Keeping prices competitive is essential for any business. Having this information can make the difference between having a successful business and one that is abandoned.
The price of a product or service can be a challenging thing to set because several factors need to be taken into account, including costs, the market, competitors’ prices and how much profit you want to make. But you also have to think about the customers because they have grown to expect a certain level of quality and they are willing to pay a fair price. So it’s important to always keep in mind that your customers are the most important aspect of your business. Eventually, you’re going to have to change your pricing strategy. But how do you do it in a way that keeps your customers happy?
You’re probably thinking: “This is a very easy task. Just add a note to the price tags and let your customers know.” Well, it’s not that easy.
The following blog will help you to understand how a business can raise its prices without incurring the wrath of its customers.
One of the most important questions: why do prices go up?
The answer is simple: increase in price is a natural consequence of inflation. When inflation increases, the purchasing power of a dollar decreases, which means that a $5 gallon of milk from last year will be more expensive than a $5 gallon of milk today.
As inflation rises, the price of everything will rise, including the price of a product or service. Of course, prices can increase for other reasons. In some cases, a competitor in the industry can increase the price of a good or service, or a company can choose to increase prices to improve the quality or customer experience. Some price increases may be the result of a change in quality or an increase in raw material costs or labor cost increases, and so on.
Letting your customers know about a price increase can be a tricky thing to do. It’s a fine line between informing your customers of an upcoming price increase and angering them enough that they take their business elsewhere. How can you tell your customers about a price increase?
There are ways to inform your customers about the changes without making them feel like you’re just taking advantage of them.
Several factors contribute to this. Also, you should be prepared to explain to your customers why you are raising the price of your product. So, what do you say? How do you handle the situation? Should you raise your prices when business is booming? Should you raise prices to cover expenses when business is slow?
Well, you should keep your competitive edge! Let us show you how to communicate with your customers on the increase of pricing.
Notifying your customers of changes well in advance is the first step to not losing them. This gives them enough time to make adjustments to their purchase plans. Moreover, it gives them the time to find alternatives if they are not happy with the new prices. Businesses should strike a balance between informing the customer of price changes and not hurting their feelings. To convey the information in a sensitive manner that doesn’t sound like a money-grabbing pitch, it needs to be done carefully.
You can’t avoid it: at some point, you’ll need to tell your customers that the price of your product has increased. Not only will this lead to a negative impact on your sales, but it could also lead to a negative impact on your reputation. This is why you need to prepare your price-hike announcement carefully.
Be transparent about the price increase. Don’t just throw up a notice on your site and hope that your customers figure it out. Be clear about the price increase and why you’re raising your prices.
It’s always a good idea to give your customers plenty of time to come to terms with price increases. After you’ve made your decision, inform them of the change in price and ask what they may be able to do to keep getting the same products on a cheaper budget. Consider alternatives that are just as beneficial to them without hurting their pockets too much or encourage them to make any leftover orders before the price increase.
The necessity for a price increase can be less confusing for customers if they are told of the importance of product quality, generally. When a company increases prices, there may be reasons such as new hires or the price of certain materials going up – either way it will benefit their business because it shows that their team is growing. It is important that you stress the importance of customer service so as to make sure your customers still feel valued and give them adequate reasoning behind why the price has been raised.
We have increased the price of our services, here are four benefits that you should expect
If a company raises its prices to cover the cost of maintaining quality, the company should explain why it is doing so. For example, some raw materials that go into products become increasingly scarce and expensive to obtain, putting pressure on companies that use those materials. Companies can benefit from laying out these reasons to customers in order to show their transparency.
One of the most important things to do when dealing with your customers is to manage their expectations. You can reduce churn by making sure they always have access to the answers they need, which includes the reasons why certain costs need to be incurred. This doesn’t just apply to a price increase! It’s well worth reminding them that they can always reach out to anyone in your company with any questions or issues they might have even if it isn’t directly related to the higher prices. The best thing you can do as a leader is encourage a culture of openness within your organization so that everyone is able to communicate effectively and meaningfully, whether through technology or face-to-face.
In order to make sure that your customers are happy and understand why the price increase is happening, you should include the following in your announcement.
So, you have a few options for how to handle this.
Here are few examples for your reference:
Always include a good reason behind your price increase and explain to your customer the steps you’ll take to keep their business safe in the future.
