Mike Andes raised prices during Omicron, lost 30% of customers at first, but regained them within six months at the higher rate and doubled his profits. He says he's never regretted a price increase after six months.
30% of customers.
Six months.
In general, it baffles my brain how small business owners will not raise their prices and yet they consider themselves failure because they can't make profit in their business. To date, I have never had a business owner actually six months later after doing a price increase, regret making the price increase. To date, I am the person that has the worst amount of people leaving when they did a price increase that I know of. 30% of my customers left. Back when we had Covid. I raised prices at the wrong time and everyone was already freaked out about Omicron. The second wave was going to come kill us all. I raised prices and lost 30% of my customers. To date that is the worst percentage of people leaving. And here's what's crazy afterwards six months later, I didn't regret it because I was able to get all those customers that I lost right back at a higher price and had doubled my profits.
