3 Things You Must Do When Planning Price Increases

11/27/23 • 12 min

Ever wondered what key steps businesses often overlook when they're raising their prices?
In this episode, we'll take you through three critical aspects of pricing that businesses frequently overlook when adjusting their prices. Whether you're considering raising or lowering your prices, it's easy to overlook these things. Often people are afraid to change prices especially raise them and postpone it as long as possible. When they finally do it they take big risks by applying a "rip off the bandaid" approach. Trying to get it done before they panic and decide not to. In that process, they skip some really important steps that help the increase be more successful.
I'll break down the misconceptions and offer practical advice on how you can do this more effectively.
Discover the power of differentiation – why it's essential to vary price increases across your offerings, rather than applying a uniform rate. Learn how mastering the math behind pricing can give you the confidence you need to make informed decisions. And we'll look at price communication – when to make clear communications and when a subtler approach is more suitable.
Enjoy the episode. Don't miss out on the knowledge and strategies that can reshape your business's future.
Podcast Highlights

0:00 Intro
1:54 Overcoming Fear and Taking Strategic Steps
5:15 The Critical Role of Pricing Math
8:24 Knowing When and How to Share Changes
10:21 Wrapping it Up

Episode Links
LinkedIn Article: The Boulder of Pricing Inaction
Tool Recommendation: Pricing Tool KitDon't go yet. If you're enjoying the show please rate and review. It helps us spread the word to more people and ultimately get more small businesses on the path to sustainable profitability and business success. Thanks for Listening.
*********
Reach Out, Connect or Book a Call with Janene
Get started improving your business. Sometimes it’s difficult to know where to begin. I suggest you Download the the self assessment Pricing Scorecard (www.thepricinglady.com/pricing-scorecard). Get a view of what’s working and what’s not working when it comes to pricing in your business. Figure out where to start making improvements.
Get in touch with Janene. If you’ve got a question that needs answering, a challenge you’re facing or you have suggestions for future topics or guests, let me know. Contact Janene (https://thepricinglady.com/contact/)
Transform your business and life. My business is about helping you build a better business. One that’s profitable and where you can confidently charge for the value you deliver. Let’s see how we can work together. Book a complimentary Discovery Call today! (www.thepricinglady.com/book-a-call)

Send us a text

0:00 Intro
1:54 Overcoming Fear and Taking Strategic Steps
5:15 The Critical Role of Pricing Math
8:24 Knowing When and How to Share Changes
10:21 Wrapping it Up

Previous Episode

Should I Offer Black Friday Deals

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A few years ago I got an email from a client asking me to review "the attached" document. I opened it up to find a list of discounts and special offers she planned to make throughout the year. As I looked at the list my heart sank - each and every one was carefully thought out in terms of what the client was getting. But no thought had been put into whether or not they were a good business idea.
I called and spoke to her about it. Asking her what the business purpose and goal were for each one. Part way through our discussion it dawned on her and she said, "Janene, from what you're asking me I think I see what you're getting at. I did this because it's what I see others doing. You're asking me to also look at what it means and if it's right for my business. Right?"
She got it!
As the holiday season approaches, businesses often contemplate the idea of offering Black Friday discounts to lure in customers. It seems like everyone else is doing it. But is this strategy right for your business?
Join me as I explore the origins of Black Friday, its evolution into a global phenomenon, and the critical questions you should ask yourself before diving into the discount frenzy.
In This Episode:
We'll look at the importance of aligning Black Friday deals with your brand values, understanding your target customer's expectations, and whether following the competition is a wise choice. Plus, how important is it to ensure that special deals and offers have a real business purpose that you can track. Without that you're just discounting for no reason and giving money away.
Deciding whether or not to offer Black Friday deals, is a strategic business move. Listening to this episode gives you the tools and insights to make an informed choice that aligns with you, your business and your customers and helps you achieve your business goals.
Tune in as I help you navigate the intricate world of pricing and business strategy.
Podcast Highlights

0:00 Intro
2:24 Decoding Origins and Tactics
5:12 Brand-Aligned Black Friday
8:29 Competitor Caution: Business Sense
11:23 Volume, Profit, Math Mastery
13:21 Wrapping it Up

