How To Leverage Marketing To Raise Your Prices
Nobody wants the bad news that prices are going up. The only thing harder than hearing it is having to say it! However, with supply chain issues continuing and overhead costs increasing, the reality is that many tech startups can’t offer products and services at the same low cost forever.
Your marketing strategy could be the key to making those difficult conversations about price go a little more easily.
Great Marketing Increases The Perceived Value Of Your Tech Offering
The simplest way to get through necessary or even desired price adjustments is to constantly increase the perceived value of your products or services. Omnichannel digital marketing makes this simpler, especially when combined with a great understanding of the client journey and in-depth knowledge of product features and benefits. This is why digital and product marketers should work together, to create holistic marketing efforts that boost your brand’s effectiveness.
Valuable Content Cements Your Position As An Authority In Your Industry
A key way of increasing that perceived value is to consistently create, publish and promote content that genuinely adds value to your clients and potential leads. Shareable videos and images, product demos, whitepapers, blogs, and even podcasts all increase your visibility and your authority.
Avoid Mentioning Prices At All Within Marketing Materials—Except When Asked
One way marketers can avoid tricky discussions about price hikes is by making it clear, from the outset, that prices are provided on a bespoke basis and subject to change. Of course, once a lead asks about cost, it’s time to be completely transparent. Don’t dodge the subject, but lead with features, benefits, and case studies from other satisfied users.
If you have a set pricing structure, be sure that any price hikes are announced well ahead of time. This gives you the opportunity to address any objections head-on, dealing with them before it becomes a client-churn crisis. Be open about the genuine reason for the price hike, and be sure to focus on the value your product or service brings:
Does it save time?
Does it save the client money in the long run?
Does it make tasks simpler or remove frustrations?
Does it help improve their brand reputation?
When you can confidently present your tech offering as a clear winner at fixing client pain points, raising prices is less of an issue, particularly for clients who are genuinely impressed with your services.
Final Word
Raising prices is essential to keep your company profitable, and when you have confidence in your brand and marketing experts on your side, it’s a whole lot easier. Book your 15-minute introductory call with our team and ask about branding support for tech startups who want to experience lasting growth.
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