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  • #982541
    fordfever001
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    Hi,

    I have been operating my business now for four years and in this time have not had a price rise, however, the time is coming when I will need to in order to keep abreast of costs etc.

    The market I am in is not aggressively competitive and I have a very loyal customer base who know I offer a quality product at a fair price. I know that my existing clients will not be put off by a reasonable price rise. My concern is that my primary competitor has not raised their prices and I want to make sure that when I do raise my price that I don’t completely balls it up.

    I was considering introducing a ‘Value Pack’ option – of suit, shoes, belt – this is something we don’t currently offer. I would then promote this to our clients after the price rise has been effected?

    Is that a smart way to get traffic to our site straight after an increase or just do it and stop stressing?

    Thanks for any feedback, Mel

    #1137350
    Jodie McLeod
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    Hi Mel,

    You are in luck! We have an article scheduled for publication on 10 April (next Wednesday) by our resident pricing guru Julia Bickerstaff that will address this very issue. Stay tuned!

    In the meantime, you might want to have a read of some of our other articles on pricing strategy.

    Cheers,

    Jodie

    #1137351
    PhalanxFS
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    fordfever001, post: 156603 wrote:
    Hi,

    I have been operating my business now for four years and in this time have not had a price rise, however, the time is coming when I will need to in order to keep abreast of costs etc.

    The market I am in is not aggressively competitive and I have a very loyal customer base who know I offer a quality product at a fair price. I know that my existing clients will not be put off by a reasonable price rise. My concern is that my primary competitor has not raised their prices and I want to make sure that when I do raise my price that I don’t completely balls it up.

    I was considering introducing a ‘Value Pack’ option – of suit, shoes, belt – this is something we don’t currently offer. I would then promote this to our clients after the price rise has been effected?

    Is that a smart way to get traffic to our site straight after an increase or just do it and stop stressing?

    Thanks for any feedback, Mel

    Hi Mel,

    I think this happens in a lot of industries and quite often you may spend more time worrying about it only for the customer to have no issue if they value the service/product you are providing. I think you have a really good idea also with the value pack as a lot of consumers love packaging things together and getting a benefit from using the same supplier for a number of items. Another option is some sort of loyalty program which incentivizes them to purchase more knowing their is a reward for doing so.

    Sounds like the article Jodie mentioned should have some good ideas also!

    #1137352
    Jodie McLeod
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    • Total posts: 345
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    Hi Mel,

    Here’s the article I promised by Julia Bickerstaff: Pricing for wimps: Raising prices.

    Happy reading!

    Jodie

    #1137353
    ScarlettR
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    FS Editor, post: 157437 wrote:
    Hi Mel,

    Here’s the article I promised by Julia Bickerstaff: Pricing for wimps: Raising prices.

    Happy reading!

    Jodie

    It’s a brilliant article. I’ve saved it for rereading :D

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