Episode Links:
Pricing Tool Kit: https://thepricinglady.com/goodies
Don't go yet. If you're enjoying the show please rate and review. It helps us spread the word to more people and ultimately get more small businesses on the path to sustainable profitability and business success. Thanks for Listening.
*********
Reach Out, Connect or Book a Call with Janene
Get started improving your business. Sometimes it’s difficult to know where to begin. I suggest you Download the the self assessment Pricing Scorecard (www.thepricinglady.com/pricing-scorecard). Get a view of what’s working and what’s not working when it comes to pricing in your business. Figure out where to start making improvements.
Get in touch with Janene. If you’ve got a question that needs answering, a challenge you’re facing or you have suggestions for future topics or guests, let me know. Contact Janene (https://thepricinglady.com/contact/)
Transform your business and life. My business is about helping you build a better business. One that’s profitable and where you can confidently charge for the value you deliver. Let’s see how we can work together. Book a complimentary Discovery Call today! (www.thepricinglady.com/book-a-call)

Next Episode

Pricing Trends for Small Businesses in 2024

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Do you know what pricing trends to expect in 2024?
As we begin the new year, it’s a good time to take a look at what’s been happening and where things are headed.
People often mistake pricing as a “one-and-done” activity. The reality is that if your prices aren’t changing, then you’re no longer aligned with the market. Meaning you’re under or over priced. The consequences of that are many, most remarkably lower sales and profits. Ouch!
That’s no way to start a new year.
To avoid finding yourself in this situation, take a step back and look at where things are in the world – in your market, in your business, and in your pricing. To help you with that, I’ve put together some research and my own insights to help you get started. Let’s kick the year off with a look at Pricing Trends for 2024.

In This Episode:
In the past few years, we have seen a lot of fast-paced change.
As you consider your pricing strategy and what to do it’s good to take a look at where have things landed and what does it mean in terms of how people behave when they make purchases. That’s where we start our discussion, with a look at the “state of affairs”.
Then we turn towards upcoming trends in pricing, as an indication of what you might expect in the year to come. And last, my recommendations on what you might focus your attention to get ahead.
Enjoy the episode.
Podcast Highlights

0:00 Intro
2:08 2024 Preview
5:27 Navigating Global Trends
8:34 Pricing Amidst Market Shifts
12:21 Beyond Price Wars
14:56 Pricing Trends
23:38 Strategic Pricing in 2024
26:37 Wrapping it Up

Episode Links:
NIQ 2023 Mid Year Outlook Survey: https://nielseniq.com/global/en/insights/analysis/2023/5-cost-of-living-trends-to-know/
Check out the next Price Point Event full details at: https://thepricinglady.com/thepricepoint
The next cohort of The Fair Price Formula Part 1 - Price Setting starts January 26th. Register at www.thepricinglady.com/setmyprices
The Customer Compass (previously the Customer Value Challenge) is coming in February.
The next Pop-Up Pricing Masterclass is on March 5th and we'll be focusing on Understanding Profit. https://thepricinglady.thrivecart.com/profit-mc/Don't go yet. If you're enjoying the show please rate and review. It helps us spread the word to more people and ultimately get more small businesses on the path to sustainable profitability and business success. Thanks for Listening.
*********
Reach Out, Connect or Book a Call with Janene
Get started improving your business. Sometimes it’s difficult to know where to begin. I suggest you Download the the self assessment Pricing Scorecard (www.thepricinglady.com/pricing-scorecard). Get a view of what’s working and what’s not working when it comes to pricing in your business. Figure out where to start making improvements.
Get in touch with Janene. If you’ve got a question that needs answering, a challenge you’re facing or you have suggestions for future topics or guests, let me know. Contact Janene (https://thepricinglady.com/contact/)
Transform your business and life. My business is about helping you build a better business. One that’s profitable and where you can confiden

Live with The Pricing Lady, the Podcast - 3 Things You Must Do When Planning Price Increases

Transcript

Janene: In this episode of Live with The Pricing Lady, we take a look at three things people forget to do when they're adjusting, especially when they're raising their prices. Sit back, relax and enjoy the episode.

Hello, and welcome to live with The Pricing Lady, The Podcast. I'm Janene, your hostess. The show is all about helping you build a stronger, more profitable business. We talk about the tactics and strategies of pricing and how you can apply them so that you b