Sales is always a challenging task, but it can be even more difficult when you’re trying to convince someone to […]Read more
Beauty brands have always relied on word-of-mouth marketing to drive sales. But with the explosion of social media, there’s a […]Read more
Increasing customer retention rates by just 5% can increase profits by between 25% and 95%. (Bain and Company) Factoring in […]Read more
Customer loyalty is king for any business. Ensuring you have a loyal customer base is important for many reasons. It […]Read more
The beauty and cosmetics industry is always changing, and keeping up with the latest trends can be a challenge. But […]Read more
Remember that not every customer wants to engage with your brand through the same digital channels. Just because someone browses […]Read more
Omnichannel marketing is about providing a seamless customer experience across all channels. And, while it can be a challenge to […]Read more
The beauty industry is expected to have a bright future, with global sales reaching $131 billion by 2026. This is […]Read more
You may have noticed that over the past few years, there has been a growing trend of beauty and cosmetic […]Read more
In business, the term “customer acquisition” refers to the process of attracting and converting new customers. Customer acquisition can be […]Read more
Being able to understand your customers and respond to them based on their needs is a crucial skill in the […]Read more
With the 24/7 customer service culture that pervades today’s world, it’s no wonder that so many people are looking to […]Read more
Businesses of all sizes are increasingly looking to customer success training as a key ingredient in their continued success. Customer […]Read more
The world of online advertising seems to change every day, and not always for the better. Because of this, new […]Read more
In our previous blog on customer onboarding, we discussed how to make the onboarding process smooth for your customers. So, […]Read more
Do your sales managers have a solid grasp on how to kick-start your sales team? Your sales staff is underperforming […]Read more
Let’s be honest: there is a lot of competition when it comes to businesses trying to acquire new customers. By […]Read more
It’s no secret that customer acquisition is one of the most important aspects of a business’ success. But making the […]Read more
Customer relationships are a critical part of small business success. A customer’s satisfaction is the key to any business owner’s […]Read more
Onboarding is one of the most important steps in crafting a successful customer relationship. It’s the process of introducing new […]Read more
Are you tired of going through the motions with your sales prospecting techniques and wondering if you could do better? […]Read more
Cross-selling and up-selling are two tactics that can help your business grow by using internal marketing. If you’re unfamiliar with […]Read more
Cold email deliverability is a tricky thing to master! It’s one thing to send out a cold email and it’s […]Read more
Running a business is hard enough without having to worry about customer support. But if you find yourself struggling to […]Read more
Chatbots have been around for a few years now, but they’ve only recently become more popular. The chatbot industry has […]Read more
“About three-quarters of consumers who give a company a “very good” CX rating are likely to forgive a company for […]Read more
Customer support may be one of the least appreciated departments in any business, but there is no denying that it […]Read more
Do you want to improve your customer service skills? Do you feel like you could be doing a better job […]Read more
Retail customer service is a key part of any successful business. There are many tips and trends in delivering Retail […]Read more
Every year, the retail industry is moving towards advanced technology solutions while trying to achieve a better customer experience. Customer […]Read more
Customers are using social media to voice their opinions, complaints, and concerns. Customer service and social media go hand in […]Read more
The question is: can you improve your customer retention strategy? We’ll take a look at some of the best ways […]Read more
Customer service is a vital part of any business. The reason is simple: people will only stay loyal if they […]Read more
A customer acquisition strategy is one of the most important pieces of your growth puzzle. Without a competitive strategy in […]Read more
“Ease your customers’ pain.” – Hazel Edwards. This quote simply describes how important it is to be there for your […]Read more
Wondering how to get more customers for your business? This blog has the answers you have been looking for. We […]Read more
Customer Service is a craft that often requires an understanding and respect for the customer. This means being able to […]Read more
One of the most important aspects of any business is ensuring that its sales funnel is effective. Selling products and […]Read more
In Part 1, we learned how to build a sales funnel but now it’s time for Part 2, which dives […]Read more
A good sales agent is an indispensable part of a team for any business. When your sales agents are doing […]Read more
“Funnels are not easy to build but they are simple to build. And you only have to build one successfully […]Read more
You plant a tree and hope that it grows well and one day there will be fruit or flowers on […]Read more
While customer support is, at first glance, an area that many think of as being fairly simple – this is […]Read more
For most businesses and organizations, customer support is a top priority. You want to ensure your customers are not only […]Read more
