{"id":10203,"date":"2012-09-17T13:09:28","date_gmt":"2012-09-17T17:09:28","guid":{"rendered":"https:\/\/smarttan.com\/news\/?p=10203"},"modified":"2012-09-17T13:09:28","modified_gmt":"2012-09-17T17:09:28","slug":"raise-prices-the-right-way-2","status":"publish","type":"post","link":"https:\/\/news.smarttan.com\/index.php\/raise-prices-the-right-way-2\/","title":{"rendered":"Raise Prices the Right Way"},"content":{"rendered":"<p>Increase prices without losing customers with tips from the article \u201c3 Smarter Ways to Raise Prices\u201d from Inc.com. When the cost of doing business rises, increasing prices may be the only way to survive; but customers aren\u2019t always so understanding. Remember Netflix\u2019s pricing debacle last year? But, if you raise prices the right way, you may be able to increase your margins and actually increase customer loyalty at the same time.<\/p>\n<ol>\n<li><strong>Have a credible reason.<\/strong> Customers will be more sympathetic and supportive if they realize that your price increase is in response to rising costs or out of an absolute necessity to survive. Even saying that you\u2019re reflecting the prices of the competition is better than making it seem like you just want more money \u2013 which is essentially how Netflix\u2019s price change was received.<\/li>\n<li><strong>Provide plenty of warning.<\/strong> As soon as you decide to raise prices, begin informing your customers so they aren\u2019t shocked when the change goes into effect. In your regular communications, explain the need for the increase and build your case. Keeping them involved will make them less likely to leave. A corporate blog or a customer newsletter can be especially valuable in a situation like this.<\/li>\n<li><strong>Give existing customers a discount.<\/strong> Here\u2019s your opportunity to build loyalty. \u201cLet\u2019s suppose you need to raise your price 15%,\u201d the author writes. \u201cRather than make the price rise across the board, raise the price 20% for new customers\u2014but only 10% for current customers.\u201d This discount, even if it\u2019s only temporary, establishes that you value your loyal customers and have made the effort to give them the best deal you can. If you\u2019ve already taken the steps described previously, your customers should be grateful for the discount rather than upset about the increase.<\/li>\n<\/ol>\n<p><a href=\"http:\/\/www.inc.com\/geoffrey-james\/3-smarter-ways-to-raise-prices.html\" target=\"_blank\">Click here to read the entire article from Inc.com<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Increase prices without losing customers with tips from the article \u201c3 Smarter Ways to Raise Prices\u201d from Inc.com. When the cost of doing business rises, increasing prices may be the only way to survive; but customers aren\u2019t always so understanding. Remember Netflix\u2019s pricing debacle last year? But, if you raise prices the right way, you [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-10203","post","type-post","status-publish","format-standard","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Raise Prices the Right Way - Smart Tan News<\/title>\n<meta name=\"description\" content=\"Increase prices without losing customers with tips from the article \u201c3 Smarter Ways to Raise Prices\u201d from Inc.com. When the cost of doing business rises, increasing prices may be the only way to survive; but customers aren\u2019t always so understanding. Remember Netflix\u2019s pricing debacle last year? 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