How do you tell existing customers you are raising your prices?

Inflation or otherwise, sometime you have to (and should) raise your prices. But what about existing customers? Do they pay the new price or get to stay with the lower one?

There is something to be said for loyalty. And if they have a contract, you likely won't be changing it.

But when the contract renews, or if they don't have a contract in place, how do you tell them your prices are going up?

At the grocery store they just slap a new price on and let you be shocked about it. You can't really do that in a service business. 

Fortunately, I got to ask three guys who have many years of experience pricing their services how they handle it. Jim Tam, Mario P Fields and Mike Sicuranza.

Have you ever raised your price for an existing customer? How did you do it?

Connect with the panelists:
Jim Tam: https://www.linkedin.com/in/jimtam/ 
Michael Sicuranza: https://www.linkedin.com/in/michaelsicuranza/ 
Mario P. Fields: https://www.linkedin.com/in/mariopfields/ 
Dr Robyn Odegaard: https://www.linkedin.com/in/robynodegaard/

Want a summary of the Quick Hits I post every week, plus the links to the LinkedIn pages of each of the panelist to show up in your in-box every week? Just let me know where to send it: https://drrobynodegaard.com/quick-hits-notifications/

#QuickHits are designed to exercise your brain by letting you listen in on an unscripted conversation to get other people's thoughts on pertinent subjects. If you would like to join a conversation or have a topic you would like to hear discussed, please message me. https://www.DrRobynOdegaard.com 

#pricefreeze #inflation