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The first thing is that it can be an attempt to get you to lower prices by suggesting they are putting it out to bid. It does not necessarilly mean that there are other bidders. So your choice is to react by cutting your price, or not to react by cutting your price. You can't blame anyone for testing you to see if they can pay less just as you might see if you can upsell.
I think you did exactly what you should have done. You did not react beyond acknowledging that things cost money. This person obviously likes working with you and what you have done. She knows your value. If she can afford to keep you on the project, she will. If she can't, it does not become your job to pay for the difference by cutting your price.
As long as you have plenty of work there is no reason to lower your prices to hold customers. Sometimes you outgrow your customers. On the other hand, if you are losing customers at a rate faster than you can replace them, it may mean that you have outgrown your market, or the market has slipped.
The difference is losing individual jobs vs. losing your ability to function as a steady profitable business.
Until you see an overwhelming trend, you should look at it as outgrowing the customer.
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