How to Increase Your Prices and Grow Your Business
8 wise tips for the price increase and business development:
1. Choose time wisely.
Increase prices only when you know that your product has a good quality.
2. Use bonuses.
Add to your product a thing that will attract customers but won’t be expensive for you, for example, offer them a free wrapping paper, a discount coupon, etc.
3. Make sizes smaller.
The restaurants keep the same prices but make the sizes of their dishes unnoticeably smaller.
4. Conceal the price rise.
You sell a set of 12 hair combs for 75$ but want to increase the price up to 90$. Make sets of 7 combs for 75$ or 10 for 85$. It will make a 12 combs set seem like a beneficial deal.
5. Add extra fees.
Add extra fees instead of raising the product’s price. Use this option only if your price raise will be temporary.
6. Quality improvement.
A cafe owner? Add some new dishes to your menu, start delivering them, etc.
Offer discounts that will reduce prices down to their initial levels.
8. Products or services set.
You are a cafe owner and increased coffee prices? Offer your clients a set of a bun, sandwich and a coffee cup. Each of the set dishes will seem to cost less.