How To Raise Prices Without Losing Customers—It’s All In The Presentation
What if I told you that by raising the price of your products you would actually please your customers rather than turning them away? If you want or need to raise the price of a product and prefer not to anger or upset your customers there is a simple method that will help you accomplish this successfully.
Don’t Sell Yourself Short
Truth be told, if you are selling your product or service too cheap, you are causing your customers unnecessary worries that your product may not be as good as your competition’s. That is because people naturally perceive a value with everything they buy. A product or service’s value is directly associated with its availability and demand. Most of the time, customers associate the value based on the price that the competition is charging. If your product is slightly cheaper, they figure they are getting a good deal. If your product costs far less than your competitor’s, then the customer fears that although seemingly the same, something must be wrong with your product, or worse, that you or your company are not trustworthy, in other words, the customer doesn’t trust the price that you are asking for the product or service.
Raising The Price Can Increase Sales
You can use your price increase to motivate customers to buy multiples before the price goes up. Creating a sense of urgency, to purchase before the planned price increase is a great way to boost sales and encourage multiple purchases. Think about slogans such as, “Buy Now, Before Big Price Increase” or “Buy Now At This Special Introductory Price.” Dedicate a website landing page to explain in detail the reason for the price increase, include a call to action for the customer to purchase now at the lower price, rather than later at the increased price. Be sure to add a BUY NOW button to make it easy for them to make an instant purchase.
Do What You Say
Most importantly, go through with the price increase as planned. Customers will react better to your special sales if there is an expiration date. Once they see that the lower sale price was truly being offered for a limited time period, they will respect and react to your sales campaigns more effectively. Again, this creates a sense of urgency to act quickly or miss out on saving money.
Be True To Your Product And Your Customer
Focus on the unique value of your product or service rather than creating a false sense of value. Savvy customers can see right through the smoke and mirrors of hype and fake enthusiasm. Don’t lie about your products or make unsubstantiated claims. Instead, make a connection with the customer, addressing their pain points and explaining how your product or service can be the solution to their needs. For first time buyers a free sample or a money back guarantee offer may be all they need to convince them to buy now rather than later.