Are you thinking of raising your prices right now?
Step away from the keyboard.
And don’t you dare sneakily update your prices on your website (not yet anyway.)
Because there’s something we’d like you to do first.
Something that will help you both increase sales, AND build trust and loyalty with your audience.
We want you to create content around your price increase.
Before we begin, this is aimed at you if you want to raise your prices for brand new customers (i.e. people who aren’t your customers already). If you need help on how to raise your prices for current customers, have a read of our article here.
What is ‘Why I’m Raising My Prices’ content?
This piece of content goes into detail about why you’re raising your prices. It explains what your prices are now when they’re going to increase, and what the new price will be.
It’s an easy-peasy piece of content for you to create. But it’s also great for sales and delivers excellent customer service.
Why is this content so effective?
There are three main reasons why this piece of content works so well.
- It’s sales content. It’s a piece of content that promotes the benefits of your products or services. It says ‘Hey, I’m raising my prices because I’m pretty awesome. Here’s why…’
- It can act as a ‘heads-up’ to those who are on the fence about working with you, giving them an opportunity to buy from you at your lower prices. We did this with our blog post and earned 25K in a week.
- It’s incredibly helpful and transparent and builds trust with your audience.
Why do I have to tell my audience why my prices are increasing?
You’ve received one of those emails right? The ‘get in now before the price goes up tomorrow!’ type thing. You probably get one at least once a week.
Hell, just walk past any furniture shop and there’s always a sale ending ‘soon’.
The problem is, we’re used to this fake scarcity sales tactic. It just looks to your audience like you’re raising your prices to pressure them into buying from you.
But the actual reasons behind you raising your prices are legitimate and justified. And when you sit down to think about it and consider why you’re raising your prices, you’ll probably come up with a whole host of great reasons.
Think about your customer when it comes to explaining your price increase
A lot of these reasons will relate to your customer and their experience. And when explaining a price increase, you should put your customer at the heart of it. Think about what will benefit them.
Ultimately, take the narrative away from you and your price increase and put your customer at the heart of the message.
For example, for web design, we explained that we were raising our prices because…
- The projects became more time-intensive (because we spent more dedicated time with each client and took on fewer clients as a result)
- We invested in more expensive tools and software (so the websites we created performed better and were more secure)
- We invested more in our own learning (and passed that onto our customers to make them more effective websites)
- We took on a more ‘consulting’ role during projects (so we could advise our clients on how to make their website a success, with help on content marketing to website copy)
The stuff in brackets above is what the customer cares about–the parts that actually benefit them. And that’s what led to us landing four new clients in one week from this one piece of content (earning us £25K).
But we would not have done that if we’d simply emailed our list and told them our prices were going up without explaining why and how our customers benefit.
Why does this content need to be public?
We hear you. Creating public content around your price increase is scary, to say the least. What if your competitors see it? What if you put people off? What if you’re on the fence about raising your prices?
Our favourite thing we like to say is ‘people don’t care what you say, they care what you publish.’
When something is published publicly it’s more trustworthy than something that is private. You can say anything privately or by email. But, public content is out there for the world to see, and when you’re talking about money, it’s instantly more trustworthy.
Do you have to give a deadline?
A big part of the success of when we did this was that we gave our audience the opportunity to buy from us at our current prices before they increased.
However, you don’t have to do this. If it’s important you raise your prices and not offer your current rates that’s okay. You can still create this kind of content. It’s still incredibly helpful for your audience to understand why you’ve increased your prices and the benefits of what you offer.
How do you promote your price increase content?
The thing about price increase content is…people love to see it!
Why? Because people love a good nosey that’s why. Our most popular blog post (in terms of social shares) is the one about why we’re increasing our web design prices.
So don’t just create this content and shy away from any promotion. You have to take full advantage of your price increase and share it everywhere for it to be effective.
Here are some ways you could promote it…
- Send it to your email list
- Post on LinkedIn (company and personal page)
- Post on Facebook
- Go live on Facebook or LinkedIn
- Create Instagram stories or posts
Make Sure You Promote this Time-Sensitive Content
Remember, this is a time-sensitive piece of content because once your prices have gone up it becomes less interesting and relevant to your audience.
So you need to give yourself time to promote it, and if you have a deadline where people can buy from you at your current prices you need to give your audience time to take up that offer. The amount of time will depend on what you sell. When we did this with our web design service, we gave a month’s notice as the investment ran into the thousands. You might not have to give that much notice with a cheaper product.
What format should the content be in?
There’s no particular rule for what format your content should be in. Just that it’s public and shareable. We do everything via our blog.
What if don’t want to publish your prices publically?
Now, all of this is futile if you don’t actually publish your prices publicly. There’s no point saying your prices are going up if you don’t want to state how much they are now.
If you don’t currently do this (or at least, give an indicator on price) then seriously consider doing so. The benefits for your business are huge, as highlighted in this blog post about why you should publish your prices on your website.
The best question to ask yourself when it comes to publishing your prices is this, would you rather find out the price of something from a website. Or would you rather call someone and speak to them?
Most people prefer the first option, right? Even if it’s not an exact price, just an indicator. We’d prefer to have an idea before we speak to someone in advance.
Publishing your prices is just good customer service, as well as having a whole host of other benefits.
Need some extra help? Try our blog post templates!
If you’d like some extra support when it comes to writing your ‘price increase’ content, then check out our blog post template pack. This pack includes 10 blog post templates (including a raising your prices template) and saves you so much time when it comes to writing content. Check it out below.