Modeliks’ Post

With costs rising, discussing price increases with customers can be tricky, but it's essential for businesses to navigate this carefully to maintain customer trust and loyalty. Too often, common mistakes lead to negative reactions or even lost clients. Keep your customers informed, engaged, and assured of the value you provide. Here are five common pitfalls and how to avoid them 👇

Just a quick follow up article here about transparency with your customer base. Inflation happens, and prices go up. Before you pass it on directly to your customers, find other ways to alleviate it first. If that’s not possible, be transparent about it, followed by a reminder of your brand’s promise. It’s a reciprocal relationship at work here.

Studies show most incorrectly priced products are priced too low. Learn to bridge the gap between actual and perceived value, identify maximum customer willingness-to-pay and adopt metric-based pricing for increased profitability. https://lnkd.in/eZUcwMXu

𝐇𝐨𝐰 𝐝𝐨 𝐈 𝐢𝐧𝐜𝐫𝐞𝐚𝐬𝐞 𝐩𝐫𝐢𝐜𝐢𝐧𝐠? Increasing prices without losing customers is challenging for a small manufacturing business, but with the right strategies, it’s possible to do so while maintaining customer loyalty. One option, depending on the relationship with your customer, is transparency. If you can show direct cost increases (labor, material, transportation, etc.) it will help justify your rationale for an increase. However, if we're being honest, some large OEMs still don't care and just want the cheapest price they can get. Here are three other approaches:

Studies show most incorrectly priced products are priced too low. Learn to bridge the gap between actual and perceived value, identify maximum customer willingness-to-pay and adopt metric-based pricing for increased profitability. https://lnkd.in/gTsyB_nb

Studies show most incorrectly priced products are priced too low. Learn to bridge the gap between actual and perceived value, identify maximum customer willingness-to-pay and adopt metric-based pricing for increased profitability. https://lnkd.in/gRCP3H3u

Welcome our FEM Supporter Boost Pricing! Boost helps you command the prices you deserve by demystifying customer buying tactics and guiding you through fear and complexity of pricing and negotiation! Let Boost Pricing help you get paid well for your excellence. Visit boostpricing.com to learn more. 

How to command a price premium? People will pay you more when you are able to create a higher perceived value for the same product Customer Perceived Value = Total Customer Benefits - Total Customer Costs Great brands don't lower their prices to stay competitive. They elevate their value to make the price seem justified

Here are 5 reasons why people might not be buying your products. 1) Imbalanced pricing, 2) Lack of trust, 3) No perceived need, 4) Lack of urgency, and 5) Poor customer service. https://lnkd.in/gBM_6Apz

The Pricing Puzzle. Which is the critical pricing and revenue optimization decision: setting the list price for your products or optimizing the pocket-price at the transaction level based on customer profitability? The answer is pretty obvious yet most managers fail to see it - 😊.