Justification for the price increase

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Announcing a price increase is a project that should be dedicated to making sure you have a plan, professional copy written for the announcement, and as many resources as possible available to field the influx of requests and inquiries that will come your way after the announcement.
Bottom line, I recommend writing a designated newsletter announcing the price increase. Don't avoid the issue, face it head on. Put it on your website, send it out in an email, post it on social media. Assign someone to do the process and you'll be fine.

Justification, explanation and price revision
Price increases need to be justified. Some analysts have put the increase in profits from just a 1% price increase at over 10%. Market insights suggest that companies should not hesitate too much to increase prices as it is a more efficient solution in the long run, instead of expanding operations to maintain high quality service at the same price.

However, your price increase cannot be driven by the desire to bulgaria telegram database make more money or to grow your company. Think from the customer's perspective. For example, say you are paying $10 a month for your service. If you are willing to increase the price to $15, then you can increase your price.
Improving our services
Adding new features
Offer rewards and bonuses
So announcing a price increase without explaining why is just shooting yourself in the foot.

Explanation of the increase
Your customer will want to know why they are paying more, so as mentioned in the paragraph above, explain what added value they are getting in return. Don't write long sentences, keep it to the point, and don't apologize.

Understanding pricing strategies and price revisions
That being said, let’s take a step back and think about how to justify a price increase. You need to first identify which applies most to you and choose the best pricing strategy. There are about 10 different pricing strategies, but whether you’ve thought about it or not, your current pricing plan should fall into one of the following categories: