That is to say, it’s not something wrong to raise your product’s price when the time comes. No matter what the reason is, price increase is inevitable for any business.

However, your customers don’t always get ready for such news. And many of them might actually hate price increase. If you don’t consider the proper way to deliver the new higher price to your customers, your business will get hurt.

In this article, I’m going to show you how you can change your price in peace and announce price increase without making your customers panic. Let’s dive right in!

When should you announce your product price?

First of all, before jumping in details of how to delivering the price increase message you NEED to announce the price changing properly and openly to everyone – both to current customers and your potential ones.

Your customers have the right to know. Don’t change things in the dark thinking that it’s your product so you can do whatever you want without telling anybody. Trust me, if you do this, you will not only receive just a few negative complaining Twitter tweets. The small flickers of fire can end up burning your business.

So, make sure you have a proper and official announcement to your customers and those visiting your website (the latter might not need it though, it depends on your type of business).

Now to the question of when you should send the message?

I hope you won’t do it in a night. If you could, make enough time for customers to know about your new price before actually applying that new price. A prior message saying you’re going to change product price in the next X days will take better effect than announcing the price the day just a day ahead.

Why the sooner the better?

Because your customers will have time to get noticed, be prepared with an alternative plan and early notification adds more transparency into your brand’s name. Rushing the price change makes you look desperate in every way.

Make the message straightforward

How to announce a price increase? Just explain everything clearly.

Announce when exactly the change will be applied. Which date? Which hour? For which kind of products? To which kind of customers this change will affect? What your customers need to do next?

Be precise and clear. Avoid using an overly serious tone in the announcement. The announcement itself is something “not interesting”, even “bad news” for customers already. Don’t make it worse by a stiff tone of voice.

Be careful of the reason why your price gets higher

You have a price change. So what is the reason why?

Do your customers need to know the real reason behind? Yes they have the right to. And you have to give a fair reason for them. But wait, saying that the current price is too low so your business doesn’t get enough revenue from it is very bad. Even it is truly the real reason, don’t ever throw that reason into your customer’s face.

So how can you explain? Make your reason “reasonable” so customers can understand. Be positive and explain why the increase is fair to your customers. The best and safest way is adding more values in your products as well as service for customers. Don’t say it like the added values will be a compensation though.

For example, you can say that your price goes up to 10% but in exchange, your products have more new features. Or the support service will be even better. Adding values to your product and service is a better reason than just blaming the tax rates increase or something else.

Additionally, don’t beg for sympathy or apologize. Don’t impose on your customers the thought that you’re doing something bad to them.

Communicate closer with customers

Price changing is a chance for your customer service department to work with their best. Clear communication is obvious, but your staff will have to get prepared for the fuss from customers.

By getting prepared I mean you need to have a comprehensive communication plan with customers to prevent things from going out of your control. Your customer’s questions on this matter must be resolved quickly on every channel – whether it is in store, on email, live chat, forum or somewhere else.

Don’t use price changing as a factor to increase sales

In fact, the price increase announcement can help you foster the sales as people will be more likely to buy before you apply the new price level. However, don’t shamelessly treat this change as a chance to achieve a sales goal.

Saying “we’re going to increase our price soon so buy now” is ugly. Reading this will just make people go “ha, just another marketing/sales tactic, you jerk”. Your price increase announcement should just be an announcement. Don’t attach any other purpose along with it.

Don’t struggle with too low price!

Struggling with a low price just to please customers is worse than raising the price and telling them properly. Just remember to plan your price strategy carefully and take the above tips for a price increase. May your business be strong all the way!

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