Price increases can be intimidating, but with the right approach, they don't have to be.
In this episode, our experts reveal how adopting a customer-first mindset can lead to increased retention and customer lifetime value, even when raising prices. Learn the essential strategies for communicating price increases, offering value, and maintaining customer trust throughout the process. With practical tips and real-life examples, this episode will empower you to approach price increases with confidence, striking the perfect balance between business growth and customer satisfaction. Don't miss this essential guide to mastering the art of price increases with a customer-first mindset!
Welcome to 20 days of pricing tips—part 10. I’m Alexa, a member of the pricing team and I’ve worked on 36 pricing projects. Today we're breaking down Price Increases.
Planning your next price increase is scary stuff, but it doesn’t have to be. Your prices should always be rooted in value - whether that's the cost of goods you deliver or tech enhancements that you're rolling out. A price increase should be synonymous with an increase in value you’re delivering to your customers.
Make sure when you're undergoing a price increase, to be honest, and transparent with your customers. A simple, yet honest and transparent email can go a long way, give them enough time to prepare for pricing changes, and offer an out or alternative option for their subscription - a customer-first mindset when increasing your prices will always lead to increased retention and increase overall LTV.
Thanks for checking out our pricing tips. If you want to connect with our pricing team email me Patrick@profitwell.com and we’ll send over the intro.