Small Business Center
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:
3 steps to making gradual price changes:
See the full column at Retail TouchPoints.