Recently, a client asked me this question in a meeting, which comes up frequently.
Here’s how we collaborated to make the changes:
✅ Looked at how they could add value before discussing an increase in fees, which they emphasised when discussing the fee increase.
✅ Gave clients advance notice about the fee increase, acknowledging their financial planning and giving them time to adjust their budgets.
✅ Highlight the enhanced benefits your clients will enjoy. (Amazon Prime and Netflix excel at this when adjusting subscriptions). Here’s a sample of one of their letters:
“Dear Prime Member
Thank you for being a valued member of Amazon Prime. We are writing to you about an upcoming change to your membership.
As of February 22, the monthly Prime Membership has increased from $12.99 to $14.99, and the annual Prime Membership has increased from $119 to $139.
The new prices, plus applicable taxes, will apply after March 25, 2022, on your next renewal date.
We continue to invest in making Prime even more valuable for members. Since the last price change in 2018, we have added more product selections available with fast, free, unlimited Prime shipping, and we expanded Free Same Delivery from 48 to more than 90 US metropolitan areas.
In addition, Prime Video has tripled the number of Amazon Original series and movies, and this September, It will release the highly anticipated The Lord of the Rings.
This is in addition to billions of dollars in Prime ~Day savings over the years, the addition of new program benefits like prescription savings and fast, free delivery from Amazon Pharmacy, and the continued expansion of Amazon Music for Prime members. “
As you can see, their communication is always laden with all the extra features and videos you will get, which makes the price rise more palatable. Your clients will feel they are getting more for their money, making the fee increase more acceptable.
✅ Don’t attribute it to inflation, supply chain disruption, cost of living crisis – because clients don’t care.
