With Still High Inflation, Raising Prices May Be Inevitable. How to Go About Communicating the Hike

With Still High Inflation, Raising Prices May Be Inevitable. How To Go About Communicating The Hike - Gettyimages 1215901242 513643

Businesses are still feeling the pain of inflation. Tack on continued supply chain struggles, and precious few entrepreneurs have managed to avoid boosting prices–sometimes more than once. 

It’s a decision that retail businesses don’t take lightly: There’s a fine line between staying competitive and financially solvent and pushing away customers. Price increases are often necessary–especially as inflation has remained elevated--and customers may be willing to accept them, as long as they’ve been carefully rolled out. Here, five entrepreneurs share the communications strategies that worked for them.

Be honest

A good deal of empathy goes a long way when it comes to handling price increases, Mark Cohen, director of retail studies at Columbia Business School, told Inc. last fall. “Without customers, there is no future [for your business],” he says. “Demonstrating that you’re there for them goes a long way towards ensuring that your historical customer will hang in there.” That…

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This article was written by Rebecca Deczynski and originally published on www.inc.com