What is the right price?
How do you raise your rates without upsetting your current customers?
Identifying which of the three categories your product or service falls into will help you determine what to say when making a sale.
In the last post, I mentioned why your customers will likely retain your services even if you raise your rates. To increase your odds, here are 7 ways to do that without making them mad:
Give them notice - If you’re planning on raising your rates in January, let them know if in November, so they have time to prepare
Raise rates regularly - If customers know you raise your rates annually, they won’t be caught off guard when you do
Time it right - If your customers are happy with your product or service, they’ll be open to paying a little more for it—as long as your quality is worth the price
Add extras - Are there extra gifts or features that you could include in your new price that cost little to nothing on your end? Include them to soften the blow
Add improvements - If the quality of your product or service is going to increase as well (your materials are more expensive, or you’re adding new items to your menu), customers will see the value in that
Offer discounts - You can also soften the blow by offering occasional discounts and deals on extras, which can help more cost-conscious clients maintain your services
Be prepared to explain why - If a customer is upset about your rate increase, be prepared to explain why you’re raising them. Most people cite higher costs or better products and services as their why
Are you thinking about raising your rates? Value Logic Solutions can help you optimize your pricing strategy to make the most of it.
Q. What do you say to customers when you’re raising your rates?
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