Both departments should align when it comes to how you communicate this price change. If you're experiencing pushback from your customer base, it's helpful to sync your sales and customer service teams. This leaves it up to your discretion whether you want to increase revenue or maintain customer satisfaction. If you aren't seeing anyone complain about higher prices, then they're still probably too low. No matter how well you communicate this change, your customer service team should expect at least a few negative reactions. After all, who wants to hear that the product your business relies on is going to cost more? This conversation is never easy to have with customers.
In this post, we'll explain what a price increase justification is, then we'll review some best practices you should consider when making a price increase announcement to your customers. You must handle a price increase quickly and authentically to ensure that your customers understand the situation and are willing to stick through it.
However, if a competitor's prices are not increasing, this potentially puts you at risk for customer churn. Most customers expect that the cost of their beloved products won't remain stagnant forever.
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