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The Price Is Right: Raising Rates the Right Way
Manage episode 311081873 series 2792654
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Shoppers – and Retail Buyers – may prefer deep discounts and promo bundles over a price hike, but a strong and stable business is built on a strategic pricing strategy, among other things.
Raising prices is the flipside of giving discounts and promo bundles. Coming at the heels of Black Friday (where most retailers and businesses, unfortunately, did not meet sales goals in 2021), now is actually a strategic time to consider raising your prices.
Current market conditions have put a lot of variables out of your control, and things aren’t changing soon. If you haven’t raised prices yet, you need to face this decision head-on. You can only manage your rising expenses by offsetting them with a reasonable price bump.
If you’re a small business that’s wary of increasing its prices so as not to scare off customers, you may actually be doing your business more damage. Trying to appease clients but doing so at the expense of managing your operational, manufacturing, marketing and distribution expenses puts your business at risk.
Listen as I share with you a checklist for executing a price increase and ease the shock value by managing customer expectations. Think of it as helping establish your brand and business for the long run - and this way, you’ll be of better service to your clients whom you love.
And if you’re still hesitant about a price increase, here’s a concise step-by-step plan to roll out: plan it, communicate it, and do it!
Virginia Foodie Essentials:
- Don't spend energy stressing over market acceptance –price increases happen all the time, and buyers are not shocked by it.
- You are making a living and providing jobs. Your permission to be profitable.
- How you communicate to your customers about pricing sets their expectations.
Key Points From This Episode:
- How marketing is crucial in setting and managing customer expectations
- Why purpose-driven brands should also be profitable
- The relationship between raising prices and increasing costs
- When is the perfect time to increase prices
Other Resources Mentioned:
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