5 Steps To Raise Your Prices
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Summary
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When raising prices, remind customers of the value they've received, like the number of leads or sales generated, to highlight consumption and justify the price increase.
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Inform customers that the price is going up and that all new customers are already paying this new price. Offer existing loyal customers a special credit for being long-term clients, like 3 or 6 months of service credit.
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Show the credit on their invoice along with their new balance to make the transition clear and transparent.
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Explain how you're reinvesting in the business to improve services, showing customers that you're not just focused on profits but also on adding more value to them.
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Include a personal note offering to work out a solution if the price change significantly impacts their business or personal life, showing empathy and willingness to accommodate their needs.
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How To Take Action
I would suggest implementing a price increase strategy that focuses on transparency and value reinforcement. Start by reminding your customers of the value they already received from your service—how many leads or sales you've helped them generate. This highlights the value they're consuming and justifies the price increase.
Next, inform your customers about the upcoming price change. Let them know that all new customers are already paying this higher price. To show appreciation for their loyalty, offer a special credit, such as 3 to 6 months of service discount. Make the transition clear and transparent by displaying the credit on their invoices alongside the new balance.
A good way of supporting the price increase is by explaining how you're reinvesting in your business to improve services. Show them you're not just focused on making extra money, but also committed to enhancing the value you provide.
Lastly, include a personal note offering to discuss any potential negative impact the price change might have on them. Show empathy and willingness to accommodate serious concerns. This not only eases their worries but strengthens your customer relationships by demonstrating understanding and flexibility.
