How to tell customers your prices are going up – 7 tips for writing that tricky letter
No one likes getting bad news, but sometimes you have to let customers know your prices are going up. There are ways to do this to minimise their pain – and yours.
Here are 7 tips for writing that tricky letter:
1. Stress the value you give them in the service or product you provide. "We remain convinced we offer you real value for money."
(Yes, they might find it cheaper elsewhere, but would not at the quality/speed/range that you offer.)
2. Remind them of a few benefits you’ve brought them in the past. "In the last year you’ve been able to X, Y and Z."
(Think creatively to find the upside to even obvious things.)
3. Tell them about more goodies you have planned in the months to come. "Looking ahead, we will be X, Y and Z." This might be upgrades, special offers, an exclusive invitation …
(Focus on the benefit to them.)
4. Show you’ve done what you can to alleviate their pain. "We’ve tried to keep the increase to a minimum."
(You know this will hurt.)
5. Explain why you’re hiking your prices. "Higher costs/inflation/the VAT rise/fuel bills …"
(You’re not the only one, it’s not your fault and it’s not that you’re greedy.)
6. Remind them you never take them for granted. "We hope that as a valued customer you will understand."
(You know they have a choice but you really want them to stay with you.)
7. Tell them their higher outlay will ensure you can continue to provide the top-quality product they’ve liked so much in the past. "This price review is central to our commitment to providing only the best, as we invest in …"
(What they pay is an investment in getting great service in the future.)
Some or all of these ideas may work for your business. Let us know what helps.
