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Small Business Center

6 Tips for Raising Your Prices

September 6, 2022

Among the small business owners who told NFIB in August that inflation remains their greatest challenge, 86% already have passed price increases to their customers. As higher prices become the norm, Sarah Williams — founder and CEO of Framed by Sarah and Launch Your Box — wrote at Retail TouchPoints that owners must effectively communicate how and why they are raising prices and must raise them at a deliberate, measured pace to avoid alienating customers. She noted that price increases also can usher in marketing opportunities, as long as communication with customers remains a core aspect of these changes. She offers the following communication and execution tips for today’s inflationary climate:

3 steps to communicating price changes:

  • Notify your customers via email first, tell them what the new prices will be and wait two weeks to 30 days before raising prices.
  • When the emails have gone out, make a formal announcement on your social media channels, as not everyone opens those emails.
  • Be transparent and explain why increases are necessary. Customers get it: Rising costs lead to higher prices. Take the opportunity to show how your business still can provide value.

3 steps to making gradual price changes:

  • Increase prices on new items first. 
  • Adjust prices on your older inventory slowly, not all at once.
  • Address your “free” shipping threshold. Rising shipping costs hit your bottom line. Consider imposing a minimum purchase amount for free shipping and imposing a flat rate for all other orders.

See the full column at Retail TouchPoints.

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