How to Increase Prices Without Losing Customers
Price increases aren’t fun but if you’ve been in business longer than a year, you probably have noticed an increase in the cost of everything that your company purchases. Supply chain shortages and inflation are making it difficult for small businesses to win customers when the consumer is feeling the crunch as well. In order to survive, you have made the difficult decision to raise your prices, but how do you convince customers that your products are worth the extra cost?
Your brand image is the impression of your product by the consumer. Having a positive brand image is necessary to win customers, especially in a time where prices are going up. If you sell a low quality product or service it will be difficult to justify the extra expense to the consumer. On the other hand, if you offer a high quality product backed by excellent customer service, an increase in price will have less of an effect on your overall business.
Product Photos and Videos
There is a reason big corporations spend thousands of dollars on product photographers and videographers who will make their products look perfect in commercials, magazines, and billboards. As a small business owner, you probably don’t have the same budget as Budweizer or Nike, but you don’t need to in order to have exceptional product photos and videos made for your brand.
A well thought out and professionally developed product image stands out and makes your offering appear more valuable to potential customers. Furthermore, professional lifestyle photographs where the product is photographed in its intended environment will allow the consumer to picture themselves enjoying the product and maybe even trigger a bit of fear of missing out (FOMO) within the consumer.
Contact Vincent Dragone Media to see how we can support your business through professional product photos and videos that build brand awareness and drive sales.
Leverage Existing Brand Loyalty
Your company has a small but loyal group of customers who will always be your fans. Reward them for their loyalty with discounts and free product through referrals, a points system, and/or VIP offerings. Hold fun events at your business where these loyal customers can hang out, bring friends and family, and become a place where people can socialize. Building a community around your brand will increase your brand image and spread it far and wide.
In order to increase your small business’ prices without losing customers you need to invest in your brand’s image, utilize professional looking product photos and videos, and leverage existing brand loyalty. Take a look at Vincent Dragone Media’s product photography portfolio to see how we can help you.