- Be Transparent
The key to a successful price increase letter is honesty. Customers appreciate openness, so be clear about why the prices are going up. Whether it’s increased operational costs or a commitment to providing even better service, let your customers in on the reasons behind the change.
- Provide Ample Notice
Nobody likes surprises, especially when it comes to money matters. Give your customers plenty of notice before the price hike takes effect. This allows them time to adjust their budgets and shows that you respect their needs and concerns.
- Highlight Value
Remind your customers of the value they receive from your services. Whether it’s your top-notch team, cutting-edge equipment, or a commitment to quality, emphasize how the price increase is linked to maintaining or enhancing that value.
- Offer Alternatives
If possible, provide customers with alternative options or packages that may suit their budget better. This demonstrates flexibility and a genuine desire to work with them to find a solution that meets their needs.
- Keep it Simple
Avoid jargon and complex language in your price increase notice. Keep your letter straightforward and easy to understand. This ensures that your customers grasp the message without confusion, fostering a positive and open line of communication.
- Facilitate Open Communication
You want to be sure your customers receive all the information they require. A lack of information could cause them to turn to a competitor with lower prices. Reassure them that they can always reach out to anyone in your company—including high-level executives—with any more questions or concerns regarding the price increase.
- Inform Team Members
Your employees need to be notified about your price increase before you go public. You don’t want them sharing the wrong information, as that will make this process even more frustrating for your customers. You’re going to get phone calls, emails, and social media posts about your price change, and employees need to know how to respond.
Be sure you’ve communicated the price increase to your team members, along with the talking points they’ll need to help navigate conversations with customers.
- Be Personable
Your price increase notice may be formal in its delivery, but your tone and messaging should remain personable and friendly (that’s true for all your email marketing). While it’s inadvisable to apologize for the increase, you can empathize and offer customers product options that might be a better fit for them, as well as a means to connect with a real person about any issues.
- Express Gratitude
End your letter on a positive note by expressing gratitude for their continued business. A sincere thank-you can go a long way in maintaining a positive relationship, even amid a price adjustment.
Remember, a well-crafted price increase notice is not just about the increase itself but about maintaining trust and communication with your valued customers. Following these best practices can help you navigate this process smoothly and ensure that both your business and your customers remain on good terms.