Increasing prices can inevitably cause the loss of customers. In these circumstances, it is essential to promote the value of the product or service and consider some key aspects. Therefore, we recommend you read this article with which you will learn How to advertise a price increase in the best way without losing customers.
How to Best Advertise a Price Increase Without Losing Customers
- The seller decides to increase the prices: will he lose his customers?
- How to best advertise a price increase without losing customers
The seller decides to increase the prices: will he lose his customers?
Sometimes, when the seller decides to increase the prices of the products he offers, there is fear of losing customers . However, it is possible to develop an effective strategy that will allow you to maintain your business by minimizing the impact of new prices on customers.
In this regard, there must be a clear reason that drives you as a seller to make an increase and it is also important to maintain constant and honest communication through digital or conventional marketing that guarantees the loyalty of your customers.
The price and its relationship with the quality of the product or service
Although it is very valid to assign a fair price to a certain product or service, this is usually a complex task when the real value of the work involved is not known in relation to the quality of what is offered.
Therefore, it is important to note that a good price reflects trust and good quality of the product or service. If you add some value, you can defend the fact that you have stipulated a specific price. Consequently, you will be able to maintain sales and in some situations they will increase.
How to best advertise a price increase without losing customers
If you want to advertise a price increase in the best way without losing customers, you should consider advertising on social networks in order to preserve or increase the quality of the product offered and the trust of customers. Knowing this, we present you some actions that you can carry out to increase prices without having any inconvenience.
Present purchase alternatives
If you must increase the price of a product, then you can choose to expand the options to customers . In this way, they will be able to access a cheaper product if they cannot buy the one that has risen in value.
Add a promotion
You can add a promotion that serves to generate a discount for the purchase of the product whose price has risen. In this way, the customer will be attracted to acquire what is presented as an offer.
Offers special treatment to established clients
One strategy that can be very useful is to offer a special charge for a service or product to old customers. This creates an incentive for customers to continue buying what you offer.
Always report price changes
An action that reflects honesty is based on effectively communicating the changes you have made to prices and the reason why the value of certain products has increased.
For this process you can make use of social networks, SMS marketing campaigns , email, take advantage of a website that you have purchased or a blog that you have created.
Evaluate the unit of measure to set the new price
In addition, it is convenient that you evaluate the unit of measurement to establish the price especially when it comes to a service. For this reason, most companies prefer to offer prices in monthly installments rather than an annual total amount.
Offers a basic and a Premium version of the product
It is possible to offer a basic version and a Premium version that includes the new price of a product. This must add some service commitment, some guarantee or additional equipment. In this way, the customer will not be obliged to pay the new amount for an old product.