How to increase product prices without losing customers?

[Suba]

As business people, we often encounter problems when the prices of goods rise, especially raw material costs and overhead costs. So we often find it difficult to cover production costs, business people will also have difficulty making profits before deducting operational costs and other general costs. Raising prices is certainly easy, but if it has a bad impact or you lose customers then sales will decrease and you might go bankrupt. So in your opinion, how can we increase product prices without losing customers?

 

[King Belieal]

Even with the price increase, there should be a slight improvement in quality. No matter how small, it would justify the price increase in the minds of the customers.

 

[Springtime]

If there is a need to increase price, initially, offer good deals such as discounts for a period of time. This is commonly practiced here.

 

[Nomad]

There is a strategy called shrinkflation, which is a way to reduce the size of your product without increasing the price.

 

[Augusta]

Yeah the idea of reducing the size of your product without increasing the price sound real and can actually work

 

[eLdavis]

Notifying your customers before hand is also a very important step to take when it comes to increasing your price.