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The Product Boss with Jacqueline Snyder

455. Help, Should I Tell My Customers I'm Raising My Prices?

The Product Boss with Jacqueline Snyder

Jacqueline Snyder

Marketing, Entrepreneurship, Business

4.8961 Ratings

🗓️ 13 March 2023

⏱️ 21 minutes

🧾️ Download transcript

Summary

Are you a business owner who's ever wondered whether you should tell your customers you’re raising your prices? As business owners ourselves, we know that pricing can be emotional and tricky. But pricing your products correctly is critical for creating and growing a profitable business. So, should you tell your customers you're raising your prices?

In this episode, we'll discuss this common question and share some principles and scenarios to help guide your decision. There's no one-size-fits-all answer to this question, but there are some principles and scenarios that can help you make a decision. This is exactly what we'll explore in this episode, based on our own experiences and those of other business owners we've talked to and worked with.

So, if you're feeling stuck or anxious about raising your prices, don't panic! You're not alone, and there are strategies and tips that can help you navigate this challenge. Whether you decide to be transparent, offer incentives, or phase in the price increase gradually, the key is to communicate your message clearly, authentically, and respectfully to your customers. Tune in now to gain confidence in your pricing decisions and take your business to the next level!

Brought to you by the Shop 1 in 5™ Pledge! Commit to making 1 in 5 of your purchases from a small business, whether online or offline. The Shop 1 in 5™ Pledge is a way to make an impact together when (and where) it matters most. Join us and take the pledge today!

Resources:

  • Consistent content is key to getting more people to see and buy your products. If you want to create great content but you don’t know what to say, or you feel too busy, or you just don’t want to be the face of your brand, no worries – because we’ve got you covered with a year’s worth of consistent content that’s sure to resonate with your audience! If you want to see how easy this can be, visit A Year of Content.


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Transcript

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0:00.0

when we're saying I'm raising prices, it's focusing their attention on the price.

0:04.8

Whereas I like to focus their attention on the value, right?

0:09.1

In that, hey, the story, the brand, all these different things outside of the price of your product.

0:14.2

And I think that when you let them know,

0:15.9

it puts them squarely on focusing on the fact

0:18.7

that you're raising the prices.

0:20.1

So if you show them that,

0:21.7

you direct them towards that, it's going to be very hard to redirect them to something else.

0:26.0

Welcome to the Product Boss Podcast, where we're dedicated to helping product-based

0:34.5

business owners turn into revenue-generating successful happy product bosses.

0:38.6

I'm Jacqueline Snyder and I'm Nina Kuno Citita. Together through digital courses, coaching and masterminds,

0:46.0

we've helped over 50,000 students from startup to multi-million dollar businesses

0:51.0

scale their sales while blending in their dream life.

0:55.1

If it gets lonely out there in the product business world we fully believe a

0:59.1

business shouldn't be built alone. There's room at the top for all of us.

1:03.4

So let's get scrappy and creative together,

1:06.3

product boss.

1:07.3

To be profitable, make more sales, and grow your visibility.

1:11.3

Are you ready?

1:12.2

Let's dive in.

1:15.2

Hey friends, it's podcast recommendation time. One of our absolute favorite podcast is

1:20.9

online marketing made easy hosted by the incredible Amy Porterfield.

...

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