Is it time to raise the prices of your screen-printing services? The fear of losing a loyal customer due to increased prices can be daunting. Check out these 8 tips for increasing your prices mindfully.
1. Notify your customer
By notifying your customer of upcoming price changes you are being transparent and allowing them to prepare for the increased cost of goods. In this notification you should be clear on what services you are raising prices on and a few details on why
Do not overcomplicate and explain the matter. It is business, and you need to profit; you don’t owe the customer a novel. Don’t apologize, you are a business you need to do what it takes to survive, there is nothing to be sorry about.
2. Offer perks
Your customers might respond warmer to the price increase if there is something to sweeten the pot. What else could you offer the customer alongside the increased price of the service? For example, you now include gift wrapping or sizing tags on all garments.
Another great perk is a rewards program. By offering a rewards program you are incentivizing customers to purchase and a chance to get freebies along the way.
3. Create an apparent tiered price model
By creating a tiered price model alongside the price increases customers can earn price breaks by ordering volume from your shop. This will benefit both you and the customer.
4. Add fees
Are these increased fees temporary? If that is the case, you can raise prices by adding in line item fees. This way you can easily delete these fees once prices return to normal.
5. Offer a temporary discount
Create a limited-time offer for loyal customers to take advantage of before the price increase. This will help ease customers into the new prices.
6. Bundle products of services
By creating bundles you are offering a new way for customers to save while purchasing more from your shop. For example, you can bundle t-shirts, totes and hats and offer a merchandise bundle. This can also help your business stay competitive with other shops.
7. Raise prices regularly
If you know your costs will increase year after year, increase your costs at the same time every year or at whichever cadence you choose. This way your customers are accustomed to the new prices and not shocked.
8. Prepare for backlash
You can implement every idea above and still have a disgruntled customer. You are a business dealing with real people and emotions. Money is a delicate subject to many. Prepare yourself for angry customers by preparing a statement as to why you increased your prices. Remember don’t apologize and don’t overexplain, it's your business, literally.
Are you having trouble figuring out how much to charge for your screen printing services? Use our pricing calculator! Find out exactly what you need to charge for your desired profit with this calculator.
Please leave us feedback. We would also love to hear any other advice you screen printers have. If you used this advice, how did it go with your customers?
Happy Printing,
