Have you feared informing your customers about price rises because of the possibility of losing their loyalty? Don't be scared! This is a normal part of business growth, and many customers are ready for the fact that the rates will not stand in one place all the time.
The main thing is to send a price increase notice with the right content, not day-to-day, and to observe some other subtleties. The correct approach to these emails gets a positive response from clients.
So how do you break the news about it in a way that keeps recipients satisfied? Here are some tips and rate increase letters to help you effectively communicate the change.
How to tell customers about the price increases?
To tell customers about price increases correctly, you need take a personalized approach. Address the customer by name, mention a couple of details that will relate specifically to them - the successes associated with your product, the benefits of new features that will be useful to this particular user, etc.
Learn more about the client - in addition to seeing the actual data in the CRM - use features with the in-depth search of persons/company info, view their professional social networks to update data, and communicate with the audience based on their interests now.
Also, you can include a completely new price list for your service/product, and be sure to include the date when the planned rate rises will occur.
Don't forget the reasoning, the fact that this change has to be reasonable. It's not like a subscription costs $50 a month to use tools/get services, and suddenly its price goes up a million times. Then you risk losing your clients forever, ruining your reputation.
What should be the perfect letter of a rate increase?
The ideal price rise letter should be short, no more than a few paragraphs. This email should be more extensive and have arguments about why this happened.
Format - no more than a few paragraphs (like in the examples below) will help the recipient quickly understand the letter's key points and take the necessary action.
Rate increase letter may include the following elements:
- A clear subject line that indicates the email is about a rate rise.
- A brief introduction expressing appreciation to the customer.
- A straightforward statement of the price growth and the date.
- An explanation of the reason for the increase.
How to raise prices without losing customers? Tips & tricks
Follow a few tips to create a price increase letter:
- Inform in advance
- Specify «Why»
- Extra benefits at the old price
- Without going overboard apologizing
Increase price notice creation: Tip #1. Inform in advance
This is simply one of the essential rules. Communicate rate increases as soon as you decide and before the new prices take effect. Give your clients the opportunity and time to adjust to the new conditions, reconsider their budget or find an alternative.
Create several types of mailings on the topic. For example, the first email will be about the upcoming changes, the second notice of price increase with new prices, and the rest several - a reminder about it, reminding them a week or a day in advance.
So what might a rate increase reminder look like? 👇
Short sample letter to inform customers of the price increase:
Creating notice of price increase: Tip #2. Specify «Why»
Emails like these are sent to clients with clear, concise communication that outlines the reason for the rate rise and how it affects them.
Also, make sure to reassure clients that service quality will remain high and offer them a discount or some other incentive if they choose to stick with your business.
Omer Usanmaz, CEO and Co-Founder of Qooper:
«We recently communicated a price hike to our customers through email, and we wanted to be sure that the message was both transparent and positive. We took time to explain why the increase was necessary, emphasizing the value clients would still get from our product or service even with the higher cost.
We also offered them the opportunity to respond meaningfully before implementing the rise, such as offering them discounts if they committed to a longer-term contract or purchased in bulk.
Additionally, we highlighted recent customer reviews and explained why we are still a better value than competitors or offered additional services they may not have known about before. We were pleased to see that our clients responded positively and showed loyalty despite the сhanges, proving that thoughtful communication can go a long way.»
Creating price increase emails: Tip #3. Extra benefits at the old price
Use this news as a chance to boost profits by offering customers incentives, such as a deadline to switch to a yearly plan at the previous price, before implementing new prices.
You can create a sense of urgency and drive sales by providing clients with a limited time window to purchase an annual plan at the previous rate before new prices get effective.
Additionally, this approach can help foster client loyalty by offering them a benefit for their continued use of your product/services.
Creating letters to increase prices: Tip #4. Without going overboard apologizing
Raising prices is a common practice for each company, but apologizing for it diminishes the perceived value of the product in the eyes of customers. (You need to apologize by increasing the rate when you tell them about price changes that day.)
A company can maintain its trust and satisfaction by communicating the reasons and the continued value clients will receive. Just saying «I'm sorry» doesn't help in this case.
How to announce a price increase to clients? Top 10 templates
These templates of price increase letters will show you how to address your clients and not lose their loyalty. Just copy, paste and edit to suit your company and the reason for the rate rise.
Price increase notice template #1. With an expression of gratitude
Sample letter of price increase #2. Focus on new features & benefits
Increase price notice #3. Add about customer successes
Price increase sample letter to customers #4. Advance notice
Letter to customers about price increase #5. Extra special offer
Price increase email template #6. For free users
Price increase sample letter to customers #7. Explanation of need
Sample price increase letter to customers #8. With all advantages
Sample email about price changes to plans #9. Polite price increase notice
Note. Don't forget to check the validity of the addresses before sending so that your price change notifications reach the customers. If users don't have time to change their email to a valid one and they miss this email, an unpleasant situation will arise for both parties.
Summary: How to write a price increase notice right
- To tell customers about price increases correctly, you need to take a personalized approach. Address the client by name, mention a couple of details that will relate specifically to them - the successes associated with your product, the benefits of new features that will be useful to this particular user, etc.
- The ideal rate rise letter should be no more than a few paragraphs.
- To raise prices without losing clients, you need to send an email explaining why the price growth occurred, with a statement of your product’s value, to provide perhaps some bonuses.
