Price increase while keeping customers happy

[eldavis]

As a business owner, there would definitely come a time where the price of your goods and services would have to go up, probably due to the cost of production or the current situation of the economy. In such a case the customers would definitely not be happy with this decision even when they are very much aware of your reasons. What do you think should be done to keep the customers happy during this period.

 

[Hate2Wait]

I think customers should be made aware of this clearly and should never compromise with the quality

 

[hastral45]

The way you interact with your customers would definitely determine how your customers react in case of price hike. They too are human and they understand.

 

[Hate2Wait]

Yes if we can make these aware the proper way then it'll be best because this way customers will understand

 

[Bisolami]

As a business owner, there would definitely come a time where the price of your goods and services would have to go up, probably due to the cost of production or the current situation of the economy. In such a case the customers would definitely not be happy with this decision even when they are very much aware of your reasons. What do you think should be done to keep the customers happy during this period.

You just have to explain the situation of the market to them because they also understand how things are going in the country

 

[Enxx]

It is possible for the customers not the be happy when the price increase but if we maintain good quality, they will still go for the product and don't mind the cost

 

[Shavkat]

Customers cannot do anything with the price hike. The sellers or companies need to maintain their good services and products for them as much as possible.

 

[Springtime]

The price increase rate should be reasonable. No compromise on quality and service.

 

[Stardom22]

I think before a businessman increases the prices of goods and services, they must provide a notice to the customers prior the implementation of the price increament. This can prepare the customers psychological.

 

[Bisolami]

It is possible for the customers not the be happy when the price increase but if we maintain good quality, they will still go for the product and don't mind the cost

That's true
No one will be happy when the price of a product increases. We cant be happy

 

[Shavkat]

The price increase rate should be reasonable. No compromise on quality and service.

I do agree with you. It also depends if the country's economy changed. It would be reasonable if the price hike is based on this matter. Overpricing is not a good thing.

 

[IB D]

You let your customers know beforehand that the price of the products would be increased. You ease them into the price increase by doing it bit by bit. This only works for services businesses though.

 

[cherry123]

If the need to be price increased then rate should be reasonable for the buyers. No compromise on quality and service. The customers should be given all the good service needed

 

[IB D]

Let it be that the price increase is fair and obvious based on prevailing circumstances. Explain to your customers and let them understand the rationale behind the price increase. Lastly, let the increase be within fair limits.

 

[Bisolami]

Let it be that the price increase is fair and obvious based on prevailing circumstances. Explain to your customers and let them understand the rationale behind the price increase. Lastly, let the increase be within fair limits.

We should make sure that it is a kind of increase that our customers can afford and it should be for a reason that we have chosen to increase the price of our products

 

[cherry123]

This is like a two edge sword. it should be a kind of increase that our customers can afford and it will bring more profit to our business. This will be a win win for everyone

 

[capri]

Unless a business is exclusively serving people with huge amounts of disposable income, it would be difficult to keep customers happy, whilst increasing the prices of products. I am thus of the view that a business should handle this matter with extreme care, lest it pushes customers away.

 

[Bisolami]

This is like a two edge sword. it should be a kind of increase that our customers can afford and it will bring more profit to our business. This will be a win win for everyone

You are right and when they ask you the reason why you have chosen to increase your price, you should have something reasonable and tangible to say when you want to explain

 

[Niyi Briggs]

This is like a two edge sword. it should be a kind of increase that our customers can afford and it will bring more profit to our business. This will be a win win for everyone

Business needs pragmatisim and strong decision making. If you are not known to be increasing prices haphazardly, your customers would understand you when you eventually effect price increases. Those who are not happy should leave.

 

[Bisolami]

Business needs pragmatisim and strong decision making. If you are not known to be increasing prices haphazardly, your customers would understand you when you eventually effect price increases. Those who are not happy should leave.

This is how it is. There are even times when you should not increase ethe price of your product. You can simply reduce the quantity but some customers will not like it that way so you have to choose one.