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Small Business Tips \ JUL 28th 2015

How To Raise Prices Without Losing your Clients

There are a million different reasons it may be time for you to increase your prices. You’re using new materials, have become a master in your trade, or your costs have simply gone up. One thing you have in common with every small businesses owner is the fear of what will happen when your loyal customers receive the news. We’re here to say, you’ll be ok.

Follow these crucial transition tips and keep your clients on your side.

How To Raise Prices Without Losing your Clients

Be Honest

Nothing is more important than being transparent. This brings about customer loyalty and tremendous value to your brand. Being forthright comes with the hard stuff too. It is crucial to declare that you are raising prices in advance and not surprise anyone.

Thank You Notes

Just as you may have learned after a birthday party as a child, a thank you goes a long way. Amidst giving the news of a price increase, make sure to thank your long-time customers for their consistent business and explain the importance of their support in the future.

Give a Little Something More

Consider giving old customers something special. A little gift or coupon on top of the usual order can make a big impact. Especially if they are receiving a similar if not identical product and/or service as they previously received, only for a higher cost.

Offer Varied Price Options

Perhaps you used to have one price point for each product and/or service. By expanding your pricing structure to include multiple options or a bundle for a lower fee, you’ll receive less resistance to the change and often a sales spike as well. This alone can be the make or break for customers on a budget that want to continue with your company.

It’s More Than Profitability

If a customer thinks that the reason for your price increase is solely for you to have more cash in your pocket, naturally that is upsetting. If your decision was made due to higher taxes, changing your goods, space requirements etc it is in your best interest to outline this. In addition, if you are charging more because the industry standard has shifted or because you received a higher level of professional achievement, these too can be framed well and are very fair factors.

Change Your Branding

Changing your website, packaging and general look is not devious, this is a visual representation of the changes your company is undergoing as a whole. By simultaneously increasing your prices and creating a new label or logo you are only clarifying the heightened level of professionalism of your company. If you’re not sure how to go about your website’s redesign, check out these 5 steps for making your business look like a brand.

Just Do It

Rip off the band-aid and let it heal. Once you have explained the change in the company and provided special offers for loyal customers, you don’t need to continue to apologize. You are a business and you are allowed, if not expected, to evolve. Be kind, be clear and then let it go.

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