Times change, and so do prices.

If your business is growing, you’ll eventually have to raise rates for your products or services. Even if it’s just to keep pace with inflation or the cost of living, your prices just can’t stay flat forever.

Of course, breaking the bad news to customers can be a scary thought. No one likes to pay more, even for something they love. That said, you might be surprised at how little resistance you’ll meet when raising prices — if you do so skillfully. Today, we discuss the right times (and the right ways) to raise prices. A modest increase for customers can mean a huge revenue boost for you. We offer proven tips and strategies for “gently” raising prices, whether it’s an immediate hike, or a long-term pricing plan to keep pace with growth.

Don’t be scared to raise prices when you have to. Remember, most customers aren’t so concerned about price — they’re concerned about value. As long as you deliver the goods, your product might be worth more to customers than you realize. Click Play!

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The post MBA972 When to Raise Prices + Free Ride Friday! appeared first on The $100 MBA.

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