![]() ![]() ![]() Try to identify other, non-price-related ways to compensate. The point here is that there's no one-size-fits-all model for how prospects and customers respond to inflation - so if you want to raise prices fairly and effectively, you need to account for those differences. ![]() In that case, you might raise prices for your mid-tier and enterprise-level plans at higher rates than you would for your low-tier one. You might also notice that the competitors who cater to your enterprise-level clients are raising their prices particularly aggressively to compensate for inflation. You might find that the companies who subscribe to your mid-tier plan have the willingness and flexibility to spend more in a rougher economy than your lowest-tier subscribers. Your base's overall willingness to pay, the preferences of customers who leverage specific pieces of your product suite, how your competitors are adjusting their prices, and shifting capacity constraints all play a role in shaping your inflation-driven pricing strategy.įor instance, let's say you sell a conversation intelligence platform that offers three plans - one for small businesses, one for midsize businesses, and one for large enterprises. "Fair" is a frame of mind - it's a matter of prospect and customer perception. You want your inflation-driven pricing to be fair, but the concept of what's "fair" rests on more than some all-encompassing, one-for-one peg to economic trends. It's a much more nuanced process - one that requires tact, strategy, and a comprehensive reevaluation of how you price your products. Tips for Fair Inflation-Driven Pricing Comprehensively reevaluate your pricing strategy.Īdjusting prices for inflation is more complex than looking at the overall inflation percentage and increasing all of your prices to fit that figure. Inflation product pricing is a tricky, nuanced process - how do you keep pace with inflation without alienating prospects and customers? To help you address those issues and concerns, we've put together a guide with tips for fair inflation-driven pricing and advice on how to communicate inflation price changes to customers. ![]()
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