R is for Raising your pricesThe A to Z of Profit Growth – R is for Raising Your Prices!

 

It’s time for the next A to Z of Profit Growth… This week R is for Raising Your Prices!

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KMA The A to Z of Profit Growth – R is for Raising Your Prices

That’s it for this week’s edition. Watch out for next weeks episode.

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Hi, Kim here with your next profit growth advice. R is for raising your prices. Now, a lot of businesses assume that the only reason their customers stay with them is because of their prices. This simply isn’t true. If you don’t provide a potential customer with any other reason to buy from you, i.e. value for money or great service, then it’s true, people will judge you on price and leave you on price.

It may feel slightly uncomfortable to do, but every business has to increase their prices at some point. Only last week my local Chinese takeaway increased their prices by 10%, quoting that due to inflation they needed to. Now it’s not going to stop me ordering from them as I love the food and the cheery service, and I feel it’s still value for the money I pay.

The thing you need to get right when increasing your prices is timing. I’d say the best time to raise prices is when you’re sure customers are satisfied with your product or service. So why not do a bit of research and find out why your customers buy from you and not the same business further down the high street? Do your research, ask why they chose you.

If you’re planning a price increase, be sure you offer a great service to provide your worth value in the months before you do so. That way the price increase will be justified to your customers, there will be customers who are a bit miffed by it, but as long as you can explain to them why it’s happening, you’ll be fine. It’s all just part of business at the end of the day. Most people don’t increase prices due to the fear of the unknown. Good luck.

 

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