You should be careful about giving old clients old prices just because they THOUGHT your price would be lower. In the situation I describe above, I had an advertised price that was different from the actual rate. That was my blunder. However, if you raise your rates and it’s advertised accordingly, in most situations you should honor your new rates. With your Teen Identity Network memberships, we gave about three months of warnings in each email newsletter that rates were going up. That’s something else you can do.

In most cases where a studio raises their rates, especially if it’s a studio that is relatively new and their rates are going up because the skill and experience are more on par with competition, the studio will most likely need to market to and reach a whole new client base as the old base will be stuck on the old prices.

Oh, and FWIW, we refer to it as an “investment,” not “prices” when referring to our photo and video services. That’s what we believe they are to our clients, so we want them to know that.