As a business owner, a price increase can be an intimidating step to take, especially if you’re worried about upsetting or turning away your loyal customers. Yet, it’s necessary in order to grow or expand your business. By increasing your prices, you can improve your current customer base and even attract customers who are willing to pay more for extra value in the long run. You should have a plan and strategy in place regardless of how long you’ve been in business.
To alleviate a price increase, consider how you can add value to your current product. More often than not, a customer will be willing to pay a little more if they know they are getting premium. Or, you can try raising your prices gradually and in intervals over time.
For specific examples and best practices for a price increase, view the infographic below from Valpak. It provides twelve ways to raise your prices with valuable tips to communicate the price increase to your customers. You may discover that a price increase isn’t as daunting of a step as it sounds.