The Covid-19 pandemic forced nearly every business to rethink how they manage their day-to-day. It has been an incredibly challenging journey for many and it left many losing revenues that they couldn’t afford to. However, when business habits are in flux it actually makes it the perfect time to reexamine how you are managing your operation. Maybe you’ve been thinking about your delivery fees due to more takeout orders or maybe your supplier charges have gone up so you have to make some pricing adjustments as a result. So how do you raise prices without causing an uproar and potentially losing your customer base? We walk you through it.
Whether you are raising prices due to supplier fees or company overhead, make sure you are completely transparent with your customers. A small sign near the cash register or an email letting them know the change can do the trick. Just be clear and precise about it, explain yourself but there is no need to apologize. You are running a business and these types of changes are bound to happen. As long as your prices are in line with your local competitors, your customers will understand that when costs rise, prices do too.
Prepare Your Staff
Before you put out a sign or make any changes at checkout, be sure to prepare your staff. If your customers don’t see the notices they are bound to have questions. Make sure your staff has the right answers for them. There is a chance that a few customers will be angry and may threaten to take their business elsewhere. Take a few minutes before the start of a shift by discussing answers to common customer questions. Keep the answers friendly and upbeat, your staff will be happy they were well prepared.
Offer Inexpensive Options
One sure-fire way to keep your customers happy is to offer a new option the second they question the price of what they wanted. By providing other options within your customer’s price range you will not only be maintaining your customer loyalty but protecting your margins as well. While preparing your liquor store location for the price increase you can use the Manage Categories section to quickly find similar items to keep your customers satisfied. The ultimate end goal is to avoid shocking your longtime customers. By giving them fresh and new alternatives you show that you care about their interests.
Moving forward it might be smart to consider evaluating regularly to see the need to raise prices. This will help protect your margins against possible inflation. As long as you properly prepare and consider your customer reactions every step of the way everything will go smoothly. With CobaltConnect we’ve taken all of this into consideration. Our system comes with key performance reports to help you every month. Reap all the benefits from our ultimate liquor store management system. Give us a call to set up a free demo and learn how you can better manage your business!