Follow these 3 marketing tips during your next price changes.
I was talking to Erika the other day, and she mentioned that one of her favorite local burger restaurants had raised its prices by so much that it cost her and her husband more than $30 for two burgers, one side of fries and a couple of soft drinks. Now, this may work for a sit-down restaurant like a brewery or bistro, but for the type of hole-in-the-wall burger joint this one is, it’s crazy!
Of course, as a small business we understand that sometimes you do need to raise prices; after all, you have staff, overhead, etc. So how do you handle price changes from a marketing perspective? From timing your price change to using it as a promotional opportunity, here are three tips.
Price Changes: 3 Marketing Tips
- Make it count. Don’t implement price changes too often, and when you do, raise them across the board. Customers will understand needing to account for inflation and the market, but they also want to know what to expect. Instead of adjusting prices a little bit here and there throughout the year, plan on a one-time increase across the board at the beginning of the calendar year or end of your fiscal year.
- Be consistent with yourself. Make sure your price changes are reflected everywhere. If you own a restaurant, all your menus and promotional signs need to be updated. The same goes for information listed on your website and social media pages. More than half of consumers research businesses on the Internet, so make sure all your details are accurate online.
- Use this as a promotional opportunity. How can you use increased prices to promote your business? Get creative! For example, you could update your company’s social media accounts with a post like, “Our prices may be going up next week, but you can live in the past just a little bit longer with this special coupon/promotional code!”
As you think about price changes your business has gone through, how did you handle it from a marketing perspective? Were you able to piggy-back anything promotional along with it? Share in the comments below!
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Photo Credit: AMagill