How to Raise Prices without Losing Customers?

[Suba]

As business people, we often encounter obstacles, such as price increases from suppliers or manufacturers caused by many factors such as rising raw material prices, rising electricity rates, etc. As business people, it will be difficult for us to raise prices and take the same profit as the previous price, sometimes business people have to reduce profits to retain customers, is there another way to retain customers if we increase the price of our merchandise?

 

[eLdavis]

The truth of the matter is that in the end you can't actually please everyone. There are those who would want to leave. The best you can do is to ensure you notify them about the change of price before hand.

 

[King Belieal]

I think the best way to handle price increases is to properly communicate with the customers and make them understand why the prices have to go up.

 

[Nomad]

If you are offering quality product and service and if you had to raise price because of inflation, I think your customers will understand

 

[Springtime]

If you need to raise the price of your products, make sure you communicate well with your customers. Also, never compromise on the quality of the products you offer.

 

[Starmix]

I experienced it in my bossiness the time that I increased the price of my milk tea. Some customers back out and don't buy again but after some weeks they came back after they realized that a business owner will go bankrupt if not increase some pennies to the original price. Let the customers think.

 

[Augusta]

You can try. a promotional method of buying one and getting the other free and raise the price so that they still buy and fast too

 

[bluesky]

One method is to inform them before hand. And then, increase only pa little so that it won't pinch them.

 

[Pearl]

How to raise price of things without offending customers that can be done through a nice communication with customers.

 

[Starmix]

There's price hike here but the business owners did not explain. All people know what's going on in the world's economy. It does not mean that because you are managing a business it's your concern to explain to them the changes. The price hike is aired via TV so all people in the country get the info. There's also no choice for the people but to buy and do initiatives to increase their finances.