Change is constant and unavoidable. As a fashion entrepreneur, you may have to increase the prices of your goods and services at some points in your business. In a country like Nigeria where people are always overwhelmed with price increase, you will need to be strategic in telling your beloved customers to pay more for your goods and services.
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If you are at the verge of telling your customers about an increase in price due to the current economic situation, or you want to revamp and expand your business, have no fear. This article is for you.
Most customers expect the prices of products and services to remain the same forever and most fashion entrepreneurs dread having this conversation with their customers, because of the fear of loosing them.
It is pertinent to note at this point that if your competitors’ prices are not increasing, it puts you at a risk, so you have to be more strategic than if the price increase is general.
Price increase must be handled as authentic, quickly and patiently as possible. You have to be genuine about your price increase.
Irrespective of the means and method you use, you will get both positive and negative comments. The degree of positivity and negativity depends on your customers and how they understand and choose to interpret the situation.
Here are 3 simple but efficient tips on how to inform your customers about price increase as a fashion entrepreneur.
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1. Tell your customers in advance
Don’t just drop the news on them like a bomb, you need to tell them beforehand, and give them as much time as you can. They may need to re-assess their budget or consider alternative options, so you should keep them in the loop once you’ve made them aware of the situation. When you tell them, try to remind them occasionally, it should not be a one time thing. Additionally, encourage them to make one or more product orders before the price increase kicks in.
2. Tell them why there is an increase in price
Don’t just tell your customers about an increase in price, they deserve to know why. To make it clear that you’re raising the prices to maintain the quality of the product, you should explain what caused the price increase. For instance, as some raw materials for shoe production have become increasingly scarce and expensive, companies that utilize these materials are forced to increase the prices for products that use them. Laying that out to customers will prove your willingness to be transparent.
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3. Allow customers to reach out with further questions or concerns
You want to be sure your customers receive all the information they require. Lack of information could cause them to go to your competitor with lower prices. Make sure your customers can always reach out to you or anyone in your company with any more questions or concerns that may come up regarding the price increase.
Increasing the prices of goods and services as a fashion entrepreneur cannot be avoided, but loosing customers due to an increase in price can be avoided.
References
HubSpot, Inc.
Smartkarrot.com
Wordstream.com
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