Sometimes raising prices is a necessary evil. Your customers will groan. Your salespeople will be challenged. And sometimes, you’ll experience customer service nightmares.
No worries, though. I’m here to tell you that price increases don’t have to be the disaster they were once thought to be. You can be profitable, too.
1. Emphasize your relationship. Loyal customers will be the hardest to convince. It’s important to keep that developed relationship healthy. So, be honest about your price increase.
2. Incentivize. Just because you raised the price doesn’t mean you cannot offer discounted maintenance agreements or other non-monetary incentives.
3. Remember that most customers don’t leave because of the money. For many customers, it’s not all about the money. It’s about how they’ve been treated. If your company is rooted in amazing customer service (i.e., Apple), a price increase won’t threaten your financial stability.
Tell us how you dealt with a price increase in the past.