How do you raise product price without losing customer?

[Holicent]

We all know that it is very important to be able to sell your product at the highest price possible. But how do you do this without losing your customers? If you have a long-term business, then it is likely that you will have customers who are loyal and will continue to buy from you over time. These are the people who would be willing to pay more for products or services in order to keep their relationship with you healthy.

However, there are also people who only purchase from you occasionally and will be happy with any low price that you offer them. These people don't need or want loyalty and may even leave if the price goes up too much (and perhaps go somewhere else). This can really hurt your business if they leave in large numbers. So how do you raise product price without losing customer?

 

[btaliat]

The greatest fear of every business owner is how to raise the product's price. There will be many things that will be running in his mind but the vital one is how he won't lose all his customers because of the step of raising price. Will the producer now continue bearing the loss just because he's scared of what will happen if he raises the price?

The first thing to do in this situation is to make sure we study the behaviour of our customers. Knowing this will give us perfect time to raise the price. We should also understand the type of product that we sell. Is it perfect elastic or inelastic? If the increment will cause price elasticity or not. For instance, no matter how we increase the price of some necessary commodities like salt, there may not be much rouse from the customers.

We need to know how to increase the price as well. We need to be careful not to increase with high percentage. We can increase with a Little percentage to see the reaction of the people before we go ahead again to increase or not.


We should also make sure we increase a little bit the quality of the product.

 

[anil02]

If we raise price for valid reason than I think most of customers will accept it. Relation with customers and service to them is more important. If our customers are satisfies with us about these than they will pay more to us. If some ask us for raise than we must be tried to satisfied him about raise of price. In these market is more competitve. so before raising price me must have proper survey of market

 

[Mika]

I sell print-on-demand products and digital products. Since I do everything by myself I do not have to spend any money to create these products, however, sometimes I have to buy SVG files and when I am designing products using these bought designs, I add to my cost price, I also sometimes hire a designer and when I do that I add the charges to the cost price. I then add the money I have to spend while listing my products on the marketplaces to the cost price. Normally, once I price my products I do not raise the price but when the marketplaces where I am selling raise the charges and fees, I also need to raise the price to cover my expenses. If you want to raise the price make sure you explain to your customers why you had to raise the price. If you offer the same quality your loyal customers will continue to buy from you.

 

[Suba]

If you just want a bigger profit, it seems to be too difficult if you increase the price of the product without losing customers, if other variables are fixed or the determining factor of price does not change. In theory you can socialize, to customers, but do your products have value added, or better quality, well-known brands. If you are going to increase the price of production, of course you must have a strong reason, such as rising raw material prices, inflation, government regulations. So in determining the selling price you also have to pay attention to competitor factors.

 

[King bell]

How do you raise product prices without losing customers?

There are a few ways to do this, but the most important thing is to ensure that your customers understand why the price is increasing.

One way to do this is to offer discounts or coupons to customers who purchase early or in bulk. This way, they feel like they are getting a deal and are more likely to continue purchasing from you.

Another way to raise prices without losing customers is to slowly increase prices over time. This gives customers time to get used to the new prices and adjust their budgets accordingly.

Lastly, you can also provide a new, higher-priced product alongside your existing products. This way, customers can still purchase the products they need at the prices they're comfortable with, while also having the option to upgrade to a higher-priced product if they desire.

Whichever method you choose, the most important thing is to be transparent with your customers and explain why the prices are changing. By doing this, you can avoid alienating your customer base and instead, maintain their loyalty and trust.

 

[anil02]

I sell print-on-demand products and digital products. Since I do everything by myself I do not have to spend any money to create these products, however, sometimes I have to buy SVG files and when I am designing products using these bought designs, I add to my cost price, I also sometimes hire a designer and when I do that I add the charges to the cost price. I then add the money I have to spend while listing my products on the marketplaces to the cost price. Normally, once I price my products I do not raise the price but when the marketplaces where I am selling raise the charges and fees, I also need to raise the price to cover my expenses. If you want to raise the price make sure you explain to your customers why you had to raise the price. If you offer the same quality your loyal customers will continue to buy from you.

I am not doing any business online or offline. But I have experience of working in some industry. Edible oil industry is one of them. Price is depends on demand and supply so some time if cost of oil is more than market price seller can't increase prices of oil, if they can hold than better or they have to sell them at loss