Sometimes raising prices is a necessary evil. Your customers will groan. Your salespeople will be challenged. And sometimes, you'll experience customer service nightmares.
No worries, though. Price increases don't have to be the disaster you might expect. Your company can remain profitable and retain customer loyalty.
- Emphasize your relationship. When it comes to increased prices, loyal customers will be the hardest to convince. It's important to keep the relationships you've developed with them healthy. Be honest about your price increase.
- Incentivize. Just because you raised the price doesn't mean you can't offer discounted maintenance agreements or other non-monetary incentives. Get creative with ways to reward customers loyalty.
- Remember that most customers don't leave because of the money. For many customers, it's not all about the money. It's about how they've been treated. If your company is rooted in amazing customer service (Apple, for instance), a price increase won't threaten your financial stability.
Want more tips and tools to help you excel in customer service? Check out the HVAC Learning Solutions online Learning Path, Customer Service Fundamentals.