Increasing price

[clarac155]

So I have A bit of an issue and I'm wondering if someone more experienced can give me some tips on how they deal with similar situations. 

 

I'm an editor and I edit fiction books, I was contacted about editing a non fiction book the buyer said they really liked my reviews and found , my price reasonable. My price is VERY low, not to the point where I'm unhappy with what I'm being paid just to the point where it puts me ahead in a category that is very expensive. When I first started on Fiverr I had an even lower rate, I have since developed my skills built more of a profile, gotten reviews and I'm really close to becoming a level 1 seller so I felt like it was time to increase my prices a little. I have one gig that gets very little sales that I felt was okay to leave a cover photo advertising my old prices instead of changing the photo and lowering the amount of traffic my already low traffic gig gets, now I know what you are thinking, I'm not click baiting anyone etc the price is still accurate for my most bought service but I have added extras that bring up the price hence my decision to leave price out of all , my other cover photos, people read the description and see no issue however this client wanted a service that is not included in that price for that price. Which sound insane but I wasn't to confused as I usually don't offer that service on it's own as people don't need it this is a very unusual situation and so I assumed since this service usually is in line with this price when editing fiction work it would be fine with non fiction right? Wrong, it definitely slowed me down as the non fiction work contains scientific theories etc and while I'm fine to edit it it takes a while. 

 

The issue is that I have already given this person a price per word and have done a small trial order on that price, which I have now realised is unrealistic.

 

Anyway after that long winded explanation the issue is “ I need to change a price I gave a client because I have realised it is no longer feasible”. 

 

How do I go about that? I mean without scaring away a client if possible and how much is too much to increase prices by? 

[newsmike]

53 minutes ago, clarac155 said:

Anyway after that long winded explanation the issue is “ I need to change a price I gave a client because I have realised it is no longer feasible”. 

 

How do I go about that? I mean without scaring away a client if possible and how much is too much to increase prices by? 

Honestly, if you quoted a price, even mistakenly low, you have to honor that. To your other points, buyers will accuse you of clickbait in order to manipulate you into doing free or discounted work.  I suggest you remove that old, low price, and look at the highest priced sellers in your category who are at a similar skill level, and price yourself just under them until you start getting traction, then crank it up to match them.  

[spaintranslator]

13 hours ago, newsmike said:

Honestly, if you quoted a price, even mistakenly low, you have to honor that. To your other points, buyers will accuse you of clickbait in order to manipulate you into doing free or discounted work.  I suggest you remove that old, low price, and look at the highest priced sellers in your category who are at a similar skill level, and price yourself just under them until you start getting traction, then crank it up to match them.  

Agree!

[wholepack]

13 hours ago, newsmike said:

Honestly, if you quoted a price, even mistakenly low, you have to honor that. To your other points, buyers will accuse you of clickbait in order to manipulate you into doing free or discounted work.  I suggest you remove that old, low price, and look at the highest priced sellers in your category who are at a similar skill level, and price yourself just under them until you start getting traction, then crank it up to match them.  

Yes, right suggestion!

[imagination7413]

As I see it, you have three options.

1) Accept at the quoted price, but caution that any future work would be at a higher price to reflect the work.

2) Admit you made a mistake, apologize for your error in understanding the scope of the work, and quote them a new and accurate price that takes the non-fiction aspect into account. Emphasize that you would like to keep working with them, and the pricing mistake was yours.

3) State that, after the test order, you feel you aren't the right fit for them and just decline further work.

The first is a loss, but sets up future expectations. The second puts the burden of choice on the Buyer, so that it's their decision if they wish to pay more or move on. The third isn't great as it's basically running away, but it is an option.

You could do mix of 1 and 2. Basically 2, but after you clearly state the true price, offer a small discount for your error. Nothing near what it is now, but show that you're willing to still take a hit.

[laurens_designs]

All the options above are good. Honestly, I've ran into these situations early on and just bite the bullet to it for the original price. I know it can be PAINFUL, but I suggest doing that. Then after the order is delivered, tell them you mis-estimated the time to get the project done and if they have future similar projects, you will need to charge more. I would NOT increase their price now. I've done this for customers and they actually appreciated me sticking to my original quote and end up coming back, willing to pay more. Just make sure you deliver REALLY GOOD service per your original agreement. All you can do!