If you haven’t raised your prices in the last 6-12 months, it’s time for you to audit your product costs and pricing to see exactly what your profit margins are. It’s likely that costs have risen and your profit margins aren’t as high as they used to be. In today’s episode, I’m sharing a few approaches you can take to communicate your price changes with your customers.
The question that prompted today’s episode was from LABS member Jenny: “I need to raise my prices. How do you recommend going about a price increase specifically on the retail side? Do we announce it, explain why, or just do it? Help me not be afraid to raise my prices. Thank you.”
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