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Keep Customers Happy While Raising Prices
As a business owner, every year you should take a deep dive into the health and profitability of your business, if not more frequently. How can you improve the value of your service or product to provide the utmost value for your customers? In order to scale and grow your business, a price increase may be necessary to sustain the profit margin that you want.
A price increase can, however, be a daunting step to take if you are a new business or you haven’t in over a year. With a strategy and tips on how to responsibly raise your rates, it’s possible to do so without sending customers away fuming. For example, consider raising your prices by small amounts gradually over time. You can also start by only charging new customers and work gradually towards charging existing customers a higher price at a later date.
To help you out, Valpak put together an infographic of 12 ways to raise your prices. It includes everything from actionable tips like giving your customers two months notice to work the increase into their budget and ways to approach an upset customer as a result of a price increase. Check out the findings out below:
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