. reading your comments has helped me overcome the fear of losing a loyal buyer.