Businesses struggle to determine when to raise prices because they think that the impact of price increases is unpredictable. It’s not.
This content was first published in the No Best Practices newsletter on 5.29.2022.
When I kicked off the “How To Destroy Your eCom Business” series, there was originally a part 5: Raising Prices. But I want to walk that back a little bit. There are some situations where it makes sense to raise your prices. Freelancers, agencies and other service providers are often encouraged to raise their rates periodically, which I agree with in many situations.
Consider this Part 4.5 of the series, and the finale. I’m going to give you a high-level overview of pricing concepts, share how pricing is abused in eCommerce strategy and talk about a few situations where it makes sense to raise prices.
As a reminder, the purpose of this series is to arm you with the knowledge to build a healthy customer file. And a healthy customer file enables a business to succeed today, but it also sets a business up for success in the future.
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