Ep 470: How Not To Raise Your Prices (and how to raise your DTC brand’s prices the right way) With Jordan West
Price increases are essential to sustain businesses. However, one wrong way of communicating changes with customers, especially with pricing, can break their trust.
In this episode, Jordan West talks about the importance of effectively communicating price increases to your customers. He also shares some tips to communicate changes to your customers.
Listen and learn in this episode!
KEY TAKEAWAYS FROM THIS EPISODE
Communicating price increases effectively is crucial for e-commerce brands.
Proper communication is essential when implementing price increases, especially in a difficult economic situation.
Charging higher prices can help companies afford a talented team and provide better results for clients.
Gradually increasing prices on certain items over the years can be a viable strategy.
Add value to the product or service to help justify a price increase to customers.
Explain the changes in the product that justify the price increase to help customers understand and accept it.
Inform customers in advance about an upcoming price increase.
Offer the current price until the increase takes effect to generate sales and minimize customer pushback.
The nickel and diming approach or pricing features separately is generally disliked by customers.
Bundling all features together in one pricing package is often preferred by customers.
Add premium features to differentiate and justify higher prices.
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