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How to Write a Price Increase Letter or Announcement
Let's face it....raising prices is awkward. No one wants to pay higher prices for the products and services they love. But when your clients and customers appreciate the quality of what you offer them, they understand the value that you put on it. Occasional price increases are part of a thriving small business and there are ways to best break the news to your customers and communicate the value of your work. Here are 5 keys to writing a successful price increase letter or announcement.
“Every problem is a gift – without problems we would not grow.” Anthony Robbins
Here are 5 keys to Writing a Successful Price Increase Letter or Announcement
1. Be Direct and Upfront
The very first line of your letter or publication should be direct and honest on the intent. This approach is important because you are not trying to hide the intent of you letter nor do you want to be perceived as trying to. Chances are, the clients/customers you are writing to probably already knows. But being honest and upfront lets them see the integrity of your business, and emphasizes that you value your work. It is also important to be direct because people have a tendency to skim while reading, so this leaves no room for error.
- “As you may have noticed there has been a price increase in our new packet submitted.”
- “We strive to provide the quality product that our customers expect and to keep that integrity we must increase our prices.”
- “Effective [date] there will be an increase in prices to our products.”
2. Don’t Be Sorry
Never apologize for raising the prices, price increases are a natural part of a growing business, especially a successful one. Tips 3-5 will help you organically discuss reason why and remind your clients why your product/service is worth every penny in an evolving market.
3. Give Understable and Direct Reasons Why
Following the announcement of price increase state why and how these reasons tie into your products.
Increased or additional cost in raw materials
Increased production cost
Import fee increases
Administrative cost increase
Limitation of resource/supply
Minimum wage increase
4. Remind the Clients Why They Love Your Product
Nobody wants to pay more, but remind them why they love and purchase your product or service to begin with. This lets them know that even though the prices have increased, the quality remains the same. You have an opportunity to state the ideas and principles of what your company was founded on, your brand and vision.
How long have you been around?
Do you offer specialty goods (organic, local, handmade, custom, etc.)?
Do you use only the highest quality materials?
Do you have to import goods because there specific and rare places to get the exact quality, flavor, texture, color, etc.?
Do you play an important role within your community?
How are your customers’ lives better because of what you offer them?
5. Thank Your Clients for Their Continued Loyalty to Your Product/Service
This is the most important portion of your letter, close with a thank you for your support. This is basically your way of saying “I can’t do this without you.” (And maybe you should say that).
If doing tasks like this are not the part of running your small business that you want to tackle, remember, the virtual assistant team at Done by 5 has no problem tackling administrative tasks Just. Like. This. Connect with us and let us know how we can help.