This fall, most consumers expect inflation to decline. Gas prices are finally coming down, and Americans consider that to be a good sign. However, many businesses are still dealing with high material, labor and transportation costs. Are you changing prices due to inflation? If the answer is yes, you may want to inform customers ahead of time. Sticker shock can send buyers running, especially if they’re struggling with higher living costs.
To avoid this, be careful about how you word your messaging. Ultimately, any message you send about inflation will impact your company’s reputation and its future. These dos and don’ts should help you stay clear, concise and honest without alienating your customer base.
Do send out a thoughtful, honest newsletter. Be sure to re-read and edit!
If you’re changing prices due to inflation, customers need to know about it before it happens. Americans have been dealing with higher prices for months, and they’re weary. You don’t want buyers to think you’re taking advantage of them by hopping on the bandwagon. It’s true that if your price hikes are minimal, a newsletter may not be necessary. However, if customers will notice the difference, you should acknowledge it. Take the time to craft a thoughtful newsletter that explains why you’re raising prices. Keep it short, sweet and (most importantly) empathetic. Then, have a few team members read it over to double check your wording.
Do let customers know when they’ll start seeing higher prices (and give an ETA on how long they’ll last).
Customers will want to know when your new prices will go into effect. Don’t shy away from specifics. Clarity is everything! On the flip side of that, buyers will also want to know when your prices will return to normal. We recognize that most businesses probably don’t know when they’ll be lowering prices. It all depends on the market. With that being said, you should give customers some hope for the future. In your messaging, emphasize that you understand their frustrations and hope to lower prices as soon as possible.
Don’t be insensitive.
During the editing process, make sure your wording comes across as sensitive and understanding. No one wants to hear that a business is changing prices due to inflation, so it’s important to be compassionate. Stay away from any hardline phrases or negative words. Customers won’t be pleased if your messaging suggests they should “deal with it.” Instead, recognize that the circumstances are tough, and that you’re aware of their struggles. You should leave them feeling hopeful and heard.
Don’t forget to focus on the customer experience.
It’s important to explain why you’re raising prices, but don’t focus too much on the business side of things. Customers already know that everything costs more right now and businesses are hurting, too. They don’t need to read a list of your grievances. Keep the focus on customers and see things from their perspective. Wages aren’t keeping up with the cost of living. Families are finding it hard to afford basic necessities. Let them know that you’re on their side, and you’re only raising prices where it is absolutely necessary. Above all else, show them you value them as people, not just as buyers.
Changing Prices Due to Inflation? Because You’re Busy Co Can Help You Hone Your Messaging
Because You’re Busy Co knows how to create relevant and engaging content for your business. We specialize in creating websites, blogs, social media posts, and newsletters that are compelling and consistent with your brand. If you’re changing prices due to inflation, we can help you refine your messaging and keep customers coming back. Partner with us so that your business can reach its highest potential! Visit us online or contact us today at 410-324-3934 to get started.