It’s the end of the year, and you are reviewing your year’s bottom line while simultaneously focusing on next year’s goals and projections.
After a lengthy discussion with your team, it’s been determined that prices for your goods and/or services will increase. It’s never an easy conversation to have, but there are ways to ease the pain.
The product or service you provide is worthwhile to those you serve. It is important to always communicate that you are thankful for their business and that you are grateful to be able to provide for them. When the service or product you provide increases in cost, always remind them of your ongoing relationship and how you make their lives or business better daily.
Tell your staff
Your internal staff should be the first group of people told about the changes in your pricing. It would be wise to host training for your team to handle customer questions, complaints, as well as have consistent messaging throughout the company.
Give them time
It is important to give your customers ample notice of any price increases. It allows them time to make a decision of whether or not to continue doing business with you, and they will appreciate the transparency.
For your customers to make an informed decision about their next steps, they should be informed of the increase they should expect. Whether the plan is a flat fee increase (example such as $7 monthly increase) or a percentage (5% increase, etc), your customer should know the change in dollar amount. Remember, you should justify the increase with a better product or service.
Be open to questions
Customer service is key with any price changes. Your customers deserve to have their questions answered and concerns addressed. It is always a great idea to host a training for your customer service employees to ensure everyone is on the same page
Send directly to your customers
You don’t want your customers to hear about a change in pricing by looking at their new bill or by hearing about it from a third party. Your customers should hear directly from you via email, letter, or their preferred method of communication. Be sure to include when they can expect the increase, where they should go with questions or concerns, and as always, thank them for their support and continued service with your company.