How Much Should You Increase Your Prices This Year?

With inflation hitting records in many parts of the world, how should you approach price increase this year? In this podcast episode, I’ll be taking a closer look at improving your pricing strategy without alienating existing clients.

Listen below.

0:54 – It is a cop-out to increase prices based on rising living costs without also increasing the value that is provided.

1:20 – You are short-changing yourself if you utilize a price increase approach based on inflation.

1:36 – Significantly increase your prices beyond simple inflation and do it in a way that makes more sense for the client.

1:57 – The first approach is to implement an annual re-engagement process.

2:35 – The trick is to offer them their current service level and pricing.

3:21 – The second approach is to apply a blanket price increase across your client base.

4:05 – If you really want to save capacity by increasing prices, you need to be more aggressive with your price increases.

4:33I always suggest using 3 tiers of pricing options when increasing your prices.

4:49 – Increasing your prices solely based on inflation is a poor customer experience and it also shortchanges your firm.

5:00 – Approach 1 is to simply engage in an annual re-engagement process.

5:13 – Approach 2 is where you aggressively increase your prices in an effort to shed clients.

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How Much Should You Increase Your Prices This Year?

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