MBA1535 Q&A Wednesdays: Should I raise my prices during a pandemic?

Price hikes can be scary. Will you turn customers off? Will people feel betrayed or surprised — especially during a global crisis?It’s Q&A Wednesday, and we’ve got one listener who can’t get his business in the black without some fresh revenue. With no room for paid ads in the budget, and the lockdown depressing business generally, it seems like bumping up prices is the only option.Or is it?Today, we’ll discuss a few ways to create revenue that don’t involve price hikes. These revenue-raising strategies might be just the solution you need to get your business through COVID-19. When it’s time to balance the books, there are always options.That said…We’ll also discuss how to raise prices, when it’s appropriate to do so. Raising prices doesn’t have to be the end of the world, especially when you have well-served customers whose loyalty you’ve earned. Remember: a small increase doesn’t hit individual customers too hard — but it can make all the difference for you.Tune in, learn what you can do besides raising prices, and how to raise prices in a way that won’t hurt the good will you’ve built up. Click Play!To submit your questions, visit 100mba.net/q.SUBSCRIBEYouTube | Apple Podcast | Spotify | Podcast Feed Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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