By: Rick Boxx
September 5, 2014
When businesses increase their prices, they run the risk of losing customers. A Wall Street Journal article titled, “How Companies Can Get Smart About Raising Prices” had several good ideas, including telling the customer why you are increasing prices.
If your costs have increased, customers are more accepting if your price boost is explained. For example, telephone bills sometimes have increased taxes and regulatory fees that need passed along.
The telephone companies are wise to break those out separately. If they rolled them into the total many would assume the increase was purely profit motivated.
Jesus taught in Mark 4:22, “For whatever is hidden is meant to be disclosed, and whatever is concealed is meant to be brought out into the open.
When increasing prices, transparency is usually a helpful approach.
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