Episode 26

Increasing Your Prices

Published on: 8th December, 2024

Welcome to this weeks’ episode of The Australian Small Business Show!

In today’s timely episode, we take a quick dive into how to confidently deliver a price increase

to your customers.

Increasing prices can be a delicate process, but with the right approach, businesses can do it

confidently without losing customers. Here are some strategies to consider:

  • Communicate Clearly and Transparently: Explain the reasons behind the price increase to your customers. Whether it's due to rising costs, improved quality, or added features, transparency helps customers understand and accept the change.
  • Highlight Added Value: Emphasize any improvements or additional benefits that come with the price increase. This could include better materials, enhanced services, or new features that justify the higher cost.
  • Implement Gradually: Instead of a sudden hike, consider a phased approach. Gradual increases can be less shocking to customers and give them time to adjust.
  • Offer Alternatives: Provide different pricing tiers or packages. This way, customers can choose an option that fits their budget while still experiencing the value of your offerings.
  • Reward Loyalty: Show appreciation to your loyal customers by offering them exclusive deals or discounts. This can help maintain their trust and loyalty even with the price increase.
  • Train Your Team: Ensure your sales and customer service teams are well-prepared to handle questions and objections. Equip them with the right information to explain the value and reasons for the price increase confidently.
  • Monitor Feedback: After implementing the price increase, closely monitor customer feedback and sales data. This will help you understand the impactt and make any necessary adjustments.

By following these strategies, businesses can increase their prices confidently while maintaining customer satisfaction and loyalty.

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* Disclaimer: The information shared on The Australian Small Business Show is general in nature and does not constitute professional advice, legal or otherwise. We recommend consulting with your advisors on your specific circumstances.

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About the Podcast

The Australian Small Business Show
The Australian Small Business Show has been created by small business owners, for small business owners.

Your hosts Matt Heighway and Kristy-Lee Billett, who have both been running businesses for over 15 years, will bring our first hand experiences to offer insights, advice and inspiration to help you build a successful small business.

Each week we’ll discuss one specific strategy, topic, resource or tip that’s relevant for every small business, and we’ll be inviting along some amazing guests and friends in business to share their expertise with you.

Whether you're starting out, scaling up or a seasoned small business owner, this Australian Small Business Show is the show for you.

About your hosts

Kristy-Lee Billett

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Kristy is a nationally recognised HR expert, passionate small business advocate, podcast host, mum, wife, beach lover and runner.

She has spent more than 20 years now working in the field of Human Resources, People Management and Recruitment.

For the last 10 years she has dedicated herself to exclusively supporting small to medium sized businesses, those who employ less than 100 staff with all aspects of their HR, recruitment, people management and resource structures.

She founded her first business in 2006, and today she continues to direct this business, which is now known as People Powered Business.

Today She loves working with businesses inside our People Powered HR community to help them gain the knowledge, tools and resources to handle absolutely anything when it comes to their teams, with complete confidence.

Matt Heighway

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Matt is a CPA who has been working with business owners in multiple capacities for well over two decades. After commencing his career as an Accountant and Business Adviser, his own national start-up won numerous business awards and was featured in BRW fast 100. Since the business sold, he has been working with small-medium business owners helping them with business growth strategies and holistic business coaching.

Matt also is the Director of Lifetime SMSF, an accounting practice that specialises in Self-Managed Super Funds. Helping Australians manage their retirement nest eggs has been a lifelong project for Matt and he continues to get joy from helping.

Matt is a lifelong learner who loves to chat with other business owners. he is passionate about small business and always wants to see them win. He is at his best when things need turning around though, and gets his motivation helping small business owners come back from a set back.