First of all, no, I don’t think you should lower your rates.

Let me ask you a few questions. 1) Was this person an ideal client for you? 2) Did you engage the contact in a conversation to discuss his needs and to see if you were the right fit for the “job”? 3) Do your rates meet all of your costs and fit your business model?

In order to fill your practice with ideal clients, you need to first identify who your ideal clients are. Then you create solutions for them. Then you put yourself in front of them. I guarantee if you do this, you’ll have no problem attracting all of the business you can handle.

When responding to RFPs, my typically response includes a brief note about my experience and qualifications and and invitation to a “get acquainted” call where we can “interview” each other and assess my fit for what they need. I never discuss price in my RFP response. This always weeds out the “price shoppers”. (You don’t want them as clients anyhow, trust me!)

Last, but not least, don’t ever let a prospective client make you second guess your rates. If you’ve gone through the process of establishing your fee structure based on your expenses, expected profit margin, skill set and experience, then you have every reason to feel confident in your fees. If anything, I’d tell you to raise your fees so as to be more attractive to prospective clients. Remember, cheaper isn’t always better…that thinking can actually back fire on you.

Keep me posted on your progress!

Best,

Sydni