The Best Way to Announce a Price Increase

rzoze19/iStock/Getty Images

A price increase is never a positive from a customer's perspective. However, effective strategies help you downplay the raise in prices and focus on the value you offer. One of the best approaches is to communicate the price increase in a letter or email to your client base. If you want to disclose the change to prospects, a press release is a good approach.

Strategic Considerations

A January 2013 SiriusDecisions article noted that you should communicate the price hike to larger clients directly. In business-to-business, for instance, a senior-level sales or service representative should call on the clients and explain the value or added benefits that justify the price increase. The message is as important as your method. Including information about added services, added value or bundling advantages helps convert the emphasis of your message to value and away from price.

References

About the Author

Neil Kokemuller has been an active business, finance and education writer and content media website developer since 2007. He has been a college marketing professor since 2004. Kokemuller has additional professional experience in marketing, retail and small business. He holds a Master of Business Administration from Iowa State University.

Photo Credits

  • rzoze19/iStock/Getty Images