Pricing Strategies That Don’t Lose Customers

Sometimes it’s just inevitable, you have to raise your prices. Your customers will usually notice this but it doesn’t have to smack them right in the face. Here are business pricing strategies and few ways to raise prices without losing customers.

Raise Prices Without Losing Customers

raise prices without losing customersOffer packages at different price points using price increase strategy, one low price, low feature, entry-level package to get new buyers into your store. One high-priced, high-touch, “luxury” package. And one highlighted a good-value, mid-range package. Customers will use the other packages as comparison items and more likely to choose the mid-level package. You may also be surprised at the number of customers who choose the high-priced package.

Remember, creating bundles creates a unique product in and of itself, this is good for you because you are offering something “one of a kind” and it is more difficult for shoppers to compare your product or service directly with your competitors. 

Sell an unbranded version or a private-labeled version of your product or service in bulk. You may also find it more profitable to offer to custom or private label your product for other companies. Any customization is usually considered to be more expensive
Also, make sure to charge for speed. Most customers expect to pay more for any rush production, rush delivery, or 24-hour instant service.

These are a few ways you can improve your bottom line and not have to seem like you are hitting your customers with a big increase in prices. Also remember, a kindly explanation of price increase notice to customers why you had to start charging for this or that, can go a long way toward smoothing any ruffled feathers.

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Joseph Ferriolo

Director at Wise Business Plans®
Joseph Ferriolo is the Director of Wise Business Plans. He has overseen over 15,000 written business plans during his tenure, raising over $1BN in funding and providing 30K+ consulting hours for startup companies.

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