Episode 156: Price Increase - Business Tip of the Month with Hal Denbar of National Pool Partners
Listen to the episode on Apple Podcasts, Spotify, Stitcher, Soundcloud, Google Podcasts, Youtube, or on your favorite podcast platform
Episode Summary
Today’s special episode is the first in a new series we’re calling “Business Tip of the Month” in partnership with National Pool Partners.
As we enter the second half of 2021 and the country begins to open up again, pool professionals are going to have many new opportunities to increase their prices. Hal Denbar of National Pool Partners sits down with us to discuss exactly what these opportunities are and how to take advantage of them.
Listen in as Hal explains why higher prices are actually expected by consumers at this very moment and why we probably only have a few months to capitalize on this trend. He also shares his tips on crafting a great email to send to your customers informing them of your price increases.
Topics Discussed
01:27 - Striking while the iron is hot
04:25 - How to write great subscriber emails to announce higher pricing
06:40 - How much higher you should charge
09:35 - Why it’s time to weed out the customers who aren’t willing to pay higher prices
12:40 - Hal on his current work with National Pool Partners
13:47 - Why premium prices are important long term
Key Quotes From Episode
As far as striking while the iron is hot, one thing that is key is, all of our consumers are expecting things to get more expensive right now. So, we have this really rare and unusual window where we can raise prices and we’re not going to get the kickback we may normally expect from our customers because they’re seeing rising prices in every other thing they’re buying.
The more eyeballs you can have looking at the message, the more likely you can craft a tighter message to the customer. But, also, more than anything, it’s going to ease your anxiety as a business owner if you’re getting those stamps of approval before you hit send and blast all your customers asking them for more money.
The price increase you make today could add tens or hundreds of thousands or millions in difference to your long-term valuation depending on the size of your business.