Nobody likes a price increase: How do you communicate one to your clients?
Ben Hayward • Feb 17, 2020
It’s a part of life no matter what industry you are involved in
Each year there will inevitably be cost increases either caused by your supply chain, regulatory requirements or market changes to name just a few. The eye-rolling response is the same, we’ve all be there and the first thing we think about is, why?
Therefore, it shouldn’t be a surprise that how you communicate a price increase is very important and the good news is that it doesn't have to be a negative experience. It’s a great opportunity to re-connect with customers and clients and remind them why they are doing business with you in the first place.
Review, remind, execute:
Review your clients and customers: Is the increase uniform or will it only impact a segment of your client base? What is their preferred method of communication? Work to segment groups into categories, although not too many. Examples being,
Phone/email
Face-to-face meeting
Client information evening or a Q&A.
Naturally in addition to the examples above, you’ll need to follow up with formal correspondence to your complete client base and preferably at the same time.
Embrace the opportunity
to re-connect and remind your customer base of why they are doing business with you and the services you offer – and will continue to do so. Will the price increase result in a more efficient service? Improved quality or other beneficial outcomes? Perfect. Let them know without sounding like a cliché salesperson.
It’s important to be upfront and try to avoid doublespeak or meandering reasons why the price increase is happening. While you’ll include the relevant details in a transparent and succinct manner be sure to always provide a call-to-action for clients so they can find out more information. As we discussed above, use your segmented groups to facilitate further tailored communication via their preferred means.
If you’d like to know more or are not sure how to communicate your message please do not hesitate to contact me today.
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