How to Raise Prices Without Losing Customers

Business owners all over the country are feeling the effects of inflation in their organizations. The longer it goes on, the harder it becomes to simply "wait it out." The truth is many business owners are facing a tough choice… continue watching their profit margins diminish until they're forced to close their doors or increase their pricing. But how can business owners raise their rates without losing customers? In this episode, I detail the necessary steps to increase your pricing without scaring away your customers. I explain the importance of quantifying your changes with real data, communicating increases with your sales team, and following up with customers after the increase has taken place. Additionally, I look at why timing is critical to successfully executing a price increase. This week on The Financially Simple Podcast: The effects of the current inflationary trend (02:35) A multi-faceted approach to determine what your price needs to be (04:45) Gauging competitor pricing (08:25) Peanut Butter Allocation (09:40) Determining your increase (10:55) Communicating your findings with your team (12:24) Transparency and Value (14:21) The value of a great customer experience (16:50) Monitor the impact of price increases (18:21) Our Favorite Quotes: "People value authenticity. People value vulnerability. People value truth. People value good work." – Justin Goodbread "We have to look at standardizing the sales process even further as we begin increasing pricing." – Justin Goodbread About The Financially Simple Podcast If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you've come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business to prepping it for sale, to growing your personal wealth. Justin's combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey. If you have questions for Justin, submit those at: https://financiallysimple.com/ask-justin/ Connect with Justin: Financially Simple newsletter Facebook LinkedIn Twitter Subscribe Here: Apple Podcast Spotify Google Podcast iHeart Radio Stitcher Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast. Financially Simple is a division of WealthSource Partners, LLC ("WSP"), which offers investment advisory and financial planning services. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Business planning services offered by WealthSource Business Advisors, LLC ("WBA"). This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast's guests and do not necessarily represent the views and/or opinions of WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast's hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.