How can price increases be communicated?
How can price increases be communicated?
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When communicating price increases, it's crucial to focus on the customer's perspective rather than the company's costs. According to Patrick Campbell, the most common mistake businesses make is emphasizing their own reasons for the price hike, such as increased costs, which are of little interest to the customer. Instead, the communication should highlight how the pricing change benefits or impacts the customer. Patrick Campbell also mentions that he has developed an email template over the past decade specifically for announcing price changes, which has been effectively utilized by companies like T-Mobile. He advises that the key is not making it about the company but about the customer 1.
Pricing Strategies
Patrick shares his insights on pricing strategies and offers a template for communicating price increases, emphasizing the importance of focusing on the customer's perspective.
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