This situation has caused companies to notify their customers of the bad news of a price increase. In our article today we are going to tell you how to do it and what things you should avoid.
How to approach the subject With sincerity
A 2022 survey by Gartner revealed that nearly saudi arabia mobile number list for whatsapp 40% of consumers want honest and detailed explanations about price increases. Customers prefer clear, direct explanations without any beating around the bush or placing external blame.
Consumers demand transparency from brands and their authenticity is one of the main factors affecting consumers’ purchasing decisions. Authenticity builds trust, which is key to maintaining customer loyalty. In fact, trust is placed above product quality, convenience, and reputation. Trust in the brand is more important than consumers’ interest in the product.
With this in mind, being truthful about the reasons for price changes is key to preserving the delicate relationship with the customer.
Sharing the actions you are taking to help manage pricing
In the same Gartner study, respondents revealed that they want brands to share some of the decisions they are making to minimize pressure on customers and avoid future price increases. For example, rethinking packaging, adjusting profit margins or offering promotions or discounts.
Not surprisingly, almost 40% say that companies should absorb some or all of the costs of inflation rather than passing them on to customers through price increases.
The more active your company appears to be in remedying this situation, the more loyal your customers will be.
Personalizing your messages
Price increase notifications are not pleasant to receive. Brands should soften them by personalizing their message.
Forget about mass emailing . Instead, send one email to each customer, addressing them by name. Whether it's a small or large company, use the variables that all email marketing platforms offer today.
Another way to personalize your messages is to use a person's email address and name instead of a generic one like "[email protected]."
Seeing a message signed by a manager or someone on their team adds a personal touch that customers appreciate.
Notifying them as soon as possible
While the amount of notice you should give of a price change may vary depending on the type of product or service your business offers, the sooner you can notify your customers, the better.