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6 great ways to raise your rates

How do I increase my hourly rate?
This is a clever question that I get several times a week by my clients and it's really not that hard to answer. Today you'll get some valuable tips on how to get customers to understand that you are worth much more.

Six ways to raise your rates:

1. You have improved your service and/or your skills
If you can provide more value to your customers in less time, thereby increasing the quality for your customers, then it's reasonable to raise your rates. Educate yourself more, improve your services and make the customers know it. Add value and show that you care about your customers properly.

2. Supply and demand for your services has changed
If you miss chances, become overbooked or have to say no to customers because the demand for your services have increased, then it's high time to raise your rates.

3. You want to try to get important information
To test a higher rate is always economically sensible. But, before you test, make sure you have a backup plan to fall back on if your new rates meet too much resistance.

4. You want to position yourself differently
You may be looking for more clients or customers who are not as price sensitive as the ones you have now. Here, you must of course make sure that you have the necessary skills to back up your attempt to get a higher profile as a leading force in your field. Maybe it's time for some PR work and to write some articles that will make you more famous. Also obtain reference customers and statements from satisfied customers, so the whole world understands that you are the best.

5. You can show that you are in the forefront of everyone in your industry
Become an expert in your field, but don't forget to show it to the outside world as well. You can do it on your website, in your newsletter, as a speaker and by publishing knowledge in different ways. The one who's considered the best can always demand top rates. What can you do this week to be more talked about?

6. You have to create a clear and current niche
To carve out a niche that is only yours and that customers feel that you”own”, makes it easy to raise rates. Love the changes happening in your industry and bring them to you. Stand at the front of and look curiously at what is happening in the world and try to see where your particular niche is. Learn all about what others want to know right now and sell your skills. Being first in a field can make some nice “Ka-ching”-sounds.

About the author

Stefan Ekberg has worked in marketing for small business for 20 years and has written around 30 books on how small business owners can market themselves with limited resources. . In 2012 Stefan was nominated as Entrepreneur of the Year in Stockholm.

230 000 prescribes to his free newsletter "The 5 minute marketer"
Every week some 230,000 prescribers gets his free newsletter about 5 minute marketing.

"The 5 minute marketer" - the book
You run a small business and you want to get ahead of the competition, but how can you give resources to marketing when you're short on time and the budget is tight? The solution is here! The 5-Minute Marketer is packed with 395 tried-and-tested ways to market your business in 5 minutes or less.