How to raise your rates and prices as a creator

Pricing your work as a content creator is both an art and a science.

You don’t want to underprice and leave money on the table, but you also don’t want to increase prices so aggressively that you drive customers away. So, how do you strike the right balance?

In this guide, we’ll cover how, why, when, and how much to raise your rates effectively.

How to raise your rates

A sudden, sharp price increase could alienate your audience. Instead, take a strategic approach:

1. Announce price increases in advance

Let your audience know ahead of time that prices will rise. This can create a sense of urgency and boost last-minute sales before the new rates take effect.

2. Increase gradually

A 10%-20% price increase is reasonable and unlikely to scare off customers. If you’re significantly underpriced, consider a phased approach over several months. And always make sure to announce the price change beforehand!

3. Justify the change

Especially for content paid on a subscription basis, such as a blog, you should always explain the reason for the new pricing. Tell your audience what’s new—better content, more features, exclusive perks, or improved service. People are more accepting of price hikes when they see added value.

4. Bundle, unbundle, and upsell

There are only two ways to make money in business: one is to bundle; the other is unbundle.

Jim Barksdale, former CEO of Netscape

Instead of simply increasing prices, consider offering tiered pricing. For example, keep a standard version at your current rate and introduce a premium version with extra content or support at a higher price.

You can also introduce new content as an upsell or separate your content into "basic" and "advanced" versions. For example, break a course into Part 1 and Part 2, or offer additional files only in the advanced version.

5. Test the change with new customers first

Before making a price increase permanent, try raising prices only for new customers. Monitor conversion rates and engagement—if sales drop significantly, the new pricing may not be resonating well.

When to raise your rates

Timing matters when it comes to price increases. Here are some key moments when it makes sense to charge more:

1. New year, anniversary, or business milestones

The start of a new year or the anniversary of your product launch can be a great time to raise prices. The new year aligns with fresh budgets and signals growth, making customers more willing to invest.

You can also increase prices after reaching a milestone, such as 100 customers. Creating scarcity can boost demand—announce that after the 100th customer, prices will go up! (Psst—on Sherpo, you can display real-time sales counts to create urgency.)

2. Higher demand or a full schedule

If you're overwhelmed with orders or bookings, raising your prices can help manage demand and ensure you're fairly compensated—especially if you're selling services that require ongoing support.

For scalable products like video courses or digital files, high demand may indicate underpricing. If sales are booming, consider increasing prices.

3. Improved product or service offerings

For products, Shreya Pattar, a content writer and creator, suggests increasing product rates if it's a high-rated bestseller or you've added new content, live Q&A, or 1-1 time to the existing offering. The more additions you offer and personal time you commit, the higher you can charge.

4. Your skills have grown

Over time, your expertise improves. Faster workflows, better quality, and added experience justify a price increase.

5. Switching to a better platform

Upgrading to a new platform, like Sherpo, can justify a price bump. With Sherpo, you get features like a custom video player, embedded PDFs, and AI-powered tools that enhance customer experience—making your products more valuable.

Of course, if Sherpo helps you save money, you could also lower prices slightly to boost demand!

6. Rising expenses

If your costs increase, it’s only fair to adjust your prices to maintain profitability.

How much to increase prices

The ideal price increase depends on your situation, but here are some guidelines:

5%-10%: A small, routine increase that most customers won’t question.
10%-20%: Ideal when adding new value, improving quality, or responding to increased demand.
20%+: Justifiable when launching on a new platform, offering exclusive perks, or significantly upgrading your product with new content or features.

Final thoughts

Raising prices is never easy, and uncertainty always comes with it. If you realize it was a mistake, don’t be afraid to adjust!

Just remember that raising prices isn’t just about making more money—it’s about aligning your pricing with your value. By choosing the right time, using a strategic approach, and justifying your price increases, you can grow your income without losing customers.

Thinking about switching to Sherpo? With powerful tools designed for content creators, Sherpo makes it easier to enhance your offerings and increase your prices confidently. Start building today!

Let me know if you need any further tweaks! 🚀