Here's a pricing power tactic more stores should be practicing, sending an email to let consumers know of the upcoming price increase aka the classic Business Price Increase Letter tactic.
As a business, you may have to increase prices from time to time, and especially with inflation and supply chain disruptions. Now you may be wondering how to write a price increase letter to customers? See how Nike breaks the news to their customers:
In April 2023, when SNKR DUNK had to revise their purchase fee of 3.5%, they informed their entire subscriber list in advance of the imminent price increase that will be effective from 12pm EST, 1 May 2023, while explaining reasons behind the price increase.
Implementing this growth tactic can be highly beneficial for your business since it can enhance customer trust, give you the opportunity to shape your brand's story, and boost your profit margins.
Need to increase your prices as well but unsure how to? Here's a how-to 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.