7 Signs It's time to Raise your Prices as a Social Media Manager

Every Social Media Manager gets to a point where it’s time to raise their prices!

For me, it was in 2019 when I went from charging $750 a month, to $2500 (while doing LESS work). This was also the year I hit my first six figures!!!!

If you’ve been wondering if it’s time to raise your prices here are 7 signs:

1. You Feel Overworked and Underpaid:

If you are working 40+ hours a week with no time to work on your own brand, and not enough income to hire help, you are probably priced too low. Higher prices can help manage demand and ensure you have a sustainable work-life balance. [Download our free pricing guide here.]

2. Positive Feedback and Referrals:

If you consistently receive positive feedback from clients and they refer others to you, it indicates that your services are highly valued. This increased demand and positive reputation can justify a price increase. If clients are benefiting significantly from your knowledge and expertise, it may be time to adjust your prices accordingly!

3. Increased Demand:

If you find yourself constantly busy with projects and have a high demand for your services, it may be a signal that your skills are in greater demand than before. Raising prices can help manage your workload and ensure you're compensated appropriately.

4. Skill Improvement and Experience:

If you've invested time and effort in improving your skills; investing in courses, coaching, and certifications, it's a valid reason to raise your prices. Your increased proficiency and experience should be reflected in your rates!

5. Market Rates:

Regularly assess the rates charged by other SMM’s in your industry with similar experience and skills. If you find that your rates are significantly lower than the market average, it might be time to raise them to align with industry standards. [I don’t recommend charging anything under $1000 for account management. Download our free pricing guide here]

6. Enhanced Client Experience:

As our business grows, our systems and client experience should reflect that! This results in upgraded software, systems, and support. If clients are benefiting significantly from your systems, it may be time to adjust your prices accordingly.

7. Evaluation of Financial Goals:

Regularly assess your financial goals and whether your current pricing structure aligns with these objectives. If you find that your current rates are not helping you achieve your financial targets, it might be time to increase them.

Remember to communicate any price changes transparently to your existing clients and be prepared to articulate the reasons behind the adjustment. This helps maintain trust and understanding between you and your clients!

Grab our client Price Increase Template, and several other email templates by joining TSA today!

Looking for hands-on support in 2024? Book a 1:1 Strategy call with Tyler here! 

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