RAISING PRICES: HOW TO DO IT? – CA-Forabeli
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RAISING PRICES: HOW TO DO IT?

Let’s face it. Spilling the bad news to your clients about your price increase is downright uncomfortable and never easy simply because, they may love the lash extension product or service that they get from you but you may have mixed opinions towards the cost that comes with it, much more to an increase of it.

Those thoughts of "what if they complain?" or "what if they stop working with me?”, "What if they take me for a greedy opportunist?" or "what if they go over to the competition instead?" are completely understandable. These thoughts are completely normal because you care for your lash clients.

But if you refuse to increase your price when you needed to amidst inflation and price hike for your raw materials, then you’re essentially losing money and eventually killing your lash business.

The article is not about how to go around or cut corners just to avoid price increase because in the long run, these strategies won’t serve you best and may even hurt the quality of eyelash extension service you deliver.

The article will give you tips on how to effectively communicate your price increase to your loyal lash clients. So let’s dig into these tips:

  1. Be Clear and Transparent

The first step is announcing your price increase and the reasons why. Employing a clear language in your announcement is essential. Be clear at your announcements and do not sugar coat. A big part of your lash clients’ trust is built around you being honest and reasonable in every business dealings so just stick to the same character when announcing your price hikes. If you’re going to increase your prices, stand firm in your decision and communicate it clearly!  

In addition, when you inform your customers that prices are going up, it simply confirms their expectations as many consumers are well aware of the state of the economy as a whole. So don’t overthink because more often, lash clients will understand and accept your price increase and would still love to get that stunning wispy lash set. 

  1. Sell the benefits of your price increase

You don't have to be negative about price increases. Use this chance to explain your pricing increase and to remind your customers of the value you offer and the benefits that may come with this. Just like being creative with those eyelash curls, take your creativity to your marketing strategy. Build product or service bundles by including extra features that don't cut into your profit margins but do help and entice your lash clients to avail. Emphasize the high quality and premium eyelash extension products you use, the new lash studio amenities you’re bringing to improve customer service or the latest certification you’ve acquired as a professional.

It is also right in time to strengthen your loyalty program and reward your clients who remained loyal even after the announcement.

  1. Research the Marketplace

Yes, it’s true that one shouldn’t rely on what others are doing but a market research gives you, as a professional and as a business owner, a good amount of knowledge to make better decisions especially in your next leap for your business and service. It’s always worth knowing what your competitors are doing. Have they increased their prices? By how much? What are they doing to increase the value of their service? More often when everyone in your industry raises prices at the same time, customers are more likely to accept those increases.

  1. Be Clear About the Reason but Don’t Over explain

It is an important part of being transparent to tell the exact and specific reasons of your price increase. This part is usually taken for granted assuming customers would just accept price increase right away because it is just taken as a given. Get ahead of those back minded questions your clients are not expressing and make no room for them to question your intentions.

But, the tricky part there is you will tend to over explain. Because more often you don’t get a comment from your lash clients about your price increase, you tend to overthink and feel the need to justify more your decision. The more you try to justify, the more it appears shady.

Customers aren't interested in hearing about the nuts and bolts of your business.  Just give them the straight dope about the new pricing structure and when the price hike will take effect.

  1. No Need to Apologize

If your decisions are based on facts, then there’s literally no need to apologize for doing what’s necessary. Besides, you don’t need to apologize if you know you’re giving the value your clients deserved. Saying sorry indicates that you’re unsure or not confident about your price increase.

Final thoughts…

In communicating your price increase, put your best foot forward, explain confidently and with conviction.  Try to avoid focusing your discussion of the issue on the cost but rather emphasize the benefit that comes with it. Make certain they recognize the worth and ongoing benefits of working with you.

It’s not easy to make changes but it’s necessary. It's about maintaining a high standard of customer service while remaining transparent and honest. Because they have grown to know, like, and trust you, happy lash clients will most likely just shrugged off that “bad news” and will still come for your lash service, no matter what. The secret to success is keeping that trust - and of course that volume and curl you’re adding to their lashes.