The creation of an adequate price is an important issue requiring the highest attention of the entrepreneur. Too low prices, though competitive, will be, in the long term, hamper development, reduce returns. At the same time, the buyers will have the product in their own hands with a costly price segment over time.

At the same time, the issue of price increases scares entrepreneurs with little more than the theme of reducing it. Especially newcomers. The main fear is that buyers will go to competition or buy less.

Risks can be minimized when price increases are based on objective factors. These include:

Increased cost: Increases in material prices, production, salary increases, inflation, changes in location;
Change in product characteristics: New material is being used, additional options have emerged, more qualified staff;
Increased demand. The increased need indicates the demand for the product, its value for buyers and increases prices;

There are a few rules that will help raise prices without causing customer grievances.

Don't jump. A slight increase within inflation is easier for clients to understand and accept. A reverse rise, even once every two to three years, may cause negative. It's better to go gradually and a little.

Warn in advance. Don't be afraid to talk about promotion. Better price increases won't be a bad surprise. Proofs can also be carried out that will allow for the old price to be purchased before they rise.

Add additional fee-paying options. The formal price of the main product will remain the same, and the price of the customers will be easier to accept. You can make a fee of what was previously free.

By adding free options, the value of the offer is increasing in the eyes of the client. Customers will be more expensive if they get something free: probes, free counselling, bonuses, etc.

Sri Lanka (shrinkflation) is the reduction of the size (weight, volume) of the product while maintaining or slightly raising the price.

It doesn't have to be all right. Don't raise prices for all categories. The price of goods for stable demand is less severe for buyers. The rest of the price can be temporarily frozen.

Enlargement. When new models are sold at a higher price, buyers have no restraining. The point is to bring the value of the novel, and the old positions can be removed gradually.

Skills and shares. For example, elevated cables for the first month after the increase will minimize negatives and avoid losing clients.

Better service. Consumers are often willing to pay for quality services. For example, free installation, express delivery, security and post-guarantee services, rapid return of goods, even free coffee in the waiting area.

Price increases require an entrepreneur to make informed decisions, taking into account all benefits and minus based on the analysis of purchasing behaviour, economic feasibility and target audiences. A little outflow of clients is inevitable, but with the right approach, new ones will come.

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The national project " Maloye and Middle Entrepreneurship " has been initiated by the President of the Russian Federation and is being co-chaired by the First Vice-Prime of the Government of the Russian Federation, Andrei Belousov.