Don't raise prices without raising value!
Even if it is only through highlighting part of your value offering that you had neglected to highlight previously.
Price hikes are not justifiable just because you worked out that you were being cheap earlier. In fact, if you are working with a cheap client base, then this will probably put you out of fvor with them, or if you are working with a good spending client who realizes you are doing yourself harm, then they will probably overlook you if they see your prices rise for no apparent reason. (they were all only into your services because you were cheap anyway right?)
But they are perfectly justifiable if you have additional value to offer your client base.
I recall a meeting with a senior management figure from a company in Latin America once about 8 years ago.
Asset-intensive companies are asset rich but expense poor, so positioning for any part of the operational budget is always difficult. Add to that the low level guys who bought me into the opportunity were always complaining about price and their lack of cash.
However, when I broached the subject with my high level contact - he looked me straight in the eye and said "If we want to do it we will find the money!"
If your value speaks for itself, or better yet if your other clients are able to sing your praises, then the client will find a way to pay for it. Period.
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