Tag: inflation

Communicating Price Increases

I gave my readers
(customers)
5 months warning
about the increase
in prices for my Romance Novels.

This did a couple of things.

It prepared the readers
mentally for the price increase.

They had time
to grumble about it
(which they, surprisingly,
didn’t do with me),
to get angry or upset
and then to calm down
before my next book (product) released.

It also gave my readers
an opportunity
to buy the existing books
at the lower price.
That bump up of sales
at the end of the year
was VERY much welcomed.

And it relayed
that I was being open
and honest with them.
Readers (customers) might not
take any action
upon hearing about
a price increase
but they like knowing about it
in advance.

Consider giving your customers
notice
of price increases.

Have You Increased Your Prices?

In 2023,
for the first time ever,
I’m increasing
the prices
of my Romance Novels.

I received
NO pushback
from readers
on this price increase.
And I’ve seen
NO decrease in pre-orders
for my 2023 releases.

Why didn’t I receive
pushback?

2022 was the year
almost every business
increased their prices.
That included
publishers and writers.

I was one of the few
exceptions.

Readers expect me
to increase my prices.
And readers, being human,
also like being right.

Increasing my prices
makes them happy.

Increasing your prices,
if you haven’t increased them
in years,
might make your customers happy also.

Your customers are likely
expecting the price increases.
Don’t disappoint them.

Reliable Data

There is SO much misinformation
floating around
that it is challenging
to find reliable data
with which
we can make business decisions.

I try my best
to look at data
that can’t be f*cked with
or manipulated.

For example,
if we’re looking at COVID numbers,
almost all of those stats
can be manipulated.
Infection numbers
are WAY f*ckin’ low
because many people are testing
in their homes.
ICU numbers
are also sh*t
because a lot of COVID cases
aren’t being counted
as COVID cases.
Even COVID death numbers
are sh*t
for the same reason.

The number that can’t be
f*cked with
(as much)
is…
Excess Deaths,
how many more deaths
per capita
we are enduring today
vs the average/a point in the past.

Our own data is also
semi-reliable
for decision making.

The government
(who wants to be re-elected)
can tell me
inflation is only X%
but if I look at
my expenses/cost of sales
and see
THAT increase is 2X%,
I will be using MY number
in my decision making.

Take the time
to ensure the data
you’re using
for decision making
is reliable.