Old Business – New Prices: How to Raise Prices without Losing Customers
Nobody likes it when the price is being raised, especially when you end up on the short stick. However it is inevitable for growing companies to adjust to the current economic situations and sometimes it means that the prices will have to change.

If you absolutely need to change the prices to increase margins, try to make it reasonable and include a good explanation of why it had to be done. Usually, the best option is to raise prices when you add some kind of service; this way your customers will understand that what you have done was necessary.

Bear in mind that customers need clarification and not another ad. Do not try to convince them about the price change, nor that it had to be done. But, do give them briefing about the changes and why it had to be done. Your customers might not like it, but as long as you stay honest, you will not lose customers due to price changes.

Research before you act
Your competition might have raised their prices, which does not mean that you should immediately follow in their footsteps. If you have a good and well-established feedback support center, then you can actually find out what your customers are expecting from you and what would be a good move to make.

Whenever you are about to raise your prices, consider the date as well; if executed well you will not get as many stern looks as you would get when the prices are changed during major holidays. After all, you want to keep your customers and not chase them away.

Everyone loves surprises
Nobody likes a bad surprise, not even your customers when you announce a price change out of the blue. It is important to let your customers know what you are planning, and what they can expect with the upcoming new changes. Whether you are adding a new product or a new service, make sure to let your customers know that something is going on and take care to make a great promotion.

Sometimes it is also possible to incorporate a list of choices for the customers; they can opt for the new prices with different other services included, but they can also stick with the old price. The key notion is to offer them change, so that they can get accustomed with the new prices when they feel comfortable ready.

Customer loyalty is important
No matter what changes you will have to introduce, if you have built a steady base of loyal customers, and if your price changes are reasonable you have nothing to fear. However, always present a positive attitude, praise and reward your loyal customers before and after the changes too. In order to build strong customer loyalty, you will have to give a good reason for the customers to stick with you. Offer deals and bundles that can attract new customers and ensure the old ones to get a good deal as well.

Make your Products Popular
Regardless of how good your product can be, without popularity you have less chances of getting customers. Popularity works as speculation in business, the more popular the product is, the higher are its chances of maintaining customers even when the prices hike. One of the best ways to ensure this is through the use of promo codes. You can Buy Promos Online from professional vendors or you can decide to run simple promos on your business site. Printing small cards or fliers with customized lottery codes is another way of spreading the word. The lottery should be in a way that there are winning codes.

Everyone wants to win and if one person wins, others are encouraged to buy regardless of the price raise. However, ensure that your raise is normal because abnormal prices tend to scare customers.

Explain everything
It is very important to let your customers know what is going in the meeting rooms, they need news of your company and updates on what will happen in the future. Every change you introduce, especially the ones concerning price raising, you and your company have to justify and clarify.

Author Bio;
Leana Thorne is a devoted blogger who always tries to offer the best advice on business solutions – online and offline. From business options and customer care to the understanding how even a minor effort can make the difference, she always includes the most important aspect of all – being personal and loving your line of work.
Old Business – New Prices: How to Raise Prices without Losing Customers

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