A satisfied customer is better than an excited one! Make your customers happy and satisfied by facilitating a smooth communication […]Read more
As a business owner, you probably know that customer lifecycle management (CLM) is the process of managing the interactions your […]Read more
Improving the customer service experience for your customers is a critical component of creating a positive brand image and driving […]Read more
Managers will come across various issues and obstacles as they navigate their new positions – a blog that debunks these […]Read more
“Excellent customer service is the number one job in any company! It is the personality of the company and the […]Read more
Survey Monkey found that 85% of customers are likely to give feedback when their experience was positive and 81% will […]Read more
According to Invesp, 44 % of companies admit that they focus more on getting new customers instead of retaining the […]Read more
Customer churn is a term that refers to the number of customers lost from a company. Understanding why this occurs […]Read more
70% of buying experiences are based on how the customer feels they are being treated (McKinsey & Company). The above […]Read more
“Just having satisfied customers isn’t good enough anymore. If you want a booming business, you have to create raving fans.” […]Read more
Customers are one of the most important components and resources of a business. To be successful, they need to know […]Read more
Since the dawn of time, one of the most significant functions of a customer service department has been handling customer […]Read more
Chatbots are computer programs that can converse with humans in natural language. They are used by companies to interact with […]Read more
Writing great support tickets can be a challenge, but with the right approach, it can be a breeze. When customers […]Read more
“Every day we’re saying, ‘How can we keep this customer happy?’ How can we get ahead in innovation by doing […]Read more
There’s nothing more important for a business than keeping its current customers, but unfortunately, this is often the part of […]Read more
Do you know the feeling when you present your proposal and align the meetings but nothing happens? You’re not alone. […]Read more
Are you looking for an email marketing template that works well for customer support? Look no further! Creating an email […]Read more
Customer support managers are tasked with solving problems for their customers, but unfortunately, this isn’t always easy. Sometimes customer support […]Read more
Email marketing is one of the most effective ways to communicate with customers and build a sense of trust between […]Read more
“If the company’s customer service is excellent, 78% of consumers will do business with a company again after a mistake.” […]Read more
Social media has been a blessing and a curse for customer support. It allows you to provide customer support faster […]Read more
According to HubSpot Research, 93% of customers are likely to make repeat purchases with companies that offer excellent customer service. […]Read more
The only way to sustainably grow your business is by investing in your customer support. Yet most businesses fail because […]Read more
The blog post talks about how artificial intelligence is being used in call centers, and how it will impact customer […]Read more
According to Fortune Business Insights, Customer Relationship Management (CRM) was valued at $52.64 billion in 2020. Pandemic effects in the […]Read more
“The global cloud telephony service market is expected to reach US$ 65.10 billion by 2030 during the forecast period from […]Read more
The world has seen an explosive rise in the popularity of cloud-based software, and Dial CRM is one example. A […]Read more
Running a call centre is not just about keeping your customers happy. It’s also about keeping your sales high. In […]Read more
Stephen Covey, the author of ‘The 7 Habits of Highly Effective People’, said that successful people are always working on […]Read more
As Mark Hunter says: “It’s not about having the right opportunities. It’s about how you handle the right ones.” When […]Read more
“One of the greatest failures of every generation is that it refuses to read the minutes of the last meeting.” […]Read more
As Jacquelyn Smith, Forbes says, “A successful sales pitch isn’t a monologue. It’s a dialogue.” An effective sales pitch is […]Read more
What is a Service Desk? Service desks, help desks, or support desks all refer to departments that provide help to […]Read more
The impact that customer service has on a business is something that often gets overlooked. Customer service is often seen […]Read more
As of now, nobody’s sure what will happen when these two generations – one, who never expects companies to pick […]Read more
Customer data is a valuable business asset. You must build an effective customer data management strategy to protect that asset. […]Read more
A help center is your lifeline to customers. While building one is *not* a straightforward process, here are key points […]Read more
Every business has customers and every business has the chance to improve its business by growing its customer base. Since […]Read more
Do you know if your business has a customer focus? Although it might seem like a difficult question to answer, there […]Read more
Sales CRM can help streamline your sales workflow and make it more effective. But what is Sales CRM? And why […]Read more
You might think that creating the “ultimate customer experience” is all about making sure your customers are happy. If a […]Read more
As any business grows and expands, it’s common to focus on scaling operations. Certainly this is true, but sometimes companies […]Read more
No matter how much you love your product, your customers will always know better than you. Learn to listen and […]Read more
