How to Raise Prices and Retain Your Customers
Given the current economic climate, there's a LOT of chatter out there regarding inflation. Already the costs of most inputs have been on a steady rise... To account for this new cost of doing business, most of us are preparing for price corrections of our own.
However, if you have a close relationship with your customers, you may be wondering what's the best way to roll this out with the least amount of push-back?
That's why Blaine and I decided to break down the exact formula we used to announce major price increases at Seven Sons. Believe it or not, when executed properly, a price increase can actually build trust with your customers, vs deteriorate it. It's all about timing, and communication.
Prefer to Listen? - Apple Podcast | Spotify
Making significant adjustments to your business due to economic factors out of your control isn't fun. But if you don't adapt, it'll only lead to paper-thin margins and burnout.
That's all for now! Remember to drop us a question in the comments if you have a specific question about today's episode!
Price Announcement Guide
Get access to the exact email copy we used for our 2019 lamb pricing update!