Inflation is almost always occurring. And, because of it, business owners don't have any other option but to increase their prices. While it can leave some of your customers frustrated, it’s the only way to really cope with economic crises.
If you don’t increase your prices, but your suppliers do and your employees demand more money per hour, then you can’t keep up.
In this episode, Brandon Condrey and Brandon Schoen talk about price increases and how they’ve done them with their cleaning business with almost zero pushback from customers.
Listen to this podcast now! And be sure to head to our website for a FREE copy of our price increase letter!a
Highlights:
[01:00]Understanding why you need to increase prices
[02:53]Adjustments because of COVID
[04:36]The 20:80 analysis with real customers
[07:37]The problem with increasing prices multiple times each year
[08:53]Customer communication: Emails + auto reminder texts
[10:48]The magic of emails
[12:00]Thinking about expanding your services safely
[15:35]Keeping track of the Consumer Price Index and inflation
[17:13]Should the cost increase letters you send be vague?
[17:45]Reviewing letters, considering rebuttals, researching price increase data
Links:
Teaser:
[01:10 - 01:33]
[06:35 - 06:44]
[07:21 - 07:52]
[08:31 - 08:52]
[16:17 - 16:39]
Qoutes:
“From an inflation stand point, the goal of the federal trust is to keep inflation at 2%. So if you’re not raising your prices 2% every single year, you are losing money”
“It's not that they don't expect price increases, everyone is expecting price increases . That's how the economy works..”
