We’re dealing with the global economic crisis. With what’s happening globally, there’s a price impact on almost everything. As much as you want to maintain the prices of your offers to your customers, there are times that you can’t help but give out your increase price notice and pray you won’t get negative reactions.
But it isn’t your fault that the price of some goods and services in Australia has increased. There will always be factors outside your control that will impact the global trade market to some degree.
Lift your chin and learn how to confidently send out that increase price notice to inform your customers that you are also affected by the economic crisis or need to take your business to the next level.
How to Send Out Your Increase Price Notice to Your Customers?
Don’t Say Sorry
There’s nothing to say sorry for, especially if the price increase is for improving your products and services or to cover the fees to keep your business running or provide your customers with the best experience.
You need to make your customers understand why you need to do it.
Make your notice short and confident. Make it sound like this is inevitable and it’s what you need to do to provide better products and services. Be careful not to give out too much information, like you have to defend and justify your decision.
Be True to Your Words
If you send out that increase price notice with a promise, like it’s for handling fees or additional product perks, be true to that promise. Don’t ask for more extra fees. Let your customers see a real improvement in your products and services.
Make sure that the price increase is worth it.
Tell Your Customers How Your Products Can Improve Their Lives
Remind your customers how your products and services have solved their problems by telling their stories. Show ads or marketing campaigns that tell a story of how your product’s new features can improve their quality of life, solve their problems, or transform them into the person they want to become.
Make Your Offers Better
If you want to charge higher than your competitors:
- Make sure you deserve it.
- Take your offers to the next level by improving the brand, message, or product itself.
- Give what your competitors can’t provide.
Let Them Know Beforehand
Don’t wait for a moment or a sign from God when you can let your customers know about that price increase. Let them know already before you increase your price.
Say you are hesitant about letting them know about that price increase. Then, you just changed your price without an increase price notice or even a hint. Imagine how that would make your customers feel.
They will feel surprised and confused. Because they don’t know why you increased your price, they’ll look somewhere else to look for a cheaper product.
Make Your Increase Price Notice More Personal
Identify the best way to reach out to your customers to inform them about the price increase. Is it through a phone call? Email? Social media posts?
If it’s through a phone call, it allows you to notify them about the price increase. If it’s through an email, make it more personal by using their name, not just the generic ‘Mr/Ms. Customer.’
Be Prepared
When you send out your increase price notice, questions, objections, and negative reactions are inevitable, no matter how reasonable the price increase is. There will always be some people who will not accept your new price, but it doesn’t mean it’s the end for you. Just let these customers go and continue serving those who appreciate the value in your offers.
Also, be prepared for possible questions and objections. Instead of being defensive about your decision, address their concerns. See this as an opportunity to make them realise that the price increase is for the better.
The Bottomline
Customers are understanding. If you give them the value of their money’s worth, trust they’ll never leave. If you delight them with your offers, you’ll gain loyal customers despite the price.
For more business tips and advice, schedule a call today!
