![]() How to keep clients as you scale prices: 5 tips The good news is, you can find a way out of the situation by improving the range of offers.Ĭreate a service package or a product version the price of which will match the current one – this way, the customers who can’t cash out on a more expensive solution will stick to a tool or service range that fits their basic needs. If you market your store as one providing the cheapest offers in the industry, the odds of losing customers after a price increase are skyrocketing. You will risk losing clients who chose your store only because of the prices Once you send the price increase announcement email, this follow-up cheatsheet will definitely come in handy. Is the price increase effective immediately?.Are there any additional perks if I stick with the store?.Can I have a more basic offer that falls in the former price range?.“‘Why?” “What does this mean?”, “Is this permanent?”, “Do I get anything new in return?” will be the questions racing through your customers’ brains once they open a price increase letter.īefore sending out a cost change marketing campaign announcement, create a list of answers to the most common follow-up questions: You will get a lot of follow up questions Give a reason why you have to go this far (increasing taxes, talent shortage, or higher electricity costs are your go-to options) and emphasize with the client to show a personal connection with them and the project. Emphasize that you are increasing the costs for everybody – not just your client’s case. To make sure you stay on good terms with clients, try to make the price increase announcement as general as possible. ![]() If you are supplying specific items or services for a long time and increase your rates all of a sudden, a client might take it personally and feel offended.Ĭhances are, a customer will think that the team is not interested in the project anymore, not motivated to complete it, and is looking for a safe way-out. Not as common for product company managers, this is, however, painfully true for service providers. That’s why marketing teams need to focus on making the link “increasing price – increasing value”.Īdding more features to the product or including new experiences to the customer service are all solid ways to explain why you are charging more now and how a client will be better off if he stays loyal to the brand. When getting price increase messages, people might feel fooled – this was not what they were signing up for. Whenever I get a price increase letter from a company I’ve worked with for a while, a logical question on my mind is “Why do I have to pay more for the same solution I’ve been using before?”. ![]() Here are the most common reasons why companies lose clients after a price increase attempt: Clients don’t feel that the product is worth paying more for Before getting into it, you need to understand the objections most customers will inevitably have when choosing between staying loyal to the new pricing plan or looking for lower-cost offers. Notifying your audience that they would have to pay more for your products is not an easy task. digital products and some mono-brand storesĬhallenges of writing price increase letters.B2B products and services, especially with a subscription pricing model (software, telecommunications, engineering services, etc.). ![]() Price increase notifications are mostly valid for the following ecommerce businesses: But there are cases where you need to explain to your returning customers why your prices have changed, before they discovered this by themselves and switched to your competitors. Usually, you would inform your clients about the price decrease to boost sales. When do you need to inform about the price increase?
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