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3 Things to Look at Before Increasing Your Prices

Posted by on in Service Industry Tips
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When is the best time to raise prices?

When it comes down to it, increasing your prices will ultimately improve your bottom line. However, you can’t just raise them without putting a strategy behind it. In order to effectively raise prices, you have to take a look at these three things…

What to tell customers

Acknowledge that customers are going to ask about a price increase. Whether a price increase has to do raisingpriceswith the rising costs associated with a key ingredient or using a new product will add value to your service, you need to be honest with your customers. When either scenario happens, make sure to raise prices accordingly and not overcharge customers for your service.

Time of year

If possible, make sure to raise prices during a time you’ll have little resistance (ie. right before your busy season). If you offer a service your customers NEED, they won’t mind spending a few extra dollars, especially if you’ve proven the quality of your service in the past.

Confidence in your service

You’re most likely not going to decrease the value of your service while keeping the price the same, or even raising it. Let’s face it, that’s unethical. However, if you have to raise prices in order to maintain the same quality—your customers will understand. As the cost of goods go up, so does the cost of service.

The best way to grow that bottom line is to increase both value and price, while cutting your own cost—making the service irresistible from a customer’s point of view, and benefitting your company in the long run.

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