How do I increase the prices of my ad management services?
That's a question I hear a lot. So in my Elite Ad Manager C
Certification, I am often asked by those students, how do I increase the prices of my ad management services to those clients that I've been working with for some time?
Now, this is such a common question because when you start out as an ad manager, typically you are charging maybe $500 a month or a thousand dollars a month. You got your training wheels on, you're wanting to get some case studies and experience and you sort of take anybody on. And honestly, our confidence in managing campaigns for clients is probably not right out there.
We want to get that experience and we want to have boots on the ground so that we know what we're doing. We're in those campaigns and we're happy to do it for $500, because it's getting that experience and getting those case studies. But it comes to a point where you've got that experience. You've got the case studies, you've got results for clients, and your expertise has gone from here to up here. So you should be charging more for your services, but what do you do with those clients who are just those regulars? They locked in at that lower rate.
What do you do? How do you get them to move along that journey with you to increase your prices to $2,000 a month or $3,000 a month? Granted, that is quite a jump. If you are just charging $500 a month. So it's a matter of having a process and a way to do it rather than just ringing them up or sending them a new agreement, saying our prices have gone up, here they are. If you've been working with these clients, especially for some time. You have a relationship with them and say therefore, communicating with them is going to be such a valuable part of it.
And it's that valuable and essential part of the sales process as well. So these are just some of the tips that I have learned along the way from the sales queen, as I call her Renee Hribar, who also helps out with our Elite ad managers to bring her 20 plus years of sales experience. She has what's called a point method. And I've used this myself with clients and it works beautifully.
So one of the first things you need to do is to have a progress meeting. So instead of just, like I said, out of the blue, sending an invoice or saying, we're upping our prices, have a call with your client.
So tee that up. And ideally when you take a client on board, it's always a great idea to schedule a progress call before your first term of agreement is up so that you can communicate things. And if at that point your scope for the services you're providing has blown out, then you can address it right there and then rather than continuing on doing extra work and therefore feeling possibly a bit resentful in all this work that you're doing.
So tee up these progress meetings and on those meetings, what you can do is you can lay out all of the things that were in the original scope documents. So that agreement, when you first took someone on board, these are the things that we're doing in this meeting. It's an opportunity for you to go and I've also been doing XYZed and all these other pieces that inevitably you end up doing as ad managers.
Maybe it's writing the ad copy. Maybe it's organizing images and creative, maybe it's going in and fixing their landing page or doing something with their CRM. A lot of these things tend to be inevitable when we're running ads for clients into these other assets. So laying out all these additional things can be a way for you to say,
we're doing this, this, this, this, and this. And therefore your client goes, Oh, wow, you're doing all that as well. That's all extra. Wow. That's great value. That's amazing. Yes, it is great value and therefore we would like to also be able to add in X, Y, and Zed, like these are other opportunities that we see aren't getting missed.
Like for example, if they just have a lead magnet funnel and you've been getting leads for them, and they've been following up with calls and you've got some retargeting strategies in play. Are there other opportunities that you see can be brought in that can help them to further establish those leads, like maybe incorporating another funnel? You might say, I think it's time we've been getting leads in this way. This is great. It may be time to also incorporate XYZed. And bring in another strategy. So you're increasing the value, possibly not that much work for you because you've probably already been doing a lot of it already. But there may just be like an extra campaign that you could be bringing in there as well for them to get additional leads and increase their revenue even further.
So outlying the extras that you have been doing, and also looking at opportunities that can be brought in to further enhance their results. And so by doing all this, by presenting that extra value just initially from the extra work and showing them the extra work that you've been doing, that is just enough for you to be able to say, okay, so as you can see, we've covered a lot of ground here. And we have been doing all of these extra ones.
So we have been looking at our pricing model and we do need to increase our prices. But as you can see here, we've been providing a lot of this extra value to you already for just this price. So I'd like to propose that we do increase these prices to whatever that may be so that we can really make sure that you are looked after we can continue to serve you and do all these additional ones that we have been doing for you previously for this price, so that you are in the best position moving forward and continuing on to be getting these leads and these sales for your business. And then also, if they are interested in these other angles, these other opportunities that you have identified. Then that also gives you the scope to then be able to add an extra, perhaps $500 or just a bit extra into those services.
So while you've identified, these are the ones that we can do. And this is what we have been doing for this price, bringing this into it as well will be a great way to capitalize on all this other work that we've been doing. And that's for this price. So presenting the value is such an essential part of your price increase.
Now not everyone is going to say yes, not everyone is going to go, Oh right. I'm happy to pay more money and here we go. You will get clients that do, you will get clients who have seen your value when perhaps you have not. And they've just been happy to pay $500 a month and go, oh she should be charging more than that, but okay. I'll take it. So if you do have clients that go, I'm not paying that. That's fine. Feel free to say, okay, well, it's been great working with you. Unfortunately, we can't continue to do this at $500 per month. We do need to do this. So therefore, if that's not going to be fitting in with your budget, then we'll just need to look at, off-boarding you in the next couple of weeks. Or whenever their agreement is ending, that is fine. Don't panic about it. Because when you do release those lower tier clients, you are making space for those clients who are ready to come in and pay you at what you're worth.
With your years of experience and knowledge that you've been bringing in, you make that space for new people to come in and you'll be so glad that you do. Even if you've got a $500 a month client that is just basically there and you barely have to touch their campaigns, there is still weekly reporting. There is still contact with them. There is Headspace, mental space that those smaller tiered clients take up that if you release them, you'll feel a lot better. You'll have more Headspace to be able to bring in a new premium client who will pay you what you're worth.
So that's how you can increase your prices for your existing clients and position it in a way that is more likely to get them to say yes and continue working with you. And if they don't, that's fine as well, release them and welcome in those new clients.
If you want to know more, if you need support for running ad campaigns for the info product and digital course niche, head over to JodyMilward.com/innercircle and check out the ad manager inner circle. That is where we provide support to ad managers so that they can troubleshoot their campaigns,optimize their campaigns, and be set for success as they work with clients running their Facebook ads. So head over, we'd love to see you and support you in the inner circle.