If You’re Going to Raise Prices, Tell Customers Why - Deepstash
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Raising The Price Of Your Product Or Service

  • Normally products keep getting costlier or the per-unit quantity keeps shrinking to offset the rising material costs and shortages. 
  • Communicating the unwanted and unwelcome news of a price increase isn’t simple, especially if there is no indirect, below-the-radar option available.
  • Products and services in contractual or subscription models can risk customer complaints, outrage or boycotting of business if the communication of a price increase is faulty.

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The Three Golden Rules To Communicate A Price Increase

  1. Be transparent and call a spade a spade, using the term ‘price increase’ in your communication, instead of beating around the bush and using an excuse of a word.
  2. Explain the real, honest reason for the price increase in a clear manner.
  3. Provide a compelling story, a narrative that justifies an increase in price while highlighting the new benefits and value to the customer.

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