A brief conversational segment (Dennis H. Lewis and another speaker) about raising prices without damaging customer goodwill. Lewis emphasizes treating customers respectfully, notifying them in advance of price increases, and offering a limited window to purchase at the old price to create urgency and avoid surprise. The tone is practical and customer-focused.
If there's someone watching this at home right now and they're thinking about, okay, I think it's time for me to raise prices. What is the best way to do that?
So you want to be careful not to ruin the goodwill of your customer base.
Okay, what does that mean? How can one ruin the goodwill of your. Of their customer base?
Well, if you treat your customers like they're not important to you, then you won't be important to them either. That's just kind of basic human decency. It's funny how some big companies don't.
Yeah.
Don't get that message. It's. And we're not going to mention any of them, but maybe we'll have another episode later. But if you don't value your customers, then don't expect them to value you. Okay? There could be a transactional business done, and maybe that's okay, and maybe that's all you want. If that's your way of doing business, go for it. But I recommend that you first reach out to all your customers and you let them know, hey, prices are going to go up next month. First of the month. I know. I sent you some proposals for a project. You have until then to buy at that price that I gave you or it's going to be more expensive. First of all, you're creating some, Some fomo, some scarcity there. You're saying, oh, maybe if that customer was on the fence or they were thinking, I should do this, then maybe that's the nudge that they need to actually start. But it's also just nice because then they can't come back and say, you didn't warn me. You didn't tell me.
What do you mean?
My. That project is twice as expensive now as it was a month ago. I told you, we're raising our prices.
I gave you the opportunity.
I gave you three weeks notice. Yeah, but I thought that was just marketing. No, it's the truth. And, well. But you're going to still. You're still going to honor that proposal for me, aren't you? No, I told you I was going to raise the prices. I told you. Hey, I sent you an email. I said, hey, that proposal is going to expire. It's going to expire. It's not going to be the same proposal and you didn't pay attention. I'm sorry.
