photo credit: pfala
While business owners watch their costs rise and rise, at some point they have to face the fact that some increase in pricing may be in store for them to redeem their business. But increasing your prices however does not have to in turn cost you your customer base which was recently written in an article found on Entrepreneur.com.
When increasing your prices, take into consideration what it will cost in customers, if you plan a 6 percent increase, after losing so many customers due to it, it may end up only being a 2 or 3 percent increase in the book’s.
To insure that you get your customers on board with the increase, put up signs, put out flyers with your price increase notice on it, hang signs up on the door’s inside and out and in dressing rooms.
While it’s natural to be nervous when asking for more from customers, keep in mind that the most loyal customers want more than the lowest price from you.
How do you handle your price increases?