Raising rates for 2016

[stellap1]

Hello,

I'm a freelance translator and would like to update my rates for 2016.
When do you think is the best time to do it? Send an email before christmas?
Or wait until New Years?

Have a lovely weekend!

Thank you!

 

[ethical PR]

Happy Christmas - we're raising our rates won't go down well.

If you are raising your rates let them know for theNewYear but try and see if you can think of ways to increase value too.

 

[Dnallov]

As with the above, any price rises won't go down well around Christmas.

However, there is never a good time to announce price rises! Customers are not going to say, “Thank the lord this price rise was this time of the year”!

Concentrate less on the timing (although best wait until the New Year) and more on the announcement. Explain in detail and try and turn the price rise announcement e-mail into a positive. For example; if you’ve had no price rises for a long period (say 3 years) make a point of it; if the price rise is due to the rise of a commodity (like material costs) explain it in detail.

 

[stellap1]

I haven't raised rates in 5 years, and thought the new year is a good opportunity for it.
The problem is that many of my clients close their office for the festive season so I would like to let them knoe well in advance and not suprise the in the new year.

 

[Thermodynamic Man]

Before Xmas would be a bad move imho. If you do not want to hit them with a "surprise" in the New Year with a price increase, and you can manage at your current rate for now, then try sending them a "warning" letter ( no surprise then) stating your intention to increase your prices...say 1st March maybe.
As others have said, explain the reasons why you have had to make this increase. Explain that you have not passed on an increase in the last few years despite rising costs to yourself during that time. Explain to them that you can no longer supply at the prices you are selling at currently without compromising your quality/service to them which they have been happy with during that time
Say to them that your are sure that they can see this and you will keep the price increase to a minimum but still allows you to offer the same quality as before
These customers of yours are business people and will understand that you have to do what you are doing. It would not surprise me if they have not expected you to do it sooner..
If you are straight up with them I am sure they will find a way to absorb the increase as I am sure they have done with other suppliers.
Good luck. Hope you don't get too much stick

 

[Deleted member 244558]

I think its good to give 90 notice.

This way it gives your customers a decent heads up for the changes.

Be prepared you will lose some customers but these will be the price buyers.

If you offer good services you will retain the good customers anyway.

One word of advice once you announce the new rates do not go back on your word.

Also make it worthwhile I worked with a company recently who raised prices by 10% the results were excellent they lost a couple of problem customers but the increase yielded a massive profit increase which was well worth taking the risk for.

 

[Steve Alphabet]

I find that giving existing customers an extra 90 days at the "old rate" helps cushion the transition.

That plus a brief explanation of why rates are rising...

 

[Barnes Thomas]

I think you need to raise prices for new customers and for existing ones you need to serve 30 days notice so that you won't lose your customers.

 

[Root 66 Woodshop]

I haven't raised rates in 5 years, and thought the new year is a good opportunity for it.
The problem is that many of my clients close their office for the festive season so I would like to let them knoe well in advance and not suprise the in the new year.


So why wait until the 18th December to ask the question?