INVISION magazine recently asked WerxMarketing's owner, Andrea Hill, her advice about raising prices during times of inflation. Here's what she had to say:
Just about all our costs are rising. What’s the best way to raise our fees so as not to drive customers away?
Just do it, says business strategist Andrea Hill. “Don’t make an announcement or excuses. If a customer happens to notice and brings it up, be transparent: ‘Yes, our suppliers have increased our prices and we’ve passed along some of that increase.’” Most people understand. “Be strategic and raise prices only where you need to,” she says. After that, focus on these three areas:
- Double down on brand messaging. It’s time to reinforce those three questions you’re supposed to answer with everything you do: Who are we? What do we do that makes us different? Why do we matter? “Consumers will price-compare, but they find it difficult to abandon brands they trust,” Hill says.
- Get creative with product selection. Offer options for all budgets. If you haven’t offered a “bridge” or economy line before, now’s the time.
- Promote products with the best margins. Yes, prices are increasing, but those increases don’t occur evenly across all products and categories. Times of volatility will throw up opportunities if you’re looking for them.
Read this tip and other business tips in the full article link toward the top of this page.
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