In this current economy, unfortunately, you might find that you have to raise and adapt your pricing to match your outgoings. A well-structured pricing plan is a crucial part of succeeding with your business goals.
Here are a few tips to keep in mind when looking at your pricing and switching this up.
Get clear on your business – Before you change your prices, you have to know what you offer and what you’re worth. Make sure your prices reflect your service.
Regularly review your prices – We’d recommend reviewing your prices at least once a year to make sure that still align with your business and financial goals. You can match where your business is at with smaller yearly price changes that are less noticeable to your clients. It’s helpful to review your prices from time to time, but don’t do it constantly. Changing them too often can confuse or annoy your clients, while not changing them at all could mean you’re undercharging.
Stay simple – By having a clear and simple menu you will create an easy menu for clients to understand. Additionally, this will prevent overcharging and undercharging by other staff members.
Add value – Don’t just raise your prices because you can, make sure that you have a valid reason for any changes that you are making and that you are adding extra value.
Communicate any changes – Any changes that you make need to be communicated clearly and effectively with a lot of notice. Make sure to update your revised prices accordingly on all social media platforms, your website, and in person so that they reflect the same everywhere. If you’re honest with your clients as to why you’ve had to change your prices, they are always understanding and happy to pay more when they know.