How to Announce Price Increases

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Announcing a price increase for goods or services is often considered a negative type of announcement. Customers are not always thrilled to pay more for products, and companies may fear losing revenue by driving current customers to competitors who offer similar services for less. However, announcing a price increase does not have to bring negative results when delivered positively. Use the announcement as a cornerstone to highlight prior areas of service excellence, announce product features and benefits, and thank customers for their business. Whether you deliver the announcement by letter or speech or in some other manner, the same methods may be used for positive outcomes.

  • Open the announcement with a reflective paragraph or statement. Use this opportunity to remind customers of the areas your company excels in. In general, your statement should reflect the reasons why customers choose your products or services, such as quality products, wide selection or superior customer service.

  • Set up the announcement. Your next paragraph or statement sets up the announcement by explaining the reason for the price increase.

  • Explain the benefits to the customer. The customer wants to know what he is going to receive by paying more and how the new prices affect him directly. If all product or service prices are increasing, state that in this section. If only some prices are increasing, let the customer know.

  • Look to the future. Discuss things your company is working on to constantly improve, and let the customer know where updates on current projects may be found or when you will announce the status of current projects.

  • Thank the customer for her business. Never miss an opportunity to let a customer know you value her patronage.

References

  • "Business Communication", Marie Flatley and Kathryn Rentz; 2010
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