Sometimes, companies will promote themselves as experts in customer retention, but what does this mean? Customer retention is the main […]Read more
“Listen to your customers before they listen to your competition.” – Julian Hall When was the last time you looked […]Read more
Lost sales and lower-income are not the only indicators of abandonment. Abandonment even results in a loss of clients for […]Read more
If you are in charge of retaining your company’s customers, you know the feeling of sadness when you hear customers […]Read more
“Your most unhappy customers are your greatest source of learning.” – Bill Gates A customer is the backbone of every […]Read more
In the past few years, businesses were falling all over themselves to get a chatbot up and running for their […]Read more
You’re doing all the right things. You’re friendly, you’re responsive, you’re on top of customer issues and you’re constantly delivering […]Read more
Author Profile Nitish Kaul Nitish is a CX Solutionings Expert at DialDesk. He has helped provide our customers with fantastic […]Read more
Customer service KPIs (Key Performance Indicators) are the tools that help you understand how your customer service is performing. KPIs help you identify if you’re meeting your business goals, how well your agents are performing, and how your customer satisfaction is trending. They’re important because they provide actionable data you can use to improve your customer service.Read more
Let us say that you own nothing but sheep. So one day you are out grazing the flock and all […]Read more
No matter what industry your business is in, every business has the same goal: Keeping your Customers! Customer retention is […]Read more
An effective ticketing system tracks and manages customer interactions, and makes it easier for support departments to manage their efforts. Data gleaned from these help agents provide personalized service and streamline operations, which helps support staff coordinate their efforts and automate tedious (and often time-consuming) tasks, facilitating both personalized service and faster resolution.Read more
Author Profile Deepak Kashyap A CX expert, keynote speaker, and author, Deepak Kashyap has over 25+ years of experience. His […]Read more
Globally, the E-Commerce Market is expected to reach USD 16,215.6 billion by 2027, growing at a CAGR of 22.9% during […]Read more
Organizations need a resilient strategy for customer retention that makes sense in relation to current market conditions. Many companies are already prioritizing customer experience as it can be more profitable, yet it is still important for organizations to look ahead and identify any changes coming ahead of competitors in the market, who might not have made the same move yet.Read more
“Customer experience” has been an important aspect of business marketing strategy since the beginning of the 21st century. Businesses have been shifting towards a “customer-first” mentality, where their goals align with improving customers’ happiness and satisfaction by taking into consideration all that they think and feel, rather than focusing solely on financial gains. To achieve this customer-centric approach, businesses have taken advantage of technologies to determine customer emotions at a deeper level.Read more
On the whole, it is best to be quickly responsive when it comes to consistently responding to leads. Ready responsiveness helps expedite client requests, which will save you money on several levels. You’ll have access to a larger pool of customers while keeping uninterested consumers from slipping away and ultimately decreasing your number of potential sales. Please read the blog below that pertains directly to the benefits of kick-starting your lead response times today!Read more
This blog will help you take a closer look at what cloud telephony is and How does Cloud telephony work to benefit your business. It also makes it easier for employees to collaborate, share knowledge, and for companies to track conversations in real-time.Read more
Customers are the mainstay of businesses in all industries. Therefore, having a dedicated tool for delivering superior customer service is essential to ensure cordial bond with them for consistent growth.Read more
Customer engagement and retention have been a serious concern in the insurance industry. Most companies keep on searching for how to enhance customer engagement in the insurance industry and in this blog post, you can find some of the useful tactics that can help the insurance industry maintain a cordial relationship with its existing customers.Read more
Find the proven strategies for how to measure customer expectations to maintain a positive experience of your customer with your products and services.Read more
Customer experience is a key factor in creating a successful brand. When it comes to marketing, then it would not be wrong to say that technology offers us the opportunity to manage the customer experience in several respects.Read more
This guide help you engage & retain your customers with no hassles and make you learn how to manage customer complaints seamlessly for quick resolution.Read more
If you want to delight your customers at every touchpoint, then you need to have a robust ticket management system that offers you omnichannel customer support.Read more
Many industries have been impacted badly due to the pandemic but, it would be safe to say that the consumer durables industry is showing growth trends from a long-term perspective.Read more
Customer satisfaction act as the primary catalyst in pushing a company forward, and ensuring repeat business. However, companies cannot create their customer service strategies based on vague data or few interactions and can only trust quantitative data.Read more
