Can you run a promotion by increasing prices? The answer is YES! This is the classical Price Increase Letter tactic with an e-commerce twist.
As a business, you may have to increase prices from time to time, and especially with inflation and supply chain disruptions. Here's how Able Carry does it tactfully:
Note: how Able Carry calls it a price adjustment rather than a price increase.
When Able Carry had to increase their prices, they informed their entire subscriber list in advance of an imminent price increase, while explaining reasons behind the price increase. They also invited folks to place orders for their products while they're still at their current prices.
This is a great growth tactic, as it increases customer trust, allows you to own the narrative around your brand, and improves your profit margins as a business.
Need to increase your prices as well but unsure how to? Here's a guide you can follow:
- Install Konigle on your Shopify store.
- Under Pricing power strategy, implement the ‘Price Increase Letter’ tactic.
- Configure prices with the Bulk Price Editor tool. Schedule the price increase by setting a ‘Valid from’ date.
- Reach out to your customers explaining the price increase using the Email outreach campaign built in the Konigle Bulk Price Editor Tool. It allows you to design a 'Price Increase Email’ template without having to rely on other marketing softwares or apps like Klaviyo or MailChimp.
- Additional tip: You can also track how the above tactic impacted your Shopify Store with a before and after analysis available within Konigle.