In today’s episode Mike asks the question of how to increase low prices.
If you’re in retail the process of announcing and actually raising prices is easy; you just swap in new pricing tag for an old. But in other industries, such as service industries the way you phase in higher prices can make every bit of difference to maintaining your current customers.
The reality behind you products and services are; never sell yourself short. You have to know your market place and your target market, But you also have to know your own value and command that price.
You may have to target a different customer base.
If you need to raise prices drastically, you may need to go after a new, more affluent customer base. Even if your price increase is modest, expanding your target market a bit to more upscale customers or businesses with bigger budgets can be a smart way to offset the customers you may lose.
The key here is to plan ahead.
Before raising your prices, make sure you’ve considered not only your current costs but also any cost increases that are likely to happen in the next year or two. You don’t want to go through a huge struggle to raise prices, only to find four months later that you need to do it all over again.
Be ready for some push back, because it’s normal.
You can’t keep all your customers happy, and when you raise prices, you’re bound to upset some of them. Be prepared to explain why you’re increasing prices (higher costs and/or better products and services are typically the only reasons customers want to hear), both in person and on social media if customers complain there.
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