{"id":5612,"date":"2022-04-19T04:45:00","date_gmt":"2022-04-19T09:45:00","guid":{"rendered":"https:\/\/ellevatedoutcomes.com\/?p=5612"},"modified":"2026-06-15T20:14:06","modified_gmt":"2026-06-15T20:14:06","slug":"how-to-increase-prices-effectively-respectfully","status":"publish","type":"post","link":"https:\/\/zudigitest.com\/ellevatedoutcomes\/how-to-increase-prices-effectively-respectfully\/","title":{"rendered":"How to Increase Prices, Effectively &#038; Respectfully"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">A lot of people are talking about small business price increases at the moment, from <a rel=\"noreferrer noopener\" href=\"https:\/\/www.sethgodin.com\/\" target=\"_blank\">Seth Godin<\/a>, to every business coach you follow (ha!), to the <em><a rel=\"noreferrer noopener\" href=\"https:\/\/www.wsj.com\/articles\/gas-prices-upend-small-businessits-keeping-me-awake-11647768602\" target=\"_blank\">Wall Street Journal<\/a><\/em>. And although I stand behind this statement: most small businesses offer too many products at the wrong prices, I don&#8217;t believe that every business should willy-nilly increase their prices across the board.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But here&#8217;s one thing I&#8217;ve found: even if someone knows they need to make a change to their product mix or pricing, how to enact the change is an entirely additional obstacle to overcome. And there is a generous, win-win way (believe it or not) to increase prices.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Here are 3 ways to make sure your approach is clear, kind, and attracts even more business your way&#8230;<\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">1. Add value.<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">This is <a href=\"https:\/\/www.wsj.com\/articles\/shoppers-reach-their-limits-on-some-price-increases-11647509580\" target=\"_blank\" rel=\"noreferrer noopener\">another fascinating article in the <\/a><em><a href=\"https:\/\/www.wsj.com\/articles\/shoppers-reach-their-limits-on-some-price-increases-11647509580\" target=\"_blank\" rel=\"noreferrer noopener\">WSJ<\/a> <\/em>about price increases. When I first saw the title I panicked, wondering, &#8220;Oh shoot. Is Suzanne Kapner going to tell me that everything I&#8217;ve been preaching is wrong?&#8221; (For the record, if she is, I do want to hear about it; I need to know points of view that are different than my own). But no, she didn&#8217;t. Instead what she said was, if you&#8217;re going to increase prices, they&#8217;ll be better received if you give the customer more.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But this doesn&#8217;t have to mean you&#8217;re physically giving a customer more. Increasing value can come in all (tangible and intangible) shapes and sizes. <a href=\"https:\/\/www.denisedt.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">Denise Duffield Thomas<\/a> suggests&#8230; <\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>making your product more efficient or effective<\/li>\n\n\n\n<li>upgrading branding or packaging<\/li>\n\n\n\n<li>enhancing the client experience<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Because remember: <a href=\"https:\/\/zudigitest.com\/ellevatedoutcomes\/whats-a-value-proposition\/\" target=\"_blank\" rel=\"noreferrer noopener\">value is in the eye of the beholder<\/a>. And if you&#8217;re the creator\/seller, you&#8217;re not the beholder. Therefore, ensure that you&#8217;re having intimate customer conversations to understand where they get value from your product.<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">2. Call your top customers.<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">This one is scary for many people. I too, must gather and rally myself before making a call about a price increase. The butterflies get the best of all of us, I promise! Here&#8217;s the thing though: difficult news is <em>always<\/em> better received by voice than email. And this is a muscle that can be built with practice. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Here&#8217;s why delivering price increases by phone call is so important: your top customers likely account for 80% of your revenue and 150% of your profitability (not a typo). Good business leaders give priority and take care of those who take care of them. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">PS &#8211; there&#8217;s a bonus below to help with this step.<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">3. Niche down. <mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-white-color\">Increase Prices<\/mark><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Making a price increase is the perfect time to take inventory (literally) of what&#8217;s propelling your business and what&#8217;s weighing it down. The stat I mentioned above &#8211; 80% of revenue and 150% of profitability &#8211; is a universal truth of doing business. Everyone thinks, &#8220;surely that doesn&#8217;t apply to me.&#8221; But it applies to alllllllll of us. Prune your products and customer base so that you can focus money, energy, and resources on the business that&#8217;s moving you forward.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">As <a href=\"https:\/\/www.marystengelbentley.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">Mary Stengel Bentley<\/a> recently and beautifully attested: <\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\">I feel free. I love what I&#8217;m doing right now. [In the past] I\u2019ve had so much fear turning down work\u2026 Now, I&#8217;m boiling down: what&#8217;s important to me.<\/p>\n<\/blockquote>\n\n\n\n<p class=\"wp-block-paragraph\">I&#8217;ve heard so many people in the past say that they&#8217;re scared of being &#8220;mean.&#8221; But in fact, nothing could be more opposite of the truth. Turning down business to focus on what your business does well, and taking the best care of your top customers, is one of the most generous business acts there is. In fact, we call it the <a href=\"https:\/\/zudigitest.com\/ellevatedoutcomes\/attract-more-customers-to-your-business-with-some-help-from-miracle-on-34th-street\/\" target=\"_blank\" rel=\"noreferrer noopener\"><em>Miracle on 34th Street<\/em> approach to doing business<\/a>.<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>A lot of people are talking about small business price increases at the moment, from Seth Godin, to every business coach you follow (ha!), to the Wall Street Journal. And although I stand behind this statement: most small businesses offer too many products at the wrong prices, I don&#8217;t believe that every business should willy-nilly [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":5628,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[482,480],"tags":[287,288,289,290,37,291],"class_list":["post-5612","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-product-service-pricing","tag-adding-value","tag-ideal-clients","tag-increase-prices","tag-niche-down","tag-small-business","tag-top-customers"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>How to Increase Prices, Effectively &amp; Respectfully - Ellevated Outcomes<\/title>\n<meta name=\"description\" content=\"...Even if someone knows they need to increase prices, how to enact the change is an entirely additional obstacle to overcome.\" \/>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How to Increase Prices, Effectively &amp; Respectfully - Ellevated Outcomes\" \/>\n<meta property=\"og:description\" content=\"...Even if someone knows they need to increase prices, how to enact the change is an entirely additional obstacle to overcome.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/zudigitest.com\/ellevatedoutcomes\/how-to-increase-prices-effectively-respectfully\/\" \/>\n<meta property=\"og:site_name\" content=\"Ellevated Outcomes\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/web.facebook.com\/ellevatedoutcomes\/\" \/>\n<meta property=\"article:published_time\" content=\"2022-04-19T09:45:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-06-15T20:14:06+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/zudigitest.com\/ellevatedoutcomes\/wp-content\/uploads\/2022\/04\/woman-packaging-products-with-receipt.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1080\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Julie Sellers\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Julie Sellers\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/zudigitest.com\\\/ellevatedoutcomes\\\/how-to-increase-prices-effectively-respectfully\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/zudigitest.com\\\/ellevatedoutcomes\\\/how-to-increase-prices-effectively-respectfully\\\/\"},\"author\":{\"name\":\"Julie Sellers\",\"@id\":\"https:\\\/\\\/zudigitest.com\\\/ellevatedoutcomes\\\/#\\\/schema\\\/person\\\/22cba89f7e5da6fb31694648eebefcfc\"},\"headline\":\"How to Increase Prices, Effectively &#038; 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