A deliberate plan to raise prices where they sit below value, so you finally close the gap you have been sitting on out of fear.
Plan the increase and its communication. Fear of losing customers is almost always overblown; a well-communicated, value-justified increase loses far fewer than owners expect, and the ones it loses are usually the least profitable.
| Element | Your plan |
|---|---|
| How much, and for which offerings / customers | |
| Timing and notice | |
| How existing customers are handled (grandfather / transition) | |
| The value-based message that accompanies it |
The customers an increase loses are usually the least profitable and most demanding, the ones raising your price quietly improves your business by shedding. The increase you have avoided for years is often the single highest-return action available to you. Communicate it with value and adequate notice, and handle loyal customers with care.
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