A hand wearing a yellow wristband that reads 'I KNOW MY VALUE' holds a teal megaphone against a blurred background, symbolising confident communication

Repricing your clients: how to use marketing to communicate your value

A hand wearing a yellow wristband that reads 'I KNOW MY VALUE' holds a teal megaphone against a blurred background, symbolising confident communication

Whether you are repricing individual clients, or increasing your firm’s fees across the board, and you aren’t sure how to approach it, know you’re not alone.

During a masterclass we ran on repricing, a firm owner shared: “If I increase my fees, they will look elsewhere because they don’t understand how much we really do. Just because it looks easy, does not make it simple”.

We asked accountants and bookkeepers who have been considering repricing, the reasons why they keep delaying it:

  • “What if clients get annoyed and leave for cheaper alternatives?”
  • “Maybe they won’t think I deserve to be paid more.”
  • “I’m not even sure I deserve to be paid more.”
  • “I can see their cash situation, and I know they won’t be able to afford me.”
  • “Everyone is telling us to raise our prices, but no one is telling us the best way to do so.”

These are valid concerns. But if they are preventing you from getting paid your worth, it’s time to address them.

From understanding your worth to effectively communicating any changes, we’ll guide you through the process of repricing your clients.

Step 1: Understanding your worth
Step 2: Overcoming the fears
Step 3: Determining your price increase
Step 4: Communicating the increase

 

Step 1: A clear understanding of your worth is at the heart of repricing

Repricing isn’t just about increasing fees and making more money (although that’s certainly a benefit). There are many reasons you might be considering repricing:

  • Your fees haven’t been updated in years and are behind inflation
  • You’re not charging for all the work you’ve been doing
  • You never set up prices for particular services
  • You’ve invested in new software or team members without changing prices
  • Fees for legacy clients haven’t been updated in a long time
  • Some clients have grown, but their fees haven’t changed
  • You might have got the original pricing wrong and now need to make a significant increase
  • You want a bigger profit margin
  • You now have more experience than you had when you first quoted them

When you know exactly what your firm provides for each service and you can see the value from your clients’ perspective, the whole repricing process becomes much simpler. Remember, your value goes beyond the numbers on their balance sheets. It also includes:

  • The expertise and experience you bring to the table
  • The peace of mind you provide
  • The time you save your clients
  • The strategic insights that help grow their businesses

If your clients don’t have clarity about everything you do for them, it’s your responsibility to make clear the value you are delivering for their business. The more you tell them about what you do and the impact it has on them, the more willing they’ll be to value you and your services.

Step 2: Overcoming the fears

Go back to the concerns you have around raising your prices:

  1. Clients will leave: While it’s possible some clients might leave, those who truly value your services will stay. This is an opportunity to create space for new clients who appreciate your work, are profitable and are people you genuinely love to work with.
  2. You need to improve our systems first: Continuous improvement is great, but don’t let perfectionism hold you back. Identify one or two key improvements to make, set a deadline, and stick to it.
  3. Clients can’t afford it: It’s not your job to make financial decisions for your clients. Show them the value clearly and let them decide.

Step 3: Determining your price increase

As an accountant, we’ll leave this part to you. You understand your numbers and know how to calculate this. Just make sure you consider:

1. Operational costs: Are you charging for all your overheads? These could be:

  • The new software you’ve invested in
  • Team members you’ve recently hired
  • Increases in rent and utilities
  • Training and development costs
  • Marketing and advertising expenses
  • New equipment and its maintenance

2. Client matrix with profitability: This will help you dig into which industries, business sizes, or other groups are the most profitable to you (one of the main factors when determining the audience you want to focus on working with).

3. Changes to service requirements: What happens if a client you quoted before grows and you’re now processing more transactions? This is a good opportunity to define prices for different tiers. For example:

  • A client increases the number of employees on payroll
  • An e-commerce client whose transactions have shot up
  • A client who’s gone global, needing accounting in multiple currencies
  • A tax return that was pretty straightforward and now became more complex with various income streams

4. Clear reasons for price fluctuations: Be transparent about why your prices may go up or down. Reasons can include:

  • Inflation
  • Investing in new tech or software
  • Increasing the scope of your work
  • New regulations to comply with
  • Seasonal adjustments based on workload (like lower rates during quieter periods)

5. Project financial goals: Make sure your new fees align with your business goals. How will the updated fees help you:

  • Boost your firm’s revenue by a specific percentage to fund growth?
  • Enhance your profit margins?
  • Hire more team members?
  • Allocate money for professional development and certifications for your team?
  • Work with a marketing partner?

Step 4: Using a marketing campaign to communicate the increase

Before you write an email titled “Our prices are going up,” stop and consider your strategy.

Until now, you probably have been thinking repricing for your point of view. But you also need to consider theirs: how will your clients feel when they’re told about the price change? What are their fears? What do they need to be reassured of?

Take all of these into consideration when you approach the steps below:

1. Define a timeline: Decide if you’re repricing in stages or all at once. Set boundaries and stick to them. Give clients enough notice, considering factors like:

  • The kind of relationship you have with them
  • How long they’ve been with you
  • Which services are changing in price
  • The size of the increase
  • Potential holiday periods and their business cycle
  • Time for multiple notifications
  • Time to adjust your systems (proposals, contracts, etc.)
  • Time for clients to adjust

2. Create assets that showcase your value:

  • Prepare an email (or a sequence of emails): explain the changes, reasons, impacts, and acknowledge their feelings. Include a video for a personal touch and tailor your message to each client or client segment based on their history with your firm. And don’t apologise for it. You know why you’re doing this. Focus on showing them the value you bring to the table instead.
  • Don’t rely solely on email: consider using a combination of phone calls, video messages, and in-person meetings for your most valuable clients.
  • Highlight added value they might not be aware of: if you’ve improved your way or added new services since you started working with them, make sure to emphasise these improvements.
  • Train your team: make sure everyone in your firm can confidently explain the reasons for the price increase and the value you provide.
  • Set up client meetings: regular care calls or service reviews help changes feel less sudden. You’re in constant touch with your clients, discussing their goals and needs, making it easier to connect with your fees.
    Example from Fearless Financials
  • Create a pricing page on your website: this helps both existing and potential clients understand your pricing approach and structure.

    Example from Fractional Finance

     

  • Design a service journey graphic: show how your services adapt for different business sizes.

    Example from Comerford Foley
  • Create a service checklist: if the reprice feels too high for a client, offer them the option to choose specific services. This breaks down your price while also helping them see the value of how much you do. Remember: you’ll still have them right at the door if they decide to add services when they can afford them.

    Example from MAP

You don’t need to create all of these assets all at once. Focus on what helps you to stop putting repricing off and what will really show your clients your worth:

a) Will this actually speak to the clients I’d love to keep?
b) Can this asset showcase everything I do for my clients?
c) Will this boost my confidence about repricing?
d) Is this worth my time and effort?
e) Can I create this quickly and start using it right away?

Take the first step toward repricing right now

We’ve created this free template to help you start building a campaign that reflects your worth in your fees. This includes a 12-minute walk-through video with practical tips on how to build your own campaign. Plus, you have the opportunity to book a call with our team of strategists to discuss the best way to start.