The Possibility Of Increasing Your Prices During The Crisis

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The pandemic in 2020 has brought many kinds of misery. Business are not excluded either. In fact, many businesses went down due to the crisis during pandemic. However, there are also businesses who still try their best to survive using many strategies. One of the strategy to save the business from going down is by increasing the price. However, is it appropriate to do in the middle of crisis?

Raising your prices in the mids of the big economic crises

It is not easy to raise the price even if it is not in the middle of crisis. Not all customers are happy receiving the news of it. However, sometime, raising prices is necessary action to take for the sake of everyone both for you and your customers. Thus, it is important to know how to do it properly so it will be easier both for yourself and your customers. 

Prices During Crisis
Photo by Annie Spratt

It is true that increasing the price should based on the right reasons. You cannot just raise the price just because you can or have control over it. However, it is not about the reasons themselves but the way you deliver them to your customers. Your reasons may be simple and clear but your customers won’t understand if you inform them inappropriately. It is advised to cut to the chase when stating the increased of the price. You don’t have to write multiple pages just to try to justify your decision.

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Be clear and objective when explaining to your customers why you have to increase the price. Generally, no one like to pay more. However, it will be understandable if it comes with valid reasons. Along with increased prices, make sure to notify your customers what kind of upgrades they will receive. Thus, it will convince your customers that your decision to raise the price is justified. Be quick, reasonable, and objective in your explanation.

As mentioned above that raising prices should be beneficial not only for your business but also your customers. You have to let your customers know that your decision come from a good place and the intention to make them more satisfied with your products or services. For example, you raise the price so your customer can experience faster service and delivery, as well as lessen the downtime. Therefore, the increased price will be worthy for everyone. Make sure that what you promise or offer in return of the increased price is true. Don’t make promises you cannot deliver. 

Get personalized with your loyal customers. There must be customers who have come so far along with your business. They have trusted you and usually willing to pay big bucks. Thus, it is essential to prioritize them by making personalized emails. In your emails, make sure to reflect on your relationship and show them how grateful you are for them staying with you all this time. Meanwhile, you can personalize your based on their industries or any other details for the rest of your customers. 

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