The Consumer Electronics industry in India, which was valued at $10.93 billion in 2019, is expected to reach $21.18 billion […]Read more
Brands are increasingly focusing to become more customer-centric and elevate customer experience to improve customer satisfaction, loyalty, and lifetime value. […]Read more
If you’re mapping or want to track your customer journey, there are plenty of things to be kept in mind […]Read more
Customers are the bloodline of any business. Without them, there will be no reason to continue the business. Even more […]Read more
No matter how small or big your business is or what it does, voice communication is a critical element of success.Read more
Cloud Telephony is the latest innovative invention that provides a personalized and fully automated incoming and outgoing call management system […]Read more
Sales closing is a make-or-break moment. No matter how hard you work and how well you design solutions for customers, […]Read more
Do you want to make your business communications efficient and cost-effective? In this blog, we will explain to you how […]Read more
If you have a sales team that works on-field or is working remotely to generate sales for you, then you […]Read more
Organizations worldwide often wonder what the difference is between a customer relationship management (CRM) system and an enterprise resource planning […]Read more
Author Profile DialDesk Latest Post 2020.12.15Customer Support CRMWhy you can’t do without a CRM and Sales Management system? Top 10 […]Read more
According to research, over 70% of all customers who leave a company for its competition have no problem with the […]Read more
You need to keep updating your customer strategies to ensure that they are happy with your products & services. Everything […]Read more
nstant Inbound is a game-changing sales prospecting strategy that enables you to connect with more prospects, faster and allows you to be more productive and make more money.Read more
Last month, a miracle happened. Your company’s video went viral. Lead volume shot up by 500%. You were pumped and […]Read more
If you ask many business executives, they would say their customer service contact center is a necessary expense and it […]Read more
Even if you have the best product in the world, your business is doomed to fail if no one knows […]Read more
During the initial years, outsourcing was only used for basic processes such as data entry and payroll processing. However, as […]Read more
Customer experience and contact centers, in particular, are great starting points to implement artificial intelligence (AI) solutions since they are a large […]Read more
Brands & retailers build better customer service systems by removing the guesswork of what customers want. A SaaS platform for customer engagement combines chat, voice, and social media for one cohesive customer service experience.Read more
It’s the age of the customer and the world’s biggest brands are duking it out every day for a greater […]Read more
Understanding the various touchpoints you have with your customers is key to delivering memorable customer experience. Once you’ve mapped out your […]Read more
As a business head or business owner, you need to find ways to grow your sales and revenue. Exploring different […]Read more
Here are some prospecting tips for you if you want to convert your cold leads into warm prospects: Target carefully […]Read more
Marketing teams spend a lot of time, effort, and money to create compelling campaigns, optimize them to generate leads, set auto-responders […]Read more
This blog help you get the niche and specific Customer winning map by suggesting necessary tools, focus areas and changes to sell like a champion.Read more
Email marketing is one of the most important components of customer engagement. Whether it is a webinar email or a […]Read more
We have collected some information, I think very useful information regarding changing scenarios of sales in the times of SM […]Read more
If figuring out how to grow and effectively manage an In-House team seems like a huge obstacle and will largely […]Read more
Research shows that 69% of buyers accepted a call from new salespeople in the past 12 months, and 27% of sellers admit […]Read more
Providing a stellar customer experience has been a cornerstone of business practically since spending and consumption have existed. However, now […]Read more
Customer service reports not only provides you an overview of all customer service requests received from your customers but also […]Read more
Many companies, including yours, might find outsourcing to be a good idea as there is so much to be gained […]Read more
Irrespective of the customer’s location, call centers play an important role in delivering reliable customer experience on a daily basis. […]Read more
Human interaction remains a vital component of customer satisfaction, even in the ‘digital age’. 83 percent of world’s consumers prefer dealing with […]Read more
Put yourself in the customers’ shoes. How do you gauge the quality of service a company gives? What makes a […]Read more
The buying experience often gets the most attention in customer service. Conversions are the name of the game for most […]Read more
Learn more about Dialdesk’s Customer Experience Solution here! Author Profile DialDesk Latest Post 2020.12.15Customer Support CRMWhy you can’t do without […]Read more
“Your success in life isn’t based on your ability to simply change. It is based on your ability to change […]Read more
is the apt framework developed for deploying the right mix of People, Process & Technology in a business with a clear eye on increasing lead conversion, reducing customer acquisition & management cost, and winning customers for life.