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Is a Price Increase Imminent? Considerations for Breaking the News (HHR EP019)

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"Highlighting the benefits that loyal customers will receive can help them understand and accept the change more easily." - Suzanne Proksa

  

 

 

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SUMMARY (AI ASSISTED)

In the world of business, there comes a time when considering a price increase becomes necessary. However, the key to successfully implementing this change lies in how it is communicated to customers. Effective communication is paramount in mitigating negative reactions and maintaining customer relationships.

It is crucial to start the communication process well in advance. Providing customers with ample notice allows them to adjust their budgets and expectations accordingly. Utilizing multiple channels such as social media, email, and website announcements ensures that your message reaches a wide audience.

When crafting communication content, focus on explaining the reasons behind the price increase and reinforcing the value that your product or service offers. Highlighting the benefits that loyal customers will receive can help them understand and accept the change more easily.

Avoid relying solely on email for communication. Instead, create a comprehensive communication plan that includes multiple touchpoints without bombarding customers with excessive messages. Consider incorporating signs in physical stores and announcements on your website to reach customers at various touchpoints.

Seize opportunities such as order confirmation emails to inform customers about upcoming price increases. Being transparent about the percentage increase and providing a runway for the change allows customers to make informed decisions and adjust accordingly.

Engaging with impacted individuals and remaining open to feedback are vital aspects of successfully navigating a price increase. Apologizing and making adjustments if necessary can help retain customers and demonstrate a commitment to their satisfaction.

Ultimately, the goal of a price increase should be to make things easier for both the business and the customer. By implementing these strategies and prioritizing open communication, businesses can navigate price changes effectively while maintaining strong customer relationships.

 

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ABOUT SUZANNE PROKSA, SHRM-SCP, SPHR, HHP

Hey there! I'm Suzanne, a SHRM-SCP and SPHR certified Human Resources and Business Strategist, IAWP Certified Wellness Coach, AADP certified Holistic Health Practitioner, and autoimmune educator with a passion for helping women navigate all things life and business. 

I've been in HR since 1999 and have run businesses since 2004 (unless you also count my adventures selling "all the things" as a kid - then we need to go WAY back. 

I thrive on supporting, coaching, and creating programs for women and people-focused organizations and online businesses so they can positively impact the lives of others.

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