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How to Properly Raise Your Prices

Raising prices is always tricky. As an owner fear of losing customers or upsetting them is significant. As a customer, receiving a price increase stings. Yet, there comes a time when you must raise your prices due to economic constraints or to enhance the value provided to your customers.

So, here's how you can increase your prices honorably to you and your customers, creating a win-win situation or minimizing that sting in an otherwise murky scenario.

Firstly, understand that when things change, it's an opportunity to build a stronger relationship with your customers. Remember, it's not just what you say but how you say it. Make it congruent with your brand’s voice and as authentic as possible.

When explaining the price increase, cover the following:

  • The Joy of Serving the Customers: Reiterate your commitment to providing exceptional service and how the price adjustment enables you to continue delivering top-notch quality.

  • The Internal Challenges: Be transparent about any internal challenges or increased costs, prompt the need for a price adjustment. This builds trust and understanding.

  • Raising the Prices: Clearly communicate the new pricing structure and how it reflects the enhanced value your customers will continue to receive.

  • Assurance on How This Will Help Them and You: Emphasize the positive outcomes of the price increase, such as continued improvements, enhanced services, or a better overall customer experience.

Second, allow your customers to stock up on your services before the increase. Typically, provide them with at least one month’s notice so they can “stock up” at the current prices.

Be creative with it. Tell your customers that during the first month of the price increase, you'll double down on your rewards' loyalty points, lessening the sting for those who act swiftly. If done right, this creates urgency, inevitably increasing sales. #win-win

Now, make your extra VIP clients feel extra special and extend an invitation: if they pay a premium now, you'll honor the old pricing for the next 3-4 years. This exclusive offer reinforces their VIP status and secures their loyalty for an extended period.

The key is to approach a price increase with transparency, creative incentives, and customer engagement. Embrace the change authentically, showcasing your commitment to ongoing value, and watch your business thrive despite initial fears of the price increase!

Remember, it's not what you do, but how you do it! Style supersedes everything! As always, I am here to help you get ridiculously loyal customers, so let's get